The Saint Paul globe., 1903-02-14
ALL GRAINS ARE LOWER
BEARISH NEWS BRINGS GENERAL
LIQUIDATION ABOUT
Weak Undertone to the Trading in
Wheat, Which Is of Only Moderate
Volume-A Rally That Fails to Last
early Sentiment in Corn BuIlish.

CHICAGO, Feb. 13-There was a
general liquidation in grains. due to
bearish news, and lower prices were re-
corded, May wheat closing 3-4@7-8c
lower. May corn was off 1-Sc, while
oats were down sac. Provisions were
strong, the May products closing from
LIE to II 12c higher.
Trading in wheat was only mod
crate, and a weak undertone was eVi-
denced, the news being generally bear
ish. At the start the foreign markets
were lower, which caused a weak
opening here, May being off 3-8c, at
n 7-S@78c. Shorts took advantage of
the lower prices, and covered freely,
which brought about rally to IS IA
@78 3-8c, but the predictions of snow
over large portions of the West, and
the large Argentine shipments caused
quite general liquidation, and the mar
ket declined, with now and then a
slight rally. The break in oats late in
the day affected the wheat pit, and
sent May down to II IA. The close
was weak, with May 3-4@7-Sc lower,
at II 1-2c.
The export business was very small
and c1earances light at 464 900 bu,
while outside markets were lower, all
of which tended to add to the depres-
sion. Exports of wheat and flour for
the week. as reported by Bradstreets,
were equal to 2,856,O00 bu, against
$4,000 bu a year ago. Primary re-
ceipts were 1000 bu (two days.,
against 100000 bu year ago. Mime
apoliS and Duluth reported receipts Of
756 cars, which, with local receipts of
81 cars, one Of contract grade, made
total receipts for the three points of
1877 cars, against 334 cars last week
and 26S cars a year ago.
Varying Sentiment in Corn.
Corn was rather quiet, but the early
sentiment was quite bullish on light
receipts and poor grading, although the
opening prices were easier on lower
cables. There was free buying by COM
mission houses during the first part of
the day, but on the break in wheat
the selling became more pronounced,
and the market was unable to with
stand the pressure and prices weak
ened. The close was about steady,
with May off 1-Sc, at 45 lac, after SELL
ing between As 1-Sc and 45 3-4c. Lo-
cal receipts were 395 cars, none of
contract grade.
There was moderate selling of oats
early by elevator people, against stand
ard oats being turned out of private
warehouses, the inspection sheet
showing about 10000 bu from that
source. Considerable long stuff came
out, the large part of it presumably
from the leader Of the longs A large
number of stop-loss orders came on
the break. The close was weak, with
May 3-4c lower, at So 3-4@36 7-8c,
after ranging between SO 5-Sc and
81 7-Sc. Local receipts were 26O cars
Provisions were strong, being help
ed chiefly by the advance of 5m1Oc in
the price of hogs. There was some
buying of pork and ribs by packers,
while shorts covered quite freely. The
volume of trading was light. The
close was strong, with May pork 1Oc
higher, at $17; May lard was up 1-2c,
'at' $947 12, while ribs were IL 1-2c
higher, at 1892 1-2.
The estimated receipts for tomorrow
are: Wheat, As cars; corn, sos cars;
oats, 29O cars, and $4,000 head of hogs.
The leading futures ranged as follows: