The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-06-30
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CHICAGO, June 29.-HeaVy lncreas-s In
stocks in the Northwest was phase In
the situation in wheat today that caused
il TO weaken after considerable show
of strength. September closed at de-
cline of sc, compared with yesterday.
Everything else on the floor was heavy,
corn declining A@2sc, oats closing shade
lower. and provisions 2k@5c lower.
Weakness characterized the opening in
wheat. Weather was favorable for the
harvesting of winter wheat and the
growth of spring. Liverpool cables were
somewhat disappointing, showing slight
declines in some futures and Northwest
receipts though showing some falling oil,
were still too heavy to permit or any
bullishness from that source. There was
in addition an inclination to even up on
trades over the holidays, and tn Sc factors
ruled thea market for the first half hour
September opened at 74Ac, compared with
yesterdays closing prices of 741ac. 1t soon
declined to 74lsc, then gradually turned
strong, and though many minor huctua-
tions occurred, the tendency In the main
was toward higher prices until late in
the afternoon.
Reports from the Northwest were far
from satisfactory concerning growing
wheat. Many complaints of damage were
received, principally from rust, while from
the winter wheat country reports OF har-
Vesting operations were disappointing in
some cases The Northwest markets
showed strength even when this market
was declining, and as this was regarded
as evidence of the truth OF the damage
reports, ii ultimately had strengthen
ing effect on the local market. Russian
news became somewhat of a factor again.
Private advices from Russia declared
that country would not produce over half
a crop, and a noticeable increase in the
known.
Minneapolis and Duluth receipts were
81 cars, against 535 last week. and 13
a year ago. Chicago receipts were 122
cars, II of contract quality. Total primary
receipts were $4,000 bushels, compared
with $4,000 last year. Atlantic ports clear
ances were large, 791 900 bushels, but New
York reported only ten loads taken for
export today. st. Louis reported that
new wheat arriving was of the best
grade in a number of years. There was
considerable covering by shorts during
the session, and in the absence of selling
of Importance the September price grad
ually moved up to 74A@747sc. Shortly
after noon the market turned weak.
Minneapolis stocks of wheat were esti-
mated to show an increase of 500 900
bushels this week, and Duluth stock prob
ably a similar addition. This checked
buying in hurry and when Chicago s
estimated increase was put at 100000
bushels, the selling movement became
predominant, and prices slid off quite rap
idly The decline was taken advantage
OF by room traders to raid the market
in small way, and marked weakness
was shown in the last few minutes. Sep
TENDER finally declined to 741kc, and closed
at that price.
Corn was dull and heavy. The market
was influenced by favorable weather and
large 1xr+
tinued July liquidation Country offer
ings were small, however, and a sharp
falling off in receipts were predicted
for next week Receipts today were l.
OPS ears The cash demand was small.
September ranged from S37sd34c to 343sc,
and closed AG$sc lower at 340341sc. =
oats were quiet and easy, the weak
ness being more marked in July than
IN September July was offered freelv
and showed closing decline of 3sc. The
weakness was mostly in sympathy with
tic, corn decline. Trading was small the
demand for both cash and futures be-
ing moderate. Receipts were 292 cars
September ranged from 215kc to 21%0
NBc and closed a shade lower, at 21a1c
provisions were quiet and heavy with
more pressure on July products than on
the more distant futures The packers
were the best sellers, probably with a
view OF widening the carrying charges.
Weakness of corn and lower hog prices
mnuenced the market in a degree. At the
close September pork was 21bd5c lower.
at $50 September lard SC lower, at s.. M
and September ribs 21s@5c lower at
$4S71kc
Estimated receipts Friday: Wheat lis
cars; corn, 1000 cars; oats, 265 cars: hogs
"a 0G0 head e''
The leading futures ranged as follows.
IODop i EIipb-I 49, ~