The Saint Paul globe., 1897-04-05
BEARS IN AMBUSH
BULLS LURED ON BY A STRONG
WHEAT OPENING AND SLAUGH-
TERED.
SLUMP IN THE LAST HOUR.
THE NET LOSS FOR THE MAY
OPTION FULL HALF
CENT.
SLUMP IN THE LAST HOUF
OTHER MARKETS QUITE WEAK.
Corn and Oats Lost Sharp Fractions
and Provisions Closed at a Ma
teriaI Decline.

CHICAGO, April 3.-Wheat opened strong
today and continued so for nearly four hours
II turned suddenly and radically weak, clos
Ing at 12c loss after early gain Of %@Ac
The weakness was caused by the Modern
Mlliers crop estimate, and somewhat re-
markable in view of the fact that only a few
DAYS ago the crop was estimated at much lar
ger figures by Thoman. Other mar
kets were weak from the beginning corn de-
Ginning AQ3sc, oats 1zc and provisions 7A@
12hc
India bidding for two cargoes of California
wheat off coast of England was the reading
OF cablegrams which had much to do with the
strong desire to buy May wheat, which dis
closed Itself at the opening Besides that,
perhaps because of it, Liverpool reported an
advance OF Id per Genital each for May and
July futures and I'D gain for September
Spring wheat going from Chicago for millers'
use IN Kansas, red winter wheat at a great
premium over the May price, and bad crop
reports from Illinois, were such general char
acterlsncs OF this seasons trade that they
hao more than passing interest. Argentine
shipments were again very small but this has
become so common in the past as to excite
HCCe comment. The quantity exported thence
10 the United Kingdom and continent this
week was only 112, 900 bu, compared with 66S.
600 bu on the similar week of the wear he
ICre' May wheat opened at from 713s to 711bc
as against 7OBQ71c at the close yesterday. It
rose In the course of the four hours to 71Ac
Ihe character Of the early news kept the
market strong until about forty-five minutes
from the end of the session. when bearish
estimate of the growing winter wheat crop.
issued by the Modern Miller, at St, Louis,
Knocked the recently erected bullish sentiment
completely off its pins, and again sent skep-
tlc1sm Of bullish reports scampering around
unbridled. The estimated winter wheat crop
OF that authority is 334 900 900 bu against 27O
OOO,O0O estimated to have been harvested last
year and compared with Thomans estimate
OF 369, 600, 600 bu for the coming CROP Not
wlthstanding all that, however the private
reports from the state were generally to the
erect that the wheat crop was all but total
loss Country milling demand was again good
and Inquiries for the Southwest were num-
erous. The days sales to millers amounted
10 15O,OOO bu. Nothing was reported sold for
expectation. After the receipt of the Modern
Mlller's estimate the price broke quickly to
lOAc, then gradually to 70sc 1t closed at
703s @701ac.
Corn was weak. May opened at 24s4 D247kc
which was the highest point of the day It
gradually declined to 2asc and closed at 24s
Q24hc. Oats were firm at the opening but
fell oil at once. May opened a shade higher
at l1$sGl71hc, cold off to 179171sc, and closed
at 171sc bid. Provisions were decidedly weak
At the close May pork was 121ac lower at
$S35; May lard TIC lower at $4.17k and May
ribs about lOc lower at $4.55. Estimated re-
ceipts Monday: Wheat 16 cars; corn 210
cars; oats, 225 cars; hogs, 80, 900 head.