The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-08
GRAIN MARKETS BREAK
EARLY STRENGTH THAT DOES NOT
LAST so VERY LONG
Corn the Worst sufferer-The Cause Is
That the Year Promises to Be Too Pro-
life for the Purposes Of the Bulls
Wheat, Oats and Provisions Close
Lower.

CHICAGO. Aug. AFTER considerable
early strength IN grains today the mar
kets suffered severe break-corn in
pap n,iSaa The cause was that the year
puls. Inere was good demand for
high grade wheat and very little wheat
OF this sort was coming to market. This
incentive to sell heavily in the corn pit
when support was withdrawn and when
corn broke other. grains dipped in sym
pathy. At the close September was 10
1sc lower, September wheat H@Ac low
er and September oats B@Ac down. Pro-
visions closed TIE to 15c lower.
There was desire to cover short ac-
counts In corn by yesterdays sellers at
the opening, and on fair support by a
big house and scanty arrivals prices
time acted very bu1lish under the lead of
the crowd that bulled July stuff. News
however, was generally bearish. The
yieIde d for r the year promises to total near
~ 0,000, 600 bu- Cables were lower and
the weather was perfect. Trade was not
heavy early, and when support began to
Wane, sellers came out IN great numbers.
September had worked up from $3.50 to
55 sc, plunged down to 53hc and closed
after some covering support weak, 1@1bc
down at 1914 @53Me. The cash demand
vas moderate.
Artificial Strength Gone.
The feeling throughout the pit that
much Of the artificial strength had been
hammered out of corn and in spite on the
continued slump that the crowd was over
selling the market. Receipts were Al
cars.
The break in corn near the close worked
against an otherwise strong wheat mar
ket. The sympathetic selling was not
heavy, but as the support fell off and the
excellent crop advices came to hand, the
good early gains were lost. Trade was
light aside from good early demand by
elevator interests: The cash situation
as much as Ice over September were be-
ing expected in the Northwest Consid-
cradle changing was done from September
to December options at difference of 1c.
The fair-sized short interest in the mar
ket and very steady cables helped in the
early upturn;; September opened Nc
down to unchanged at 6s%c to CSC and
advanced to 6ssc Crop advices, how
ever. stated that everything was favor
able. The crowd was in mood to bear
the close by the cash support. A local
statistician today made a comparison be-
tween last years crop figures and the
prospective yield for this year by which
oats-excel those of last year by rs per
cent.
Wheat Takes IT'S Dip.
When corn broke, September wheat
down at 6sa @6s%e. Local receipts were
PIG cars, one of contract grade. Mime
apolis and Duluth reported 134 cars, max
ing a total for the three points Of s52
year ago. Primary receipts were 900. 900
bu, compared to 895, eco bu last year. Sea-
board clearances in wheat and flour
equaled $4,000 bu.
Oats ruled very steady until the corn
break. Trade was quiet with a little
buying by commission houses. Reports
were that oats were yielding well, but
that the quality averaged low. Receipts
were not liberal, and there was very lit
tie pressure, but when other grains went
off there was decline in this pit without
much effort on the part of the bear. S
September sold up to 323sc, broke to 315sc
and closed easy. 1s@ nc down at 31a4c.
Receipts were ITO cars.
Outside liquidation and lower hog
market depressed provisions early. Pork
was wanted, however, and on the pack
ers' support, there was good advance
until grains broke. Then there was lib
eral selling and the close was weak, with
September pork 71@c down at $16.S5; Sep
TENDER lard 10c off at $40 rs and Septem-
Der ribs 15c at $40 35.
The estimated receipts for tomorrow
are: Wheat, 1876 cars; corn AS cars; oats,
$50 cars; and 10000 head of hogs.
The leading futures ranged as follows: