The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-08-06
GRAIN PRICES DEPRESSED
BY EXCELLENT WEATHER.
SEPTEMBER WHEAT AT LOW
EST POINT OF SEASON.
Corn Also Falls Off Under Persist
ent Selling, Though Receipts
Continue Small.

Chicago. Aug. 5.-Grains were heavy to-
day and prices declined sharply. Sept.
wheat. depressed by almost perfect har-
vesting weather in the spring-wheat coun-
try and by very heavy receipts. dropped to
the lowest price so far this season. Corn
also ruled very weak on heavy selling. not
withstanding receipts were falling off
greatly. At the close of trade Sept. wheat
had lost AG5sc. Sept, corn 1asa1l2c, and
Sept. oats Ag2sc. Provisions closed 2l&c to
12i2c higher.
Wheat momentarily showed a good front
at the opening of trade. Cables were firm.
grading was very poor, and there We're
rains in the Western States and in the Ohio
Valley. Sept. started lSc up to lsc down at
7Oc to 6@4c. and sold at 10zsc. soon, how
ever. the perfect weather Northwest began
to have a decidedly bearish effect on the
crowd. Receipts here and Southwest were
large, and at primary points totaled mucn
above last year. This started free selling.
and Sept. dropped TO, the low level for the
crop-e.2. Bradstreet's reported a decrease
of 2,l52,U0 blu. in the worlds visible supply
and the seaboard cleared equivalent to 1885,
00 bu. in wheat and flour. These factors
had a checking influence on the decline, but
the close was weak and heavy, Sept; Aq.1sc
down at 6Sa6S1sc. The seaboaTd did a Iair
business. The volume OF trade here was
not large, and was mostly of a profess
sional character. Local receipts were 5i6
cars. s of contract grade: Minneapolis and
Duluth reported 1T3 cars. making a total for
the three points of 719 cars, against ES last
week.. and $50 q year ago. Primary receipts
were 1,295, 00 bu., against Sl 600 blu. last
year. The seaboard reported 30 loads taken
for export.
Corn receipts here to-day were SO cars,
and estimates for tomorrow but 70 cars;
For a moment prices in this pit edged
above the closing figures of yesterday, but
bullish statistics could not overcome the
decidedly bearish sentiment of the crowd.
Heavy selling of Sept. shortly after the
opening caused the slump. Offerings came
out abundantly, and there was no let-up to
the pressure until Sept. had dropped from
S71xc to 55Sc. The big interests identified
with the free selling Of the last several
sence Of anything that resembled support
no one wanted the corn. Stop-loss orders
came out and helped in the decline. Liver
pool was strong. and as much as &c higher,
but eXerted no influence. At the bottom
there was some buying by commission
houses and by shorts who covered. This
brought a slight rally, but Sept. closed very
weak, 12s4111c down at $3.50. The weather
West, while rainy, was considered favora-
bic to the growth of corn.
Oats.
Oats held up we'll against the depression
OF the other grains. There was a dip early
and again late, influenced by liberal re-
ceipts and the corn break, but the weather
was against the oats harvest, and reduced
estimates of arrivals checked any sympa-
thetic declines of moment. The cash de,
mand also was fair. Sept. sold from 3229
32Asc to 31&c, and closed easy, 469sc down
at 317sQ32c. Receipts were S6 cars.
Range of Futures.