St. Paul daily globe., 1896-03-07
DROPS OVER A CENT
HEAVY TRADING At THE END OF
THE DAY CAUSES A SHRIMP
IN WHEAT.
=, THE BULL FEELING VANlSHES,
CAUSED BY INCREASED EUROPEAN
AND AFLOAT STOCKS OF WHEAT
AND FLOUR.
CONSIDERABLE CASH BUSINESS
fended to support the Market for a
Time-COrn and Oats In
- changed.
THE BULL FEELING VANlSHES,


CHICAGO March 6.-Wheat which has been
extremely dull all week, showed signs
of improvement today. In spite Of this,
prices held fairly we'll till near the close,
when the European stock figures caused the
only heavy trading of the day and May
closed lac lower than yesterdays final fig
ures. Corn and oats made no particular
change in values, and provisions closed
at somewhat lower prices. Wheat was even
duller today than it was yesterday, and
with a sudden falling off in the encouraging
news which furnished the stimulus yester-
uay there was further decline in prices
The bullish feeling which existed at the
close yesterday had totally disappeared by
the time Of the opening and in it's place sat
bearish confidence. The change was large
iy matter of the favorable weather. part
ly also because of the depressed condition
of the flour trade to some extent, as well
as because the export of 200 bu of spring
wheat from here, which was reported yes
terday, lost its influence when the circun-
stances OF that transaction were known
For 1t was rendered possible only by the
exceptionally low ocean freight obtained,
which is not likely to be repeated
Nhe dullness of the trade was also taken
as 'bearish" influence, and moderate uuan-
titS OF long" wheat came out. The mar
ket was steadied by reports of considerable
lSIOOO bu, Another factor which impaired
q hrmer tone at the decline was the pre-
ulctlon Of colder weather for the next forty-
eight hours for the winter wheat belt, which
following the recent rains, might possibly
do some injury to the growing crop Ex-
ports were fair, at SS1, 900 bu, of which 129 =
UOO was III flour, and had something of a like
tendency. The prospective decrease in the
VISIBLE was also productive of some strength
Ihe trade looking for a reduction of $50 900
gu. Minneapolis is expected to decrease
95OOOO hu, including wheat destroyed by fire
last Monday, and Duluth, it was figured
would increase $50, 900 bu a net decrease for
about 4c lower at 665sQ65s4c, sold off grad
Qally to 663sc, and reacted to 665sc Prices
durin5 the last hour held fairly we'll till the
Liverpool Corn Trade News reported the in
crease in the European and afloat stocks of
wheat and flour for the month of February
at only 100000 whereas in January the de-
crease was nearly 16 900, 900 bu. Heavy SELL
ing on that broke the price of May to 651kc
and this was the price at the close. Corn
was dull and business light, the bad con-
dttion of country roads making dealers cau-
tious. May opened a shade higher at 303sc
and declined as wheat weakened closing at
3O1sq30Ac bid. Oats-There was considera-
easier, due" principly to the weakness in
wheat May opened unchanged at 21@211sc.
and eased off to 20Sc, closing steady at
that hgureui Provisions were almost totally
neglected. Hog receipts considerably over
ran estimates, and caused weak opening,
with considerable recession in prices. AS
the grain market weakened the price of pro-
visions fell. and at the close pork had de-
clined 121ac and lard and ribs sc each.
Estimates-Wheat, 81 cars; corn, 500 carE
oats, 210 cars; hogs, $1,000 head.
The leading futures ranged as follows: