The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-03-08
THE COURSE OF GRAINS.
Nearby Futures Close Lower and
Distant Months Higher.
NEARLY ALL THE NEWS WAS BEARISH
Letters Buying Far or Futures and
Unfavorablc Crop News Had Some
DEMONSTRATIONS Decline.

Chicago. March NEARBY futures in wheat
we're affected today by the Cuban develop
! ments principally and closed weak at 70 de-
/ cline for July and a cent lower for May. Far
off futures, however, we're strong on Letter
| buying and bad Illinois and Missouri crop
reports September and December wheat
| closed about It's more than former prices.
Corn felt the war scare and declined u. Oats
closed shade lower. Provisions were at
fected by the grain weakness. showing de-
clincs of from 2i441o
A good deal of nervousness was shown at
the opening in wheat. The star was lower,
July at sOJ4 d9OSs, showing an initial AaSs
decline, while May was n lower. at 1904
For the moment traders fell under the infiu-
cnce of the grave condition of affairs between
the United States and Spain and the big
break in the London and New York stock
market. The effect of this was in a measure
oounteracted by the new complications by
Russia and England and prices rallied ior a
lew pnutes july getting up TO sOS ana May
TO 1.U6Is.
Prospects of war between two of the great
nations almost Invariably have a favorable
effect on the local wheat market and today
was no exception to the rule. the selling
pressure stopped for the time being. How
ever, it was soon renewed The news from
Washington was of too grave a character TO
be overlooked and besides this, nearly all the
other news of the day was of an exception
ally bearish nature. Northwest receipts were
very large. Minneapolis and Duluth reported
$50 cars. The worlds shipments were large,
amounting to T,1iiOOO bushels a factor in
the worlds shipments was the big Russian
movement, nearly five times in excess Of what
it was a year ago. Chicago received los cars.
Letter brokers gave the market come sup
port at first, but soon Withdrew and the
market, deprived OF this sustaining feature,
yrak TO
finally sold down to soc and May to i0ilA.
Shorts hardly understood this, but when buy
ing orders for the far deliveries were re-
ceived by st. Louis, accompanied by receipts
of the poor condition of the wheat plant in
Illinois and Missouri, the crowd came into
the market. For n time the September and
December prices showed &c advance and the !
strength was in a measure followed by nearby |
futures, July rallying to 90ls and May to |
lOs4 The very boldness of the Letter oper- /
atoms in the face Of what was consldved a |
bearlsh market, startled shorts into covering |
and gave the market for time a good deal |
OF strength. Towards the close all the futures |
dropped a little and at the end the market |
was quite irregular. July closed 2. lower at
9OA May | lower at I0i3,. September and
December, on the other hand. closed at about
l9s higher each, September at ISM and De-
cember at IN.
Corn was fairly active and easy. The Gu
ban war news and the weakness in wheat
induced more or less liquidation by holders
s lea were the PRINCIPAL buyers. working
tHe iuHfkct potn ways, Prices tended down !
ward until near the close when covering
caused slight Improvement In values.
The market for oats was slow, with little
ttade either way. The feeling was weaker.
influenced by the other grain markets, but
there was too narrow market to admit of
any material decline 1t was merely an unin-
portant scalping market.
b, Provisions were weak, after a little early
hrmness May pork closed Ii lower, lard 2Is
and ribs lower
Estimated receipts Tuesday: Wheat II cars
head. -'''''
The leading futures were as follows: ,