The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-07
IN WHEAT
BuLLIsH OPENING is. NULLIFiED BY
DEVELOPMENTS
Good Advance Invites Realizing, the
Principal Trading Being In the July
option-Rain In the Winter Wheat Belt
/ Helps. the Bears

: CHICAGO March 5-An interruption
of the long standing drought in Kansas
and Oklahoma caused wheat to weaken
today, the May delivery closing sc off.
July is down A@%c. May corn closed
with gain of 4s@Ac. Oats are I'M
changed. Provisions are UP 15c to 25c.
A reflex effect of the Ohio crop report
an advance at Liverpool being largely
credited to the Ohio report. The pit
crowd was quite bullish and bought free
ly. The general demand caused an initial
tations being at 97Bc to CSC. July was
Il @ &c higher at 92%c to 92Mc. A cable
gram from Odessa predicting curtaH
nlert of crops owing to a reduction In
source of strength. The principal trad
ing was in the July option, commission
houses having. considerable buying. or
ders for that delivery Some of the longs
in May took profits early in the day and
caused a decline to &c, but shorts were
active buyers, and the price quickly raj
lied to $3.50. July sold up to $3.50. Ad-
d1tlonal realizing occurred on the advance,
and when rain was reported in Kansas
and other sections of the winter wheat
belt, the selling became quite brisk. The
tone developed. May declined to 961kc,
while July dropped to 91%c The mar
ket failed to recover from this setback,
the close being weak and near the bot
,92@92Hc.
Giearances of wheat and flour were
equal to 159, 200 Blu. Primary receipts were
545, 200 bu. against 500 bu year ago.
Minneapolis, Duluth and Chicago report
ed receipts of 344 cars, compared with 81
cars last week and S13 a year ago.
ga Corn Gains Little.
Strength in wheat and an active de-
mand from a prominent provision inter-
est caused a firm corn market early in
sale aS Mas ad seF nearly een
cent above yesterdays closing figure. Of
ferings then became rather free and
prices eased off. Commission house sell
caused an additional decline toward the
end of the session. The market closed
steady, with all of the advance lost. The
higher hfys at 5s1se to 5s%e. On the early Fly
bulge the price rose to 54s @54Ac, but
dropped back later to 531sc The close
was at 535s @53%c. July ranged between
s5l9s @51Mc and 52%c, closing nc lower
at 52c. Local receipts were 209 cars, with
one Of contract grade.
Early in the session an impression pre-
vailed among traders in the oats pit that
the big long in May was accommodating
line of July. The pit crowd was inclined
to follow this buying and the result was
strong market with both May and July
,veloped late, due to the break in wheat
and corn, resulting in considerable weak
ness. The tone at the close was easier.
After opening Acsto sc higher at 411ac
to Disc. May ranged between 41Mc and
41Ae closing at 41Ae. July sold between
1914 and 40c, and closed at a net loss of
Nc at the low point. Local receipts were
272 cars.
A small run of hogs with higher prices
at the yards gave provisions strong
start, and the early strength was well
maintained throughout the day. There
was a big general trade and comparative
~ few products on the market The best
buying was by commission houses. Sell
ing by packers caused a partial loss of
the advance, but the close was firm. Final
figures on May pork were up Csc at
$14 .171a. May lard closed 15c higher at
81 40, and ribs were zoe higher at S7.271s.
Estimated receipts for Monday: Wheat,
25 cars; corn, 1876 cars; oats, 30 cars;
hogs, $4,000 head.
Range of Quotations.
The leading futures ranged as follows:
4 Omen TJich / T ,oW / Close