St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-12
SURPRISE IN WHEAT.
IT DECLINES IN FACE OF THE BULL
ISL REPORT.
FAILURES HELP THE BEARS.
Corn and Oats Decline in Sympa-
thy = Mondays Advance in
Provisions More Than Wiped
= Out-Weakness in Stocks Ex-
tends Over the Entire List.

Z Out-Weakness in Stocks Ex-
tends Over the Entire List.
CHICAGO, July ia queer somer-
sault was turned by the wheat market
today. The latest Whit of the financial
blizzard seemed to be the reason. There
Was fall of 19sc Blu in the price of
the cereal right in the face Of a govern
ment report indicating a smaller crop of
wheat than in any year since 1885, and
with that exception than on any year
since 1877. Compared with last night,
wheat at the close had lost 1 &c, corn de-
ciined &c and oats &c. Provision prices
were also heavy.
Wheat opened 4@35c higher than
yesterdays closing, but ruled weak and
Immediately began to decline, prices re-
cediDg in all 13Sc for September, held
steady, and the closing was about 11sc
lower. December closed about &c
lower than yesterday. The market was
decided surprise to operators, who had
expected higher prices today on the
strength of the government report. The
higher opening was the result of this re-
port. which indicated crop of
1874, 100000 bu against crop
of 100000 bu month ago.
The shrinkage was entirely in
spring wheat. But there were other in
fiuences which outweighed the effect of
the government report. These were
the failure of real estate firm in Dem
yer, the failure of a commission house
and bank at Kansas City and bank in
Australia. Railroad stocks at New York
Z fhnrr rrnf hot
good deal of long wheat held to the
account of the suspended Kansas City
firm was sold out. There was general
desire to sell most of the session, and
not much disposition was shown to buy.
The corn trade followed wheat. 1t
was easier to follow on the breaks than
OH the bulges, because the news in corn
was mostly bearish. The crop estimate
in corn lost much of its force because
tine trade had already discounted good
improvement in condition. The receipts
were heavy, but this was offset by a
decrease in local contract stocks, leav-
ing less than 100000 bu of No. 2 in
store. There was rally on the light
estimate for tomorrow. Later, when
stocks and wheat got panicky. corn
dropped again. Bartlett-FraZer. Parker
and others bought on the break. All
the vessel room available was taken for
corn. Market opened with 1s@4c loss,
and gradually sold off 56@3sc, rallied
4@1sc, reacted again, and at the close
showed decline of 5s@1c.
The feature in oats was the strength
and advance of &c in July and the
weakness and decline of &c from yes
terday's close in September, the close
showing a net advance for the day of
sc in July and sc decline in Septem-
Der. The strength in July was due to
the fair buying by shipping houses.
The weakness in the new crop fut-
ures was attributed to free selling on
the government crop report.
The advance of yesterday in prOvis
ions was wiped out. The weakness in
grain markets, the Kansas City failures
and some selling by packers and raiding
by brokers for Wright did the business.
Armour and Allerton's brokers tried to
sell ribs. Wolff, Logan and Schwartz
sold lard or offered 1t in way to break
prices. Lard and ribs declined heavily.
The former lost zoe of its September
price and 35c of its value for October.
September ribs are 2219c lower. Little
attention was given to pork. 1t was
marked down 10c from yesterdays fig
ureS.
Freights-There was a good demand
for vessel room at 1c for wheat and corn
to Buffalo and Port Huron. Estimated
receipts for tomorrow: Wheat, 60 cars:
corn, 270 cars; oats, 165 cars; hogs,
$1,000.
The leading futures ranged as follows: