The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-11-03
MARKET SUMMARY.

|
CHICAGO. Nov. IF attention had not been
forcibly called to the alarmingly poor pros
pect for a crop Of winter wheat next sea-
| son. the market for that article would prob
! ably have closed q good deal lower than 1t
| did today. AS 1t was, the December option
| showed a &c decline at the finish. Favor
able Argentine crop news, large Northwest
! receipts and additional rains east of the Mis-
sissippi were among the weakening FACTORS.
| Corn was weak early. but closed unchanged.
| Oats were a SADIE lower at the close. Pro-
visions closed &c lower for pork and ribs,
and unchanged for lard
Wheat started weak at from 95% to $3.50
for December, or about 1ac below the closing
price of the day before. The tendency dur
ing the greater part Of the forenoon was to-
ward a further break, and that was made
easy by the dullness Of trade. About an hour
and half from the opening December had
got down to 95Ac. Chicago receipts were 238
cars. Minneapolis and Duluth received 1,04S
cars, against 997 week ago. Liverpool quo
tations for futures were favorable to the
bears, but California wheat on the spot there
was 114d higher than it closed the day be-
fore. Futures opened from %d to Bd per
GENITAL lower. report from st. Louis said
five mills had closed there, the reason being
given that they could not sell their flour at
a profit based on present prices of wheat.
Argentine crop news continued to be Of its
previous favorable complexion. Further rains
have fallen throughout the drought-stricken
district east Of the Mississippi and a ma
terial improvement in the pasturage and
winter wheat prospects is looked for. All
this was known before the opening, and was
responsible for the weakness shown during
the morning.
The first matter Of a clearly bullish enough
character to arrest the strong downward ten
dency was the report in the Orange Judd
Farmer Of the acreage and condition Of win
ter wheat as it stood Oct. %. That report
indicated the worst prospect for winter
wheat crop next season ever known at this
time of year. Even with this as an incentive,
the market hardly wiggled until buying
ders from the outside came in. That started
the market up, and, local operators taking
hold, December rose to 96bc. Some export
business was done from here-42, coo blu No.
2 spring and 10000 red winter. December
closed at 96c.
Corn was weak early, in sympathy with
wheat but rallied later. There was some
selling Of long corn on the theory that clear,
cold weather would increase Western offer
ings. There was a good inquiry for spot
corn, but not much business resulted Re-
ceipts were moderate-640 cars. The late rally
by corn shorts, and all of the early decline
was recovered. December ranged from 26%o
to 2S3sc, and closed at 26a4c. After the first
hour business in oats was very quiet, with
no disposition to do business either way.
Early elevator concerns sold quite freely,
and, with corn and wheat both tending to-
ward weakness, this market followed in their
wake. The recovery in those markets caused
similar action in oats, the market closing
at a shade lower than yesterdays price, Re-
ceipts were 81 cars. December ranged from
1915 @19Ac to &c., closing at 19B919Ac.
In provisions there was some disappoint-
ment over the decrease in stocks, which
were smaller than expected. The market was
weak at the opening, and for some time after
on moderate liquidation. English houses were
good buyers, and prices reacted. The cash
demand was good. At the close December
pork was &C lower at $780, December lard I'M
changed at $4.2212 and December ribs &c lower
at 81 As. Estimated receipts tomorrow: Wheat,
100 cars; corn, $50 cars; oats, 1870 cars; hogs,
81, 900 head.
The leading futnres ranyed as follnms.