St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-03-12
WHEAT OPENS WEAK
FALLS OFF HALF A CENT, BUT
AFTERWARDS MAKES GOOD
THE LOSS.
FEELING WAS UNSETTLED.
STORIES OF STORM DAMAGE OFF
SET A BEARISH GOVERNMENT
REPORT.
aIVERPoOL CABLES ARE LOWER,
But Reports of Large Export Pur-
chases Do Much to Strengthen
the Market.
FEELING WAS UNSETTLED.
LIVERPOOL CABLES ARE LOWER,

CHICAGO, March 1.-THE government farm
reserve report was responsible for weak
opening in wheat today. After showing loss
of about Zee, prices recovered, and closed at
exactly yesterdays final figures. This was
due, TO q great extent, to apprehnsions OF
damage by the storm. Corn and oats made
no particular change in prices. Provisions
plosed somewhat lower. There was very fair
trade in wheat today, and the feeling was
somewhat unsettled. The opening was lower
and weak as was expected when the govern
ment report became known yesterday. 1t Is
true the amount was something of compro-
mise between the various estimates which have
been taken out previously being much below
some of them, and higher than others. But
the bearishness consisted not so much in the
amount as in the fact that with all the scarcity
which has been claimed for winter, the stocks
of all kinds held by farmers was nearly 50,O0O,-
900 blu more than year ago. This showing
the Liverpool cable came sd lower, there was
a general disposition to let go of long property,
and prices at once turned downward. Opera
fiOns were quite "beariSh," and sold freely,
good share of selling being on short &C
count. But the feeling changed to one OF
HrmneSS when operators went to recover their
early made sales. One of the influences help
Ing to strengthen the market was rumor
of large export purchases at the seaboard. 1t
was claimed that some twenty boat loads had
been bought for prompt export, and some
June shipments. This was perhaps the main
stimulus for the buying. There was good cash
buying here also, nearly 100000 bu being taken,
chiefly milling account. May opened about
&c lower, at SAX @641sc fell to Sac, rallied to
64Ssc, and back to SAC The fear of crop
damage from the cold wave and the seaboard
demand for wheat for export kept the price
strong around 641ac in the last hour of the
session, with an occasional ten bringing $3.50.
In the last half-hour the strength increased,
the covering becoming more urgent, and,
after getting up TO 651sc, it closed at 647sQ65c.
Corn had another very dull day, the only bust
ness of consequence being near the close, as
wheat was having its final rally. May opened
&c lower, at soc, but strengthened later, with
wheat and the prevailing blizzard, closing
steady at 30Ac. Trading in oats was quiet all
through the session. May opened unchanged
at 2O7sc, and declined gradually to 2OAc, in
sympathy with wheat. The closing strength
in that cereal failed to affect oats, and May
closed rather weak at 20%c. The Unexpectedly
large run of hogs caused some weakness in the
opening provisions price. A little better tone
prevailed during the close, the market receiv
ing fair support, and slight improvement
was noted. At the close May pork had de-
clined 10c May lard sc, and ribs 21ac.
Estimates: Wheat Is cars; corn 80 cars;
oats, 1S5 cars; hogs, %, 900 head.
The closing quotations ranged as follows: