St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-04-15
BROKE THE WHEAT MARKET
RAiH nv KANSAS also Broke THE
DROUGHT.
WHEAT LowER-CoRN STEADY

Provisions Finished Higher All
Around-The Bullish Feeling
or Friday Obliterated-Liver
pool Adyices Helped the Bears
Trading Light Yesterday -
Corn Duli-Oats Easy.
CHICAGO, April 14.-Rain in Kensas
broke both the drought and the wheat
| market. Compared with yesterdays
closing prices the latter closed &c
lower. The large export trade in wheat
yesterday reported from New York
slmmered down to about 30 boat loads.
Nothing in the way of export business
was done there in wheat today aud the
market declined steadily all day, with
but few reactions. Corn closed un-
changed, but provisions finished higher
all around.
The drought in the wheat pit which
caused the bears TO swallow such copi-
GUS draughtS of short wheat yesterday
was broken today. Kansas got general
rains, apparently covering the entire
state, and the whole AREA of the Missouri
valley reported generous down-pour.
That, without anything else. was suffi-
cient to ODliterate the buIlish feeling
which was SO conspicuous yesterday
afternoon. The European drought
canard also received it's QuietuS. 1t
was raining in England and there was a
low barometer over the continent, in
dicating probability of general raiu
there. That left to the bulls only the
California drought to hang their hopes
upon and that was not enough to
prevent one cent break at the OPEN
ing. May wheat which closed
yesterday at 6l5sc. opened today with
sellers at from 60}sc down to 6O5sc, and
no buyers at over 60Hc. III half au
hour from the opening it had declined
to 59Mc, and did not show Any signs of
recovery until it had reached the latter
price. Along with the bearish influ.
eDce OF rains were market adyices
from Liverpool reporting absolute in
difference to yesterdays advance here.
A letter received from Liverpool said
that the millers there were getting Rus
sian and Argentine wheat so low that
they could make flour cheaper than
even the very low rates quoted from
this side. The only offset to the Tore
going was the news from California.
Auguste Brosseau, well-known men,
Der of the board of trade, who has been
travelling through that states for six
weeks, sent the following telegram
from there to friend this morning:
The drought here is very serious. even
in Northern California. Cattle being
given away" That had some effect in
staying the early decline The price
reacted from 59s4 to coz cents.
The trade in the pit compared with
the previous few days business was
light aud the overworked brokers had
time to take much needed rest. The
closing price for May was 691s96OIc.
The corn market was very dull, but
prices were firm and were scarcely in
tiuenced by the weakness of wheat.
The Liverpool market was quoted weak
with buyers holding off. aud there was
said to he 10 Eastern demand. but
holders here refused to give way and
there were no selling orders of suffic-
lent amount to overtoD these received
Oh the buying side. The drought in
California has already produced the eff
feet of creating an inquiry for corn in
Nebraska to be shipped TO the Pacific
| coast. May corn opened here at 3S3sc
anu clOSeu dG ooi2c. dlCer Selling as
high as 1890. Receipts today were
l5S cars and estimates for Monday are
200 cars.
There was only a small business
transacted in oats. The easier feeling
was in sympathy with wheat. as there
was not enough doing to create any
sign OF an independent feeling. May
started sc lower at 325Sc, sold off to
324c,up TO 52115c and closed at 32aSc bid
Inc provision market was strong,
with sellers rather scarce, and for the
most part confined to those who had
profit in previous purchases. The re-
ceiptS of hogs were only 10000, as COM
pared with 1900 expected. The weeks
receipts were 141.554, compared with
100,06S for the similar time a year ago.
Packing to date this season amounts to
$50. 600 head, compared with 29S, 900 for
the corresponding period last year.
May pork started with a gain of 10c,
improved 1910 more, but worked off
again so that only sc profits remained
over Yesterdays closing rate. July,
however, rose &c, and rested with 15c
net gain. May lard closed at the top
price OF the day, 1213c higher than yes
terday. Ribs closed nc higher.
Lake business was dull at 114c for
corn, and a load of oats taken to Buffalo
at 114c. April option sales none;
close S5c bid; Lima oil sales none.
Estimated receipts for Monday:
Wheat. 4S cars; corn, POO cars; oats, 40
cars; hogs. 20, 900.
The leading futures ranged as follows:
Open, High Low I Clos