St. Paul daily globe., 1895-02-17
wheat DROPS A BIT.
Markets Weak Compared with
the General Run Of the
Week.
BULLS WERE DISAPPOINTED.
Receipts Caused Heavy Sell
ing--Provisions Show
Decline.
BULLS WERE DISAPPOINTED.
STOCKS SLIGHTLY BULLIsH.
Tendency Being Due to the
Closing-Out OF Short
Contracts.

C. uICAGO. Feb. 1G.-The markets were
weak. wheat more especial ly so. Com
pared with the closing rates OF yester-
day, wheat is about 1c lower, corn
&c lower, oats sc lower ard provision.
also down. The faitn CT the wheat bulls
rested upon a foundation of trust i'll the
estimates Of small reserves III farmers
hands, and the present rate of receipts
tending to undermine that belief caused
the selling of long wheat which preclpi-
tated today'S decline. Corn is coming
in too freely for the amount wanted for
shipping purposes, and prices are teel-
the effects of the heavy receipts of
hogs. At the opening the wheat mar
ket looked for about two minutes as if
it might rule firm for the day, but it
quickly faced about and became weak
May wheat opened with buyers at 5314 C
and some sales at the same time at
$3.50. Before forty-fve minutes of the
session had gone by it was down to
$3.50.
The weakness was the outcome of the
increase in the receipts at primary mar
kets this week leading to the belief that
the previous falling off in the market
sings was entirely the result of tie Sc
we're weather and not Of any scarcity of
wheat in first hands. Foreign markets
were about steady. Besides the in
creaslng primary market receipts the
quite moderate export clearanceS are
likewise matter of discourage ment.
BradStree'S statement OF the weekly
clearanceS of wheat and flour from both
coasts showed a total of 2.572, U00 bu
this week, Of which 1,l59,0O9 bu went
from the Pacific side. The Western
primary markets received total of
100000 bu, against 234,0 ,0G0 bu OH the
similar day of last year. Export clear-
ances from the Atlantic seaboard for
tWenty-f0ur hours in wheat and -four
together was 225, 900 Uu.
The feature of the trading was the
freedom of the selling. Long wheat
came out first in large lots and that ell
couragpd the scalping crowd 10 add
their offerings, thus swelling the guam
titY for sale tu an extent which caused
a further break TO 52A(05235c. The
latter price was touched about ten min
uteS from the close and was vir lally
unrecoYered from. the latest trading be-
ing at 5255c. Corn dropped into It's
natural secondary position To-Day ana
became weak in sympathy with wheat.
There were reasons other than the de-
cline in wheat, however, for corn sell
ing down. The movement from coun-
try points is increasing and of the re-
ceiptS now arriving here considerable
proportion is bought to go TO store, the
shipping demand not being suffi cient to
absorb it all May, which closed yester
day at 44I@45r, opened here this
morning al 44Tr, and at once began 10
drop off Eore decidedly. 1t sold down
to 1880 and some Of it sold l-1jc below
that, 4454c being the closing price. Prl-
mary market receipts were $4,000 bu.
against 395, coo bu on the corresponding
day of the year before. At the decline
shorts were said to be the only buyers
and the longs were the sellers Of the
day.
Oats were quite active and met with
very good sale for Saturday. The frels
ing was easy, influenced entirely by the
action of corn. The early market could
be called quite firm. Updyke was re-
ported to have bought quite freely, COW
ering short sales. May started at 23c.
sold off to 2S3sc and closed at that price
bid.
The leading futures ranged as follows: