St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-02-18
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.
STOCKS SLIGHTLY BULLISH.
Tendency Being Due to the
Closing-0ut OF Short
Contracts.
STOCKS SLIGHTLY BULLISH.

CuICA GO, Feb. 16.-The markets we're
weak. wheat more especially so. Com
pared with the closing rates OF yester-
day, wheat is about 1c lower. corn
&c lower, oats &c lower and provision.
also down. The faith Of the wheat pulls
rested upon foundation of trust in the
estimates of small reserves in farmers
hands, and the present rate of receipts
tending to undermine that belief caused
the selling of long wheat which precipi-
tated today'S decline. Corn is coming
in too freely for the amount wanted for
shipping purposes, and prices are feel
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 tor the day, but it
quickly faced about aud became weak
May wheat opened with buyers at 5314c
and some sales at the same time at
$500. Before forty-fve minutes of the
session had gone by it was down to
523Sc.
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 the 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 discouragement.
BradstreetS statement OF the weekly
clearances of wheat and flour from both
coasts showed a total of 2,572, 600 Du
this week, of which !, 159,000 bu went
from the Pacific side. The Western
primary markets received total Of
100000 blu, against ZOO bu on the
similar day of last year: Export clear
ances from the Atlantic seaboard for
twenty-four hours in wheat and flour
together was 225,000 bu.
The feature of the trading was the
freedom of the selling. Long wheat
came out first in large lots and that ell
couraged the scalping crowd to add
their offerings, thus swelling the guam
tity for sale 10 an extent which caused
q further break to 521s@525sc. The
latter price was touched about ten min
utes from the close and was virtually
unrecoyered from, the latest trading be-
ing at $3.50. Corn dropped into its
natural secondary position today and
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 a considerable
proportloniS bought to go 10 store, the
shipping demand not being sufficient to
absorb it all. May, which closed yester-
day at 441S@45c, opened here this
morning at 1870, and at once began 10
drop off more decidedly. 1t sold down
to 4435c and some Of it sold 1-16c below
that. 4439c being the closing price. Prl-
mary market receipts were $4,000 bu.
against 395, 900 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 feel
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 zoe.
sold off TO 28@sc and closed at that price
bid.
The leading futures ranged as follows: