The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-01-29
CHICAGO WHEAT BELOW SEVEN
TY-FIVE FOR THE FIRST
TIME IN WEEKS.
ALMOST TWO CENTS OFF.
THAT RATHER FAVORED
BUYERS.
LIQUIDATION ON A LARGE SCALE.
just Before the Close 1t Uncovered
StOp-LOss Orders and Hurried
the Price Down

CHICAGO Jan. 2S.-Wheat got below 75c
today for the first time in many weeks, and
closed at a decline Of 1Ac for the day. The
news rather favored buying instead of sell
ing, but liquidation and short selling were
heavy nevertheless and brought about a de-
cline. Corn and oats were comparatively
firm, but declined about &c each. Provis-
ions lost 21a@715c. Wheat opened rather
irmer than it closed yesterday, though at
substantially unchanged prices the additional
strength coming from the first Liverpool ca
bles. which quoted that market steady. A
private cable said the previous decline had
brought out buyers. Buying was pretty gen
eral at the start, May advancing in the first
half hours trading from 769s@7634c, the start
ing point, to TIC. Besides the firmness of
the cables, the small receipts at Chicago and
in the Northwest tended to strengthen the
hands of holders. Receipts here were 26 cars
against 155 a year ago, and Minneapolis and
Duluth received 1872 cars, compared with 252
on the corresponding day of the week before,
and 491 cars last year. After the early buyers
had been satisfied, however, the market
turned weak. although there was no appar-
ent reason tor it, the news which came in
during the day being decidedly Of a bullish
character. New York reported some CONT
mental demand for wheat and San Francisco
reported sales of wheat for France and -four
for Australia. One hundred and fifty thou
sand bushels of No. spring were sold here
for prompt rail shipments to Baltimore, and
New York wired that 600 bu Manitoba
spring wheat had been sold there for export
May-June shipment. In the face Of this May
steadily declined, reaching 75Ac about half
an hour from the close. Then liquidation on
a large scale set in. During the closing mo-
ments number Of stop-loss orders were
caught, depressing the price to 74Ac, where it
closed.
Trade in corn was comparatively heavy
and general covering on short lines held the
market in the face of heavy selling, caused
by the weakness in wheat. The aggregate of
the short corn covered would be difficult to
quantity must have amounted to several mill
ions OF bushels. Exports from Atlantic ports
were heavy, the quantity being 596 769 bu
May opened unchanged at 375sc, advanced to
241sc, and declined to 23a4 @23Ac, where it
closed. Oats were fairly active from start to
finish. Shorts were urgent buyers during the
early part of the session, but the sharp slump
in wheat changed the feeling, and the early
buyers became sellers. May opened I'M
changed at 175s@17Ac, sold to 17Bc and
dropped off to lice which was the closing
price. Provisions enjoyed a fair amount of
business. Prices at the start were a shade
hrmer on the lighter receipts of hogs than
expected. During the last hour, however,
liquidation on quite an extensive scale broke
prices sharply. At the close, May pork was
I52c lower at 81. 7712; May lard unchanged at
50. 5000. 971a, and May ribs about PIC lower
at $3.9712Q4. Estimates-Wheat % cars;
corn, 22O cars; oats, 100 cars; hogs, q, 900
head.
The leading futures ranged as follows: