The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-07-15
OPENING is WEAK
BUT GRAIN MARKET
GAINS STRENGTH
Wheat is Forced Down by Great
Selling Pressure But Bull
Traders Were GoodBuyers on
the Decline.

Additional selling pressure at the open
ing yesterday developed a heavy market.
On the decline bull traders were good
buyers, and prices soon recovered. They
held around Mondays close until near the
end of the session, when there was a
rush by the short element for cover. Prices
soon stiffened and the final quotations
showed a gain Of u to 5sc for the day.
Corn displayed great weakness at the
opening. in sympathy with wheat. There
was considerable scattered liquidation
Around the low prices there was a good
deal of covering by shorts, and this buy
ing helped the market to strengthen before
the close. AT the close prices were high
er, in sympathy with wheat.
A good class of shorts bought oats at the
opening yesterday. After the covering
there was little or no trade, and the mar
ket remained blank for the balance Of
the day. The close showed a loss of 1s
to Hc for the day.
What the Brokers Say.
NJ Doran & Co.'S Chicago grain letter
says:
ter the opening, but the selling side was
overdone. The legitimate situation as
serted itself and prices took the up track.
ruling very strong near the latter part
of the session The government weekly
bulletin reports favorable weather for
harvesting and work largely completed.
Threshing returns indicate light
yield The spring wheat is said to be
thin and heading short, lodging in some
districts and rust reported in Minnesota.
Our private adyices indicate that the crop
is going backward and wire from Win
nipeg materially cuts down the estimated
yield in Manitoba The cash situation is
bullish; &c over our September is bid for
No. red to arrive and the old 2 red COM
mands ~ premium over July while No.
l northern is at Size premium.
Corn-This grain showed considerable
weakness early, but the tide was turned
Improvement late Monday. Receipts were
light and promise to be light. Private adj
vices from the belt do not indicate any
only be assured by perfect weather condi-
tiens. The Liverpool market was Il to 70
lower.
Oats-Pit traders further accumulated
the weakness by Selling short in sym
pathy with other grains. On decline cover
ing by shorts caught the market short
of offerings. and good strength developed,
though trade was not large. Little new
buying for outside accounts developed on
downturn, and apparently the big local
long interest was not in the market.
5. b. Shotwell & Co. S grain letter is as
follows;
Wheat-Early Liverpool cables showed
heavy tone. Wheat opened about where
it closed last night but soon showed
heayiness under force of general scatter
ed liquidat ton. Some of bullish pit profes-
SIGNALS We're best buyers early. About an
hour after the opening there was, a fairly
steady feeling all around, and the class
OF buying was as good as that of selling,
about half of it was for account shorts,
who put it out again when the market
rallied. Toward the close wheat acted
strong and scalping crowd were almost
all bullish, but the market did not seem
to hold its rallies very well a few timid
shorts covered and most of bullish con-
tingent bid for it, but there was plenty
good class selling on all the real hard
spots. The close showed a gain of 1Rc to
&c for the day.
Corn-The opening was easier, with not
much trade. Later corn was especially
weak. with general scattered liquidation
as market eased off. Around the low
prices there seemed to be considerable
covering of shorts. and prices recovered
their early loss and sold higher toward
the close in sympathy with wheat
Oats-The opening was a shade lower.
Good class of shorts covered moderately
around the opening, Patten being the most
conspicuous. After the early covering
there was nothing doing in this market
of any consequence, and the close showed
loss of &c to Nc for the day.