The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-03-16
BOTH TOOK STEPS IN THE WRONG
DIRECTION DURING THURS
DAYS SESSION
WHEAT LOSSES FRACTIONAL
Corn, However, Showed "a Drop OF
ree-Eighths-EarIy Trading
in Wheat Was Not Marked
by Degree OF Activity.

CHICAGO, March 15.-Both wheat and
corn took step in the wrong direction
today. wheat closing Ac lower and corn
in anticipation of heavy Argentine ship
ments, and light clearances and weakness
of corn also depressed the market. The
decline In corn was due mainly to inf1u-
entail liquidation. Oats closed unchang-
ed. and provisions unchanged to sc low
err.
The early trading in wheat was not
marked by any degree Of activity or any
marked tone. The opening for May was
at e63s @661ac. a decline Of AQ3sc from
yesterday. the slight loss being due In
part to disappointment over the reluc-
tant response of the Liverpool market to
yesterdays advance here. The loss was
| recovered almost Immediately, May adj
Vancing to $3.50 under covering by local
shorts. but before il o'clock weakness
again developed and kept prices on the
down grade. for nearly an hour. During
mand for American wheat was reported
poor, while expectations of heavy Argen-
tine wheat shipments tomorrow. fea-
off of the price of wheat for three sue
CeSSiVe Fridays, resulted in considera-
bic short selling, the theory being that
to morrow's opening would show de-
cline
About noon. however, the market turn
| ed quite strong. on rumors of crop dam
age. and the price which had in the
| meantime fallen off to about 661a0669sc,
advanced to &c. But this was the price
that heavy holders had apparently been
waiting for, and offerings became so
heavy that nc was knocked off May fig
| ures in a hurry. At G634c a good demand
existed and the market held steady at
around that figure for some time, reports
of a good demand for export at outside
| shipping points having considerable in
| fiuence. Shortly before the close low
| ever, realizing sales and uneasiness over
| the weakness shown by corn caused an
| other decline and the tone during the
| last few minutes trading was one Of
| weakness. May eased off to $3.50. and
| closed at 66lAc.
western receipts were 563 cars, compared
| with 524 cars last week. and 27S cars a
| year ago Total primary receipts were
| 500, 600 bu. Atlantic port clearances
amounted to only 256,000 bu.
| Corn was moderately active. Early In
| the session there was indications that In
| luential holders were disposing of their
| lines of May and buying July. and this
resulted in considerable liquidation and
short selling. The belief that a reaction
was due augmented the selling move
| influence later. early sellers turning buy
| ers, but toward the close the market
again developed a tendency to decline.
| and the close was rather easy. Receipts
| were 367 cars May ranged from 37A to
| S77kc, and closed &c lower at 37A9273sc.
| Trading in oats was almost without
feature and was on small scale all day.
| This. in fact was the principal depress-
| ing feature A report of $1,000 blu being
engaged for export created a languid in
terest late i'll the day. but had little eff
| feet on prices Receipts were 210 cars.
May ranged from 1878 to 24c, and closed
! unchanged at 23Ac
| Provisions We're moderately active and
| rather irregular, within a small range.
! Packers were fair sellers, but pit trad
| ers showed disposition to cover short
sales which, with some commission house
| buying. kept the market fairly steady
most of the session. At the close May
| pork was sc lower at $10.971S, Nav lard a
! shade lower at seas 02ta. and May ribs
! unchanged at s6G16 02%.
Estimates Friday: Wheat So cars; corn,
435 cars: oats, 2T0 cars; hogs. Is, coo.
! The leading futures ranged as follows: