The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-11-17
GRAIN MARKETS ARE
IN BEARS CLUTCHES
Heavy Selling Causes a Sharp
Decline in Prices and Close
Is Lower.

The wheat market yesterday closed
about 1ac lower. The speculative trade
was fairly active, but the cash market
was dull and inactive. Cables were dull,
but firm at the opening. Scalping rallies
We're numerous during the day, but toward
the close the marekt sold lower. The re-
ceipts in the Northwest have become
lighter.
Corn was again heavy and lower. The
prediction of cold weather for the belt
was a decidedly bearish feature, as frost
is now needed to cure the new crop. The
selling pressure comes mainly from local
speculative interests. The brokers are
inclined to think that the corn market
Will gradually work lower.
The oats market followed closely the ac-
lions of wheat and corn. 1t was weak
and lower market. The spectators sold,
forcing prices downward.
What the Brokers Say.
M. Doran Co.'S Chicago grain letter
Wheat-The tone of the pit was firm
for the first hour. influenced by steady
cables and a private. Argentine report
some sections. st. Louis houses were
heavy buyers of May, and this was the
most conspicuous trading of the session.
1t was taken to be against the private
settlement of 1000, 900 bu December in st.
Louis at 10c over Chicago. The weak
ness in st. Louis and generous increase in
visible started local selling and the market
turned weak, particularly the December,
which went to a further discount under
May. Northwestern country offerings
Were said to be lighter, and one country
elevator concern reported their receipts
one-half what they were two weeks ago.
Liverpool cables reported heavy offerings
of both Russian and Australia wheat
Corn-Values were inclined to work
lower and the tone was heavy. The trade
was largely among the pit operators, who
worked for lower prices, baSing their POSI-
ton on weak cables and prediction of
cold weather favorable to curing OF new
crop.
Commission trading was entirely lack
ing and the shipping demand was very
quiet. The Liverpool market closed so
zee lower
under pressure most of the session from
large local traders. When active selling
ceased there seemed to be no recuperative
power whatever.
]. c. Geraghty & Co.'S grain letter
says:
Wheat-The market is about 1ac lower.
1t was fairly active in a speculative way,
mainly on professional trading. The ca :
demand for No. red wheat at con-
siderable premium, but its source seemed
to be to fill shorts in st. Louis. Outside
of this the cash situation is dull, and eX-
port business SO far as reported mod
crate. There is some fairly good local
buying, but in the general conditions and
general outlook we see no change. Scalp
ing rallies are always in order, but the
situation does not seem to US favorable
for any sustained advance.
Corn-The market was again heavy and
lower. The selling pressure comes mainly
from local SPECTATORS, who are bearish
on the general outlook. We are approach
ing a season of unsettled weather, and
this may become something of a factor
Scalping conditions may, of course, bring
rallies, but we are doubtful Of anything
like a bull market. We are inclined to
Oats-The market is weak and lower.
The cash situation is unchanged. AS in
corn the pressure comes from specula-
tive selling. The most active interests
are on the bear side. and sentiment
seems to be that oats will work to a lower
level. We would sell bats on the rallies.