The Saint Paul globe., 1898-03-08
MARKET SUMMARY.

: CHICAGO March Nearby futures In
wheat We're affected today by the Cuban de-
velopments principally and closed weak at
Sc decline for July, and a cent lower for
May. Far off futures, however, were strong
on Letter buying and bad Illinois and Mis-
souri, crop reports. September and Decem-
Der wheat closed about 14sc higher than their
former prices. Corn felt the war scare and
declined l4c. Oats closed shade lower.
Provisions were affected by the grain weak
ness and showed closing declines OF from 212
Ql5c.
\ good deal of nervousness was shown at
the opening in wheat The start was lower,
fJuly at @0i4 G90Ssc showing an inititl 40
81 sc decline, while May was l2c lower at
$.05A. For the moment traders fell under
between the United States and Spain, and the
big break IN the London and New York stock
mar kets. The eff5ct of this was in measure
counteracted by the new complications be-
tween Russia and England, and prices ralli d
for q few minutes, July getting up to 9O1sc,
and May to $l.06A.
Prospects of war between two foreign ma
tons almost invariably have favorable
effect on the local wheat market and today
was no exception to the rule. The selling
pressure. stopped for the time being, was
however soon resumed. The news from
Washington was of too grave character
to be overlooked. and besides this, nearly all
the ordinary news of the day was of an
exceptionally bearish nature. Northwest re-
ceipts were very large. Minneapolis and Du-
luth reporting $50 cars, compared with 362
last week and 254 year ago. The worlds
shipments were large, amounting to 1924, COO
bu. and an increase on passage was reported
of 1850, 600 bu. significant factor in the
worlds shipments was the big Russian move
ment. Nearly five times in excess of what
they were year ago. Chicago receipts were
105 cars.
Letter brokers gave the market some sup
port at first. but soon withdrew and the
market deprived of this sustaining feature
as slowly declined and grew quite dull. July
finally sold down to soc, and May to
s1.04%.
About midday a new feature developed, buy
ljng by Letter of September and December
Futures. Shorts hardly understood this at
J FIRST, but when buying orders Of those del.v-
panied by reports OF very poor condition of
the wheat plant in Illinois and Missouri the
crowd came into the market. For time the
September and December prices showed &c
advance, and the strength was in a measure
communicated to the nearby futures, July
rallying to 9O1hc, and May to $1O4N The
very boldness of the Letter operations, in the
face of what was considered a naturally
bearish market startled shorts into cover
ing, and gave the market for a time a good
deal of strength. Towards the close, all the
Futures dropped a little, and at the end of
the market was quite irregular, July closing
sc lower at S0Ac May 1c lower at S1.04%c;
September and December on the other hand
closed about 1hsc higher each; September at
7S&c, and December at TIC.
Corn fairly active and easy. The
Cuban news and the weakness in wheat
induced more or less liquidation by holders
Scalpers were the principal buyers, working
the market both ways. Prices tended DOWN
ward until near the close, when covering
caused a slight Improvement in values
May ranged from S01sc to 29s4c, and closed
Sc lower at 297sQ30c.
Market for oats slow with very little
trade either way. The feeling was weaker
Influenced by the tone of other grain mar