The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-07-29
ALL GRAIN MARKETS
GIVE WAY TO WEAKNESS.
SHARP BREAKS IN PRICES
WERE CHIEF FEATURES.
Wheat Declined on Larger Receipts
and Dull Cash-COrn on
Weather Conditions.
Office Republic,

Saturday, July y. 1890.
The speculative grain situation at this
point during the past six days has been
dominated by decided weakness and bear
ish sentiment has increased very material
iy. This weakness has been common to all
grains. and prices, which exhibited a fair
undertone of strength and gave promise of
doing better during the closing days OF last
week, and. in fact, showed fair gains at
the close last Saturday, received n severe
setback, the gains being completely wiped
out. and the final figures to-day show a de-
cided loss. During the week there have
been no reactions OF significance in any of
the markets. the conditions being almost
wholly Of a character to bring about a low
er level of prices and discourage operations
on the long side. In fact. the entire specu-
iative situation has been honeycombed with
weakness from start to finish. There was
no aggressive support given any of the
markets. and they possessed no apparent
recuperative power, most Of the time ruling
heavy. and weak all the way through. Nat
urally enough. speculative operations were
handicapped and the aggregate volume of
business on change grew beautifully less
day by day, pit trading being largely of 4
professional character and outside interest
nothing TO speak OF.
The prevailing tendency of wheat the past
week has been almost unnterruptedly
downwards, the encouraging strength wit
messed the closing days of last week having
given place to decided weakness and largely
lower prices. Occasionally traders, favored
by more encouraging conditions, showed a
disposition to bring about a reaction, TAX
ing the long side for a turn. but their eff
forts were feeble and tame and they never
succeeded in making important impress
sions upon prices, which continued to sink
lower and lower. and to finally close over
&c OFF compared with Saturday last. Bull
influences were few and far between. but
those of bearish nature were plentiful all
through the week. increasing the bearish
vntiment and the weakness and depres-
sion.
One of the chief bearish influences was
contained in the movement of wheat to
market, and especially to winter wheat
points. The daily arrivals were heavy and
largely in excess of those of last year. and
the stocks at this point showed an almost
daily increase. and the prospects for big
increase in the visible supply of this country
were excellent. Another. and no less favor
able factor. was the cash business at all
leading markets, and particularly at this
point. This was of the smallest a most dis
proportions. exporters claiming
that IT was impossible for them to do busl-
ness either in Hour or wheat, with foreign
ers ON the present basis of prices. Even the
domestic milling demand was poor and
number of mills at Minneapolis were said
to have closed down on account Of lack
Of business. Buying for export In conse-
quence was on n small scale. az is proven
by the clearances for the week from the
which only amounted TO 2.3bS, .iS
bu.. against S,o2s,3 sl bu. last week. and g.
}56, 49, bu. the same week a year ago Ca
bles, as a rule, We're encouraging from a
bull point of view, the Indifferent attitude
Of foreign markets. which has been 50 con-
spicuous for some time, being one OF the
most unfavorable features Of the week. In
a statistical way the advices favored selling
more than they did buying. BradstreetS
made a bullish report on supplies, showing
A falling off in worlds stocks of l.925. 600 bu-.
as compared with an increase OF $4,000 bu:
last year. together with decrease east OF
the Rockies Of l75.0O0 bu. The visible of this
country was decreased $4,000 bu-, but the
English visible was increased 1,Gl.uS bu-
Again the worlds shipments were larger
and amounted to 2,916,00O bu., whereas last
week they were but 1.E2oO blu. The Gin
.innau Price Current came out during the
week with a statement that the total wheat
yield would surely reach ooO.0ooOW0 bu.
Late In the week there were reports Of
some pretty heavy cash sales at Kansas
irmed. but the latter not. and this and
he fact that cables were some higher and
stronger. impaired better feeling. but |
made little impression upon values. This
strength evaporated like snow before a
south wind this morning, emphatic weak
hess cropping out. which brought out free
sellers and prices from 1c to 1hc for the
lay. making the loss for the entire week
.1,c in July. which closed !liyc nominal. &c |
n Sept. which was Use. and SIC in Dec,
which was 15isc sellers.
II the truth must he told. corn In this |
market was almost in as bad a condition
s the higher-priced cereal, though the de- |
lines were not near so serious. They
we're serious enough. however. and gr ltly |
discouraged traders. who held aloof from
he market good part of the time Specu- |
atively. the market was discouraging. be-
ng heavy, tame and soggy from the first
q the last day of the week. There was no |
peculation Of consequence. and little new
week. and the cash business was almost |
qually as unsatisfactory. the buying for |
oreign account being extremely light; and
he export movement from the seaboard |
mall. the weeks ciearances being only /
.2iS, 015 bu.. against 4.lS2. l59 bu. last week |
md 3.7oO.S2o bu. the corresponding week a
ng bearish factor all through the week and |
early
Rains were reported through Kansas and |
and as far east Ohio. These
aims were the dominating influence early
md were succeeded by fine. growing wealth
r later. and as they had a very bearish ef-
ect, prices gave way completely. Snow, |
he statistican. still claimed that serious /
amage had been done the corn crop by the
lot generally believed. IL had no effect upon |
alues. especially as other authorities re-
orted the crop to be in excellent condition
Receipts all through the week at primary |
markets fell largely below those of a year |
go. The visible decreased $500 bu..
gainst an increase of $4,000 bu. last year,
nd the amount afloat increased SO.O00 bu
srcdstreet's also noted a decline of 1,1sS.-
~ bu. in the available supplies Of this
ountry. There was no buying support to
his market at any time during the week
nd no reactions of any account. There
vas slightly better tone yesterday, but
his disappeared to-day. and a small loss
ras recorded. The decline for the week.
that Of to-day. was large. July |
losing &c OF at 3Sc nominal, Sept. 1lsc
ower at 37i.c. and year at a3i4c.
Like wheat and corn. the situation in |
ats was weak. depressed and dull. In fact.
s regards the latter. there was hardly |
ny attempt made to transact business.
he attention of traders being taken up
nth the more active cerea.s. The weak
ess was very pronounced during the week |
nd the situation was without a redeeming |
pature. There was another let-down in |
rices this morning and the close of the !
ay found July i2c lower for the week at |
&c nominal and Sept. 1lsc off at 21Ac.
Trade Gossip.
Receipts OF corn at Chicago this week were |
532 90 bu. and shipments 4if9. 600 bu. This |
lould indicate reduction in that markets |
took 200 e1p hu- IL this should all come |
ut of the public stock the latter would be
educed from 10000 bu. last Monday to
go bu. next Monday.