The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-07-21
WHEAT WAS LOWER.
weather Is All in Favor of the Bear
Side of the
House.
GRAIN SUMMARY.

CHICAGO, July 20-A condition of softness
in wheat today acquired from last nights rain
was hardened by reports of frost in the North
west. September closed 1s@Nc lower, and
December lost Bc. Corn left off unchanged.
Oats advanced 1sc. Pork TIC higher; lard and
ribs up 219@5c.
The lower temperature in the spring wheat
territory following last nights rain, together
with the early decline in corn, started wheat
weak. Business during the first part of the
session was dull and the undertone bearish.
The argument was urged that our exports sur
plus would be of such magnitude and the for
eign demand SO restricted that 1t was likely to
evitable. Another factor which served to
weaken bull confidence was BroomhaH figures,
showing the worlds wheat crop this wear
likely to. be 100, 600 900 blu above requirements.
On this sort of reckoning, September wheat
which opened 1ac lower at 677s96Sc sold off
to 671kc. Then came a reaction on the an
nouncement of the signal service bureau Of
the probability of frosts tonight in the north
ern sections of the wheat belt. In addition to
the frost predictions the bulls got encourage
ment from the primary market receipts OF
new wheat being too light to injuriously affect
the price of the cash article. There was also
a report that crops abroad were less favora-
bic, as severe storms in hungary had DAN m
aged the crop there from 100000 to 10000, 600
bu.
Chicago received 81 cars: SO of which were
new. Minneapolis and Duluth got 60 carloads
compared with 29S year ago. The total re-
ceirts at the principal primary Western mar
kets were 600 blu against 49S, 900 the SINH
lar day of last year; The Atlantic port clear
ances of wheat and flour equaled $4,000 l bu
@SS s'eV Weakened dH' to Sic, rallied TO to
sS'AasSc then n reacted to o..n $50 bid bid
sc lower at 6778QeS1sc, sold off to 679sc, up
to 6S1Ac, then down to 6S$sc asked at the
close.
Every commission house appeared to have
selling orders for corn at the opening, and the
lower prices trading commenced with appeared
also to bring numerous stop loss orders
on the market. Rain throughout large sec
ton of the Western corn country was the
cause of the weakness at the start. This was
all changed later, however, when the weather
bureaus report of possible light frosts in
northern sections Of the corn belt was re-
ceived. This news resulted in the bull crowd
taking on extensive lines and holders OF
puts bought freely. 1t did not take long
with this buying to absorb the offerings, and
as the sellers gradually drew out the market
developed an advancing tendency. September
opened at 32% @33c, sold up gradually to 1885
@33%c, then reacted to 331ac bid, the closing
figure.
Oats held steady on good buying by com
mission houses and responded promptly when
corn rallied. September began 1s@Ac lower
at 19as@191ac, sold up to 19A@197sc, then set
tied back to 1890 at the close.
Provisions had a weak start on account OF
lower quotations for hogs and the decline In
corn. Offerings were, however, small ana very
little buying sufficed to take all that was
for sale, and as a result the decline inau-
gurating the days business was easily over
come There were Tumors of large govern
ment contract for cured meats. September
cork began 2hGD5c lower at $9S212@9.S5, rose
ure The range in lard and ribs was narrow.
Estimated receipts tomorrow: Wheat, 20
cars; corn, $780, cats, 145; hogs 81, GOO head.
The leading futures ranged as follows: