The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-16

CHICAGO March 15-Wheat today became
very weak toward TIE close, and wound up
with a loss OF sc in July. Selling CT May
wheat at N.05 by Letter precpitated bood
Of selling orders in July. Germ and oats To-
lowed wheat, closing about Ac lower each.
Provisions did not change much.
Wheat started tile easier. Cables sloSed
slight declines and Liverpool reported Ie-
ceipts considerably in excess Of normal re-
quiremCnts. These were side issues, how
ever, the main reason for the shading or
prices being the large additions TO the con-
tract stocks which were re- 20 ted. OF the Ie-
coirts of lg2 cars today. 81 were of contract
grade. to which were added IS cars and %, eco
bu, No. northern out of private elevators,
IN al about 10000 bushels. AS this made
about $4,000 6u added to the stock IN Two
days. it caused a little pressure on the mar
ket at first, July opening a shade lower, at
S69s GS6a4c.
This was the extent of the decline for the
time being. and though offerings were plenty,
the demand became so strong that prices
gradually advanced and the market was
strong for over two hours following. Besides
the natural inclination OF traders TO play 1or
a reaction, after the recent sharp decline in
prices strength shown by outside markets,
especially by New York. had tendency TO
drive shorts in, and the urgency OF this class
of buying, indicated that the market had
been rather oversuld. Clearances were large.
6S2, coo bu, which was bull help, as were
also reports of continued drought and I'M
promising outlook in California.
July. which advanced 10 SSc, was not alone
in the strength. September received more or
ing the rise in July. May received the usual
support from Letter although 1t hardly need
ed 1t. There was some snort demand in tbs
delivery resulting in an advance to Sl.G5.
About IL o'clock the turn in the market
came. Bradstreets report on the visible
showed a decrease of only 1,254 coo Blu. This
was disGgreeable news to longs as the de-
crease last year had been 4,077,0G0 Blu, and
started selling again, many of the early buy
ers putting their lines on the market. The
result was a decline in July to S7asc.
Then the market turned radically weak.
Letters brokers, who had been bidding $1.0i
for May. sold quite lot of it when the price
reached $.05, and this fact brought millions
OF bushels of July into the market AS shorts
had previously been pretty well filled up
prices dropped like a shot to S6lac. 1t re-
bounded to S62zc, then dropped again. The
last few minutes of trading were character
tied by extreme nervousness and weakness
With almost no support OF consequence, July
sank to $50, and closed weak at S5sc. May
rested at $1.04, and September declined to
7724c, closing at 77Bc.
Corn was firm until late in the day. Prices
advanced little early with wheat and were
well main aimed until the break in wheat &C.
CURED. when the market became very limp:
May ranged from SOl4 G3C1sc to 297sG30c, and
closed 14G%sc lower. at 297sM30c.
The market for oats was almost stagnant.
There was quite free short selling following
the late wheat weakness and prices declined
easily. the close being weak. May ranged
from 26l2c to 26lsc, and closed Ac lower, at
6Isd26l4c.
Light hog receipts made a rather firm pro-
vision market during the morning. When
the break in grain came, however. offerings
became too much for the demand and the
advance was lost, the close being rather easy.
MAY pork closed 2i2c lower, at $3.50; May
lard, unchanged, at $5.G7l2; and May ribs, 212c
higher, at $5.0212.
Els mated receipts Wednesday: Wheat, 100
cars: corn, 200 bu; oats, ITS bu; hogs, 26,O0O
head.
The leading futures ranged as follows: