The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-04
BEARISH NEWS is
CAUSE FOR BREAK
Wheat Becomes Weak and the
Other Grains Follow Its
Lead.

Wheat was weak affair yesterday and
all the news was bearish. The favora BILE
weather conditions for the movement in
the Northwest and for the spring wheat
crop in the Southwest to force prices
downward. The heavy primary receipts
Were also a bearish argument The CLOSE
for the December was &c to A@3sc
lower
Lower cables, fine weather and good
crop reports caused corn to open weak.
On the decline there was some buying
but when the break came in the wheat pit
corn again sold lower. The cash market
was quiet and without feature.
Oats We're also down in sympathy with
the weakness in the other markets. There
was considerable selling by commission
houses and brokers. The trade was largely
on a scalping order.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
Wheat-Wheat got weak start on lower
cables and selling of December by eleva-
tor interests. which further reduced the
premium over May. Perhaps the chief
bearish factors were the lack of cash
demand and the liberal movement of
spring wheat Cash wheat at Duluth lost
&c. The outside markets We're all weak
and the weather conditions continue per-
rect for the movement in the Northwest
and in the Southwest are beneficial to
the new winter wheat crop.
Corn-Corn had downward tendency
most of the session. The early influences
We're the depressed condition of Liverpool
spot market due to neaVy arrivals and
the emphatic tone of the October govern
ment bulletin, which claims there was
no frost damage. and condition of crop
better than expected. The weakness in
wheat undoubtedly weighed on the mark
ct. The old bear contingent took hand
on the selling side. Country acceptances
were light but demand was at a stand
still Our advices show there will be
more feeding in West than original
estimated. 1t is not wise to entirely ig-
more the nature of private advances of
disappointing yields.
Oats-Liberal receipts and a weak cash
market brought out long oats during the
morning. Prices were held for a time by
resting orders, but eventually gave way
to the selling pressure. Our advices from
Iowa suggest that 60 per cent of oats
are out of farmers hands. which would
promise moderate receipts later
OConnor & Van Bergen's grain letter is
as follows:
Wheat-There was a better genera.
trade, but lower market and a rather
weak one. Elevator people sold rather
freely of both December and May and
Southwest also sold, shorts being the
Corn-Corn was weak and lower as well
as more active under more or less liquid
alton by longs, pressure by bears, brilliant
weather and bearish crop summary by
is small. Country offerings continue
small.
Oats-There was fairly good trade
but lower market. the action of wheat
and corn being factor. Longs were quite
willing sellers. so were commission
houses, while the best buying appeared
to come from the shorts. Shipping de-
mand remains small, exports light.
. j. c. Geraghty & Co.'S grain letter
says:
Wheat-The market is 5s@%c lower.
1t reflects dull cables and slow export
business. 1t is a very quiet market, with
outside speculative trade at a minimum
and local operations of a scaping ma
ture The short interest seems to have
been well eliminated and the general tone
of the market is heavy.
Corn-The market is easier. 1t is al
most impossible to find anything new to
say of it. 1t is dull and the volume of
speculative trade is small Provision in
terests are still bearish and constitute the
principal shorts. The buying is scattered
and of no particular Importance.
Oats-The market is a little lower
There seemed fair speculative trade and
n good deal of it of a scalping nature. The
general tone of the market shows no i'm
provement. 1t seems heavy and prices
have a dragging tendency. Receipts are
fair and demand moderate.