The Saint Paul globe., 1897-10-15
CORN LED THE WAY
PRICE IN THE CHICAGO PIT THE
LOWEST RECORDED FOR
MONTHS.
WHEAT SHARED ITS FALL.
OATS ALSO CLOSED LOWER, WHILE
PROVISIONS MOVED THE
OTHER WAY.
LIQUIDATION BY DIsGUsTED LONGS
auIIish Foreign News the Only
Factor That Tended to- Steady
the Market.
-1ot1pAT1oN BY D1sGUsTED LONGS
MARKET SUMMARY.

CHICAGO. Oct. 14-Corn led the gram
markets today. 1t sold at the lowest point
in months and carried wheat and oats Win
it changing from December to May ana gen
eral iouidation by disgusted longs resulting
in a. decline of 1A@13sc for December. wheat
declined 34@7sc, bullish foreign news STEADY
ing the market to a certain extent oats
closed 3zc lower Provisions were helped by
an improved cash demand and closed z12W
712c higher
About all the strength the wheat market
showed today was confined to the hrst le"
minutes trading. December started at sl74
691Ic. with one CT two sales as hlgh as
s2c. as compared with yesterdays Closing
price of 91ac and for about nall an houf
the price held at about that hguTe open
ing influences affecting wheat were the nigh
CT cables and the revised estimate py Che
Hungarian minister of agriculture resafulhs
the worlds wheat and rye production. Liver
pool before the opening, here mad advanced
sbm11bd over Yesterdays prices, while Paris
was unchanged to 10 centimes higher. Inc
Hungarian figures made the worlds wheat
rroduction for this wear 2O3 600, 900 bu less
than last. The worlds rye crop this year
was estimated as 40, 900, 600 bu short OF last
year. The Northwestern receipts showed
rather marked falling off. The total at Du-
luth and Minneapolis was 7S1 cars, against
l O46 week ago and S37 year ago. Chicago
receipts were also very light, 165 cars Inc
effect of all this was offset IN a measure
by the Cincinnati Price Current, Whlch salu
that rains had so improved the outlook that
an enlarged area was practically assured
Although the opening was strong, there
were quite a number of holders who were
willing to take their profits and selling OF
this sort was sufficient TO start the market
in the opposite direction. Very bad reports
concerning the Russian wheat producton
came in while the market was weakest, put
its effect was not noticeable BroomhdH
snecial correspondent said the Caucasus prov
ince would not export over N,VooVVO Du Oh
wheat against 4SOOO,0OO bu last year. Very
little life was shown after the opening hurry.
Ralizing sales by longs, coupled with the
weakness in corn, made combination which
the market could not overcome, and there
was a steady drift downward. The decline
was not rapid, as the trade was too light to
warrant much movement. The early selling
by the longs simply supplied the more ur-
gent of the shorts after which the market
was left largely to its own resources Ihe
exports for the day were equal to 595,eOO bu
Primary market receipts were l,O8l,O0V pu
against 03S, 600 bu year ago. December
gradually settled down to 90$sQ9O12c, and
closed. at 9O12Q90asc bid.
Corn developed great weakness almost from
the start An attempt was made by the mold
ers of the December future to change their
property to May. In doing so the dlnerence
between the two months widened out TO &C
per bu December declined 1c per bu dur
ing the first hour. Large quantities OF corn
we're thrown on the market as the session
advanced much of which was credited to
New York longs. To add to the weakness
there was apparently no short interest. and
at times 1t was very hard to dispose or ofier-
ings Cash demand showed slight improve
ment. Receipts were 699 cars. Clearances
were small-94, 900 bu. The Price Current said
offerings OF new corn will be early. De-
cember ranged from 28c to 2612G263sc, clos
ing 1A@13sc lower at 26Fsc bid.
Oats suffered with corn. There was no
trade of Importance and the market was en-
trely a sympathetic one. There was some
selling of oats against purchases of corn.
Receipts were light-296 cars. Charters were
for 265, 600 bu. December ranger from 1910
to 1SAc closing &c lower at 1890 bid.
Considering the weakness of corn, pro
visions showed considerable strength. The
market started strong, with some outside
support and on the better cash demand. There
was a period of weakness, due to the de-
cline in grain, then quiet, but steady, buy
ing by shorts started prices upward again
and kept the market firm for the remainder
of the session. At the close December pork
was 21ac higher at $7.75; December lard 212c
higher at $4271a, and December ribs 5Q71ac
higher at 81. .521a04. 55 Estimated receipts for
Friday: Wheat, 30 cars; corn, S25 cars; (;
oats, 325 cars; hogs, $4,000 head.
The leading futures ranged as follows: