The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1903-08-21
WHEAT OPENS WEAK
OWING TO PERFECT
STATE OF WEATHER
Buyers of Previous Day Are in
Consequence Induced to Tn
load, but Buying on Decline
Gives a Better Tone to Mar
ket-Corn Outlook No Better.

Wheat was weak at the opening, chiefly
because of very encouraging weather
map and consequent unloading on the
part of buyers of the previous day; but
buying on the decline was sufficient to
give the market a somewhat better tone.
The news, as a whole, was somewhat con-
fusing, as there was all kinds of it. The
result for the day was slight falling of.
1t Is becoming apparent that the cash
situation will control the market, and
that the spectators will be forced to
accommodate themselves to that condi-
ton.
M. Doran & Co.'S grain letter was as
follows:
Wheat-Cabies were Indifferent to our
advance of yesterday and the weather
map was perfect, which induced yester-
days buyers to unload, making a very
weak market for a time: Fair buying
appeared on the decline. which brought
partial recovery and gave better tone
to the market. The news was of all
sorts. Price Current reported spring
wheat heads filling well and estimated
crop of $4,000, 900. The Northwest Mil
Ter figures the two principal states at
164, 100000 and a number of reports indi-
cate better yield in some sections of
Minnesota than was anticipated. The
Southwest acceptances were light and
st. Louis millers made large sales for ex-
port for the United Kingdom and conti-
nent Baltimore sold a cargo of No 2
red, the first worked in months. Eu-
ropean harvest conditions continue unfa-
vorable and this is likely to affect the
quality, if not quantity, of the crop. Cars
tomorrow, ITO.
Corn-The weakness in wheat and the
favorable map encouraged shorts to fur
Their efforts to diSlodge long lines. Prices
eased with light trade, but little long
corn was brought out, prices becoming
firmer near the close. The weather is the
most favorable in some time, but we get
crop outlook. Our Iowa correspondent,
after personal investigation, fails to
find any indication of progress there. The
country movement keeps light and ac-
ceptances on last nights bid were prac-
tically nothing. Demand is good and $780,
900 bu were sold for shipment at full
prices. which makes a total of over 1,000,-
900 for the past two days. The seaboard
reported 25 loads taken for export. There
is the largest short interest for months
in May, and We suggest buying none and
anticipating the scramble sure to come
from shorts covering. Estimated cars to-
morrow, POS
]. c. Geraghty & Co.'S grain letter from
Logan & Bryan was as follows:
Wheat-The market is about &c lower
than yesterday. There being nothing dis
turbing in European news, the pit traders
sharply increased its premium for cash
wheat and the market in Kansas City
was steady and unchanged. Exporters
report continental bids on wheat in
Kingdom continues unfayorable. Liqui-
dalton in this market has been general
and considerable short interest we think
created. The receipts are below last
are of the view that the cash position
will control the market, and that spec
ulators will be forced to adjust them
selves thereto. We advise purchases of
wheat on the breaks.
We advise purchases Of wheat On the
breaks.
Corn-The market Is lower. It was
weak early, but recovered part of the loss.
Fine weather throughout the West Is the
principal bearish factor Country offer
1ngs are spasmodic, but on the whole
show a moderate increase. On the other
hand the export demand in this market
is good There must be some improve
ment in the crop with the present wealth
err but there are good many we'll in
formed people who think that no amount
of weather will make a fair crop. In
the meantime there is big short In
terest and the market will respond quick
" to any unfavorable tendency in weather
conditions.
Oats-The market Is firm and higher.
There is good cash demand in this mar
llet, also in the Southwest market. The
country is still bullish On the light thresh-
ing returns and some of the best local
holders seem disposed to reinstate their
holdings On the soft spots The price Is
higher.
Provisions-The market Is firm and
higher. Lighter receipts of hogs and
material Improvement in the export de-
mand for lard were the cause. This
caused free covering of local shorts. The
outside speculative interest is still small
On any material advance We think they
6ould be sold.
S. B. Shotwen Sc Co.'S grain letter was
as follows:
,Wheat-Liverpool heavy. Paris firm,
local receipts about as expected. The
weather map was again favorable. The
market opened about where it closed, with
local bulls good buyers of December, but
st. Louis and other September holders ap-
peared to have plenty, of that delivery for
sale Local pit scalpers were almost
unanimously bullish and were encouraged
by the early strength in Minneapolis Sep
TENDER Patten brokers sold December on
The early bulge. Seaboard exporting houses
also sold moderate amount of Deem
Der about the same time. Later reports
that wheat In Red river valley was turn
ing out better than expected caused weak
ness in Minneapolis; this decline was also
reflected on our markets. Toward the
close there was good deal of scattered
covering of short wheat and not much for
sale, This encouraged some replacing of
long lines by local bulls who sold yester
day and early this morning and the market
became strong in consequence. The close
showed gain for the day Of 1Sc to &c.