The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-08-08
EARLY STRENGTH IN GRAINS
FOLLOWED BY SHARP BREAK.
CORN YIELD PROMISES TOO
MUCH FOR BULLS.
Break in the Coarse Cereal Has In.
huence Against Otherwise
Strong Wheat Market.

Chicago, Aug. 1.-After considerable early
strength in grains to-day the markets suf-
fered a severe break--corn in particular. The
GAUGE was that the year promised to be
too prolific to suit The bulls. There was a
good demand for hieh-grade wheat, ard
very little wheat Of this sort WIS coming
to market This inDuerce. however. coud
not offset the incentive to sell heavily III the
corn pit when support was withdrawn. and
when corn broke jaggcdiy other grains
dipped in sympathy. At the close Sept
corn was id1isc lower Sept. wheat so &C
lower and Sept. oats 1sgi4c down. Provisions
closed II2c TO ljc lower.
Corn. .
There was a desire to cover short con-
tracts in corn by Yesterdays sellers at the
house and Sranty arrivals prices showed
good gains Tine pit crowd for a time acted
THAI blied July stuff. News, however, WIS
gereld!iy b"d,ish. Tine yield for The year
prom SEES to total nearly 2,6t0, Goo.GO bu. Ca
Dles wee lo.!er AID weather was perfect.
Trade vas not reavy early. and when sup
port began to wane sellers came out in great
numbers. sept which had o ked up from
o4ssc to .5'sc. plunged down TO SS1sc and
closed. after some covering support weak.
1dl1sc down. at a2kT53Ac. rhe cash Ce-
mand was moderate The feeling through
out the pit wassthat much OF the artificial
80 iGt pfFlI II Out vi Ii.
and in spite OF the continued stump that the
, ovid was Oversailing the market. Receipt.
were II cars
Wheat.
The break in corn near the close worked
against an otherwise strona - al II Irtxst.
The sympathetic selling was not heavy, but
as the support fell off and excellent crop
advlces came TO haGd. the good early gains
were lost. Trade Was light aside from a
good early demand by elevator interests.
The cash situation was excellent. Prices at
a premium Of as much as 1GC over Sept.
were being asked in the Northwest. Con-
siderable changing vas none from Sept. to
I'ec. options 1t n difference of ] cent. The
fair-sized short interest in the market and
Very steady cables helped in the early up
turn.
Sept. opened &c down TO unchanged. at
eSZc to sc. and advanced TO $3.50. Crop
advlces, however. stated that everything
was favorable. The crowd was in a mooi
TO bear the market. but was deferred until
near the close by the cash support. A local
tween last years crop figures and the pros
yield for this year. by which all the
c~rops-wheat. corn and Oats-ex-
eel those of last year by IS per cent. When
corn broke. Sept. wheat clipped to 6S5sc and
closed easy. lsdLc down, at 6Sa M6S1sc. Lo-
cal receipts were 2s cars, one of contract
lS4 cars, making a total for the three
points of 1853 cars, against sol last week and
t to a year ago: Primary receipts were a2o.-
~clearances in wheat and -four
eQualed SCI. 900 pu.
Oats.
Oats ruled very steady until the corn
break. Trade was quiet. with a little buy
Ing by commission houses. Reports were
that oats were yielding well, but that the
quality averaged low. Receipts were not
liberal. and there was very little pressure.
but when other grains went off there was
a decline in this pit without much effort
on the part of the bears. Sept. sold I'D to
a2'sc. broke TO 31Sc. and closed easy. 1s6Hc
at 3l&c. Receipts were I79 cars.