The Saint Paul globe., 1897-04-28

CHICAGO, April 27-Wheat today closed
at a 1%c decline. Liquidation by discour
aged longs was as general as yesterday, but
not on so heavy scale. The main depressing
factor was the splendid weather, and it af
fected not only wheat, but corn and oats as
well. Corn lost H@%c; oats, 1kc, and pro-
visions closed at declines Of from to 10c.
Wheat started out well enough. Liverpool
opened a shade higher for futures, which
was not looked for in view of yesterdays
sharp decline here. and the first impulse Of
the crowd was to buy. They found buying
so easy, however, that the desire died out at
once, and then commenced a slow but steady
decline, which carried July down to 71kc
before a halt of any consequence occurred.
Opening sales of that option were at 1870
1850, against yesterdays close of 73A@733sc.
The weather was quite favorable for field
operations, and that, perhaps, more than
anything else induced traders to turn from
the buying to the selling side as readily
as they did. The only intermissions to the
decline were caused by scalpers taking pro-
fits. The reaction arising from the latter
cause were slight and upon every fresh mani
festatiOn of selling pressure the price yield
ed Nike the balance of a weighing scale to a
heavy load. Not much attention was paid
to the statistical news although 1t was of a
character to cause weakness even had the
ed a drop of Ia marks, and spot wheat at
Liverpool was Id lower, although futures
were higher. Minneapolis and Duluth re-
ceived S75 carloads, compared with only 290
a week ago, but against 641 carloads the cor
responding day of last year. 1t was reported
that a cargo of No. 3 hard winter wheat
$4,000 bu, at Green Bay, Wis, had been
bought to come to Chicago and such evidence
of this being the highest market the sellers
could find the cause of another decline
after the market had rallied Ac per bu. About
the only comfort the bulls were vouchsafed
we're the crop report from California, which
were decidedly gloomy. The market became
radically weak during the closing hour. After
the decline to 1Bc, the market had rallied
to 723sc, but that advance had used up all
the strength of the bulls, and at the close
July was selling at 712s@711ac bid.
Corn was fairly firm for a time after
the opening, but the fine weather had the
same weakening effect on corn as it had
on wheat, and selling grew general as the
session progressed. Exports were 452 900 bu
without New York. July opened a shade
higher at 253sc, sold at 55sQ2531c, then slow
ly declined to 251sq25Ac. The closing price
was 21Ac bid. Oats were much weaker than
corn and with a heavier trade. Bulls have
been talking much about wet weather delay
ing seeding and the fine weather naturally
affected the market The heavy receipts 259
cars, were also a factor. July opened 1sc
lower at 1SAc, declined to 17a4c, and closed
at 177sc bid. Provisions were heavy and
prices tended downward. The market was
well supported at first but the weakness of
grain and prospects of larger receipts start
ed general selling movement. Part of the
decline was recovered later on covering by
shorts. AT the close, July pork was about
TIC lower at $8.524@8.55; July lard, sc lower
at $4.20 and July ribs 10c lower at $4 671b
Estimated receipts Wednesday: Wheat. 8
cars; corn, so cars; oats, 14O cars hogs, Is, 600
head.
The leading futures ranged as follows: