The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-11
WHEAT SLUMP IS SEVERE
UNDER HEAVY LIQUIDATION
LOSS OF &c IN DECEMBER OP-
TION PARTLY RECLAIMED.
Corn Develops Considerable
Strength on Small Deliveries
Oats Also Higher.

Chicago. Dec. i0.-IIeavy selling in the
wheat pit to-day with an absence of any
substantial support caused decline of
He from the high point of the day in the
May option and over &c in Dec. ~ rally.
however, preceded the close, which, COM
pared with last night. showed n net loss
of 7sMi2c. Other erains were strong
May corn closing hm3sc higher, with oats
up &c. May provisions closed from n. 10
12i.c higher.
WHEAT.
Small holders were inclined to dispose of
their wheat at the start under the infiu-
ence of the weakness which developed
late yesterday and the apathy OF the for
cign markets. As Il result, an easier
tone prevailed at the opening and May
was lac lower to isc higher at Sl5sc. The
feature of early trading was the pressure
to sell Dec. and before 1t was wanted in
sufficient quantities to stop its decline a
loss Of over &c had been registered. Com
mission houses with st. Louis connections
were prominent sellers during the opening
hour. The weakness in the current month
acted as Il drag on the May option. and
before any considerable support devel-
oped the price of May had declined to
SAc, Il loss of 1lac from the high figure.
Local longs We're free Sellers and many
stop-losS orders were reached on the way
down. which added impetus to the down
ward trend. Weakness in outside mar
kets also increased the selling pressure.
Confirmation of reports of rain in Ar
Gentina brought out buying orders by
commission houses late in the day and the
market responded to the improved demand,
much Of the early loss being regained.
The close was steady. with May asG1ac
lower at s0AuSoisc. Clearances of wheat
and flour We're equal TO 5l3 80 bu. Pri-
mary receipts We're 9ls.6GO bu., against
IS. 200 blu. year ago. Minneapolis. Du-
luth and Chicago reported receipts of 64J
ai,1Gs RAJ rIaS
cars year ago.
Corn was firm in spite of the slump in
wheat. The significant feature of the
trade OF late has been the smaller deliv-
cries on Dec contracts from day to day,
showing that the cash corn has become
pretty well placed. There was little corn
on the market to-day. and while the de-
mand was not urgent. buyers had TO bid
the price up in order to secure enough TO
fill orders. Weather was favorable for
the movement. but local receipts continued
small. only 49, cars-none of contract
grade-being shown on the inspection
sheet. After opening &c to hc higher at
427sc to 43c, May sold between 42Ko and
iSasc. closing at 4SG4Slsc.
OATS.
Oats displayed n strong undertone along
with corn. The feature of the trade was
the buying of May by Eastern houses
and standing long on the market. Local
interests also bought freely, and the de-
mand was augmented by covering by
shorts Offerings We're mostly scattered
May opened unchanged to isc higher at
36isc to 36Ac, and, after selling between
36isc and 36a.c, closed at $3.50. Local re-
ceipts were 1871 cars.
PROVISIONS.
Provisions ruled higher. and there was
a better demand than had been manifested
for some time past. Buying by shorts and
commission houses caused small advance
early in the day and the gain WAS held
throughout the session. May pork closed
1.L.c higher at Sll.52ih, May lard up 5d7lac
at S6571.Q66O. and ribs were TIC higher at
500.
Estimated receipts tomorrow: Wheat.
50 cars: corn. 1So; oats. $50; hogs, 5000
head.