The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-12
A DECIDED DECLINE.
GRADUAL But ALI DAY SLIDE IN
THE CHICAGO WHEAT
MARKET.
BUT ONE SHOW OF STRENGTH
ATT THE START. ON THE GOVERN
MENT CROP REPORT, PRICES
ADVANCED.
DAYS NET Loss sEVEN-EiGH rHs'
Provisions Alone Closed Unchanged
or at Advances-C0arsc Grains
Sharp Fractions Lower.
MARKET SUMMARY.
FINANCIAL.

CHICAGO June IA mOmentary show OF
strength at the opening of the wheat market
today, caused by the crop report, was fol-
lowed by a gradual but most decided decline,
that continued. with but slight interruption,
to the close. An early rise of lie per Blu was
converted in the end to sc dec&ne. Corn ana
oats shared in the weak feeling displayed by
wheat declining sc and &c respectively.
Provisions alone either maintained their
value or improved it, pork remaining
unchanged while ribs advanced 212d5c, and
lard Ice
In wheat the crop report issued yesterday
was the big factor at the opening, the IN
expected bulishness of the figures creating
marked strength at the outset. For the first
time in years the people who bought wheat
on their fore-knowledeg Of a bullish gov
eminent report. were able, the morning
after its publication, to sell out at profit,
and they quickly awaited themselves Of such
an opportunity. July wheat which closed
yesterday at 691sc, opened today at $3.50, and
then quickly went to Zoe September, the lat
est trading in which the day before was at
6415c started at from 65c TO 65Ac. The
quantity for sale at the advance was so over
whelming, however, that the advance quickly
disappeared. and by II o'clock July had de-
clined to 6S$lc and September to $3.50. So
much for the estimation of the government
reports held by the spectators. Trading is
now fairly divided between the July and Sep
TENDER deliveries. The government report in
dictated a crop of winter wheat and spring
wheat, together about 100000 blu heavier
than thrat of the year before, but the trade
has about concluded that, Notwithstanding
what the government suggests, the increase
at present promised is nearer 100, 600 blu.
Receipts here were SIX cars and Withdrawals
fy-,,r, In oIi- m
Iuth reported receipts Of 22S cars, compared
with S14 week ago and All the correspond
ing day Of last year. Seaboard clearances
were exceptionally light. Flour shipments
from all the principal ports were only %, 000
bbls. reduction of about 500, 900 Blu was
the general estimate en- the visible supply.
GTasshoppers were reported from several
points in South Dakota, which had tendency
to stop the decline for a time, and even
caused a Sight reaction but the impression
that the increased acreage would more than
make amends for any injury by the insects
was too strong for such reports to have any
thing but temporary influence. The price con-
tinued to work down.
In corn, warmer showeTy wea Their, per-
feet sort for the cereal, started a decline
shortly after the opening, and the market
ruled weak 10 the end of the session. There
was active speculative and short selling on
the decline, elevator people being prominent
sellers. Receipts were liberal. $40 cars. July
opened &c lower at 25c, and declined to 241hc,
where it closed.
Oats were easier with wheat. and on the
government report which suggested a crop
of 709,C000OO bu The amount of business
done was small. and nothing of business in
terest developed. July opened a shade lower
at ISA 91SAsc, and declined to 1Sc, which was
the cos-ng price. Provisions were quiet but
firm, in spite Of the weakness Of grain Prices
Kept within narrow range Lard was es-
pec!ally well supported, Cudahy being named
was unchanged at S7.45; July lard 10c higher
at $3.5112@3. 60, and July ribs PFC higher al
$42f72. Estmates-Wheat- 9 cars; corn $40:
oats, 345; hogs. 1900 head
The leading futures ranged as follows.