The St. Louis Republic., 1904-11-19
WHEAT SHORTS COVER ON REPORTS
OF DAMAGE IN THE SOUTHWEST.
Large Receipts and Better Grad
ing Induce Free Selling of
December Corn.
REPUBLIC SPECIAL

REPUBLIC SPECIAL
Chicago, Nov 1s.-Newly developed bear
ish sentiment among local traders. larger
| Northwestern receipts, a break OF nearly
penny at Liverpool, favorable crop re-
ports from Argentina, slightly larger
shipments from that country of $4,000 bu.
| and an estimate that Indian shipments
would be 100000 bu for the week brought
enough selling into the wheat pit to force
g farther decline of &c in the Dec. and
l.:y, breaking price to S1.10 and Si.1Oi..
respectively.
| But on the break there was steady ab-
| sorption OF wheat for some interest, the
trade generally disposed to interpret it as
| continued covering for Armour account.
and the market hardened. other shorts
! covering as prices gathered momentum on
| the upturn, and there was finally consic-
| cradle buying which was supposed to in
| dicate the Eastern bulls were taking hold
! Of the market again.
| Reports of better -four demand in
| Minneapolis. sales of 5000 bbls. claimed
| and the inspection Of 5000 bu. No. hard
winter out Of store here pointing to a re-
| duction of contract stocks. encouraged
| the rally.
vance May worked up to H-1111 and closed
| at 81 bid. net gain of 1ac for the day.
Dec. also gained Ac. The reaction was
helped by the relative frmness of the
| closed 1Ac higher on moderate buying or
ders from st. Louis and the Southwest;
where the weather Is still dry. Scattered
complaints OF damage from drought and
HeSSian fly were received.
The Modern Miller called attention to
| such reports, but said no serious damage
/ had been done. On the extreme advance
there was some open Armour selling.
| which caused a slight closing reaction.
and on earlier bulges there had been SELL
| ing by commisSton!houses. supposed TO be
for that interest. Armour operations seem
to be dominating the market largely The
Armour attitude Is still frankly bearish
and President Valentine declared the
house sold $4,000 bu. more than it bought.
grades.s the milling demand moderate.
scattered sales amounting to 1900 bu.
CORN PRICES WEAR AWAY.
Corn prices are still wearing away under
the steady increase in the country move
ment and local receipts. There were over
SIT cars estimated in to-day's arrivals.
Country advices indicate consignmeats are
increasing, and acceptances on bids sent out
on the basis OF the May price weremore lib
eral than in weeks. 1t Is estimated there
Will Ut 1.uv cars ueIG S1OiluSh.' diAuCi
duences Of this sort. cash prices declining
1c to &c, making a total Of &C to &c for the
week. There was selling OF Dec. by cash
interests. which expect to manufacture
contract corn. and the price lost 1c TO
| 4sasc.
May was more stubborn In spite Of con-
siderable short pressure and some qu.da-
ton. losing less than l7c at most and clos
ing &c .ower at 45axc sellers. Some local
shorts covered. There was fair shipping
demand on the break. Sales about g25.O1'
bu. including 25,0O0 pu. for direct export
and 1000 No. 2 corn at SIC.
OATS IN NARROW RANGE
Oats covered the narrow range OF &c
and closed practically unchanged. in spite
Of the corn weakness. Receipts are SO
light and country sales so small that there
Is little pressure except for short account.
There were So cars on the inspection sheet
and to-day'5 arrivals estimated at %. Cash
prices held steady. the shipping demand
dull. Sales 5000 bu.
Provisions were dragged lower by the
weakness OF corn and a break of &c TO 10c
In hog prices. Product lost 2l2c to Ti.c
Moderate buvinC OF ribs bv Cudahy and
of lard by exporting houses checked the
downturn. There were . 60 Ohogs in. OF
500 over the estimate. and i5.00 estimated
for tomorrow.