The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-14
WHEAT is VERY WEAK
CROP REPORTS REARfsH AND Elk
PORTS DECREASED
Heavy Selling Pressure Occurs at the
openina-Bad Northwestern Weather
Brings Out Buying Orders-cIose Is at
a Decline


CHICAGO. May. 13.-Bearish crop re
ports and decided decrease in weekly
exports caused extreme weakness ir
wnead today today, the July delivery closing
NUN loss Of Is Ole Corn is down IN d
Use Oats show a loss of 5k@5ac and
provisions a shade to loo
Lower cables and heaviness of Argen-
tine shipments caused heavy selling pres
sure IN wheat at the opening Initial
sales were made at slight losses, July be-
ing down shade to A03sc at 841b %
84Ac.. The principal selling was by hold
ers of the September option. although the
July delivery was also offered quite freeIy
and sold off to 1880. Weather in the
northwest was wet and cold and this fact
Drought out some buying orders early in
the day, resulting in a little firner feel
ing
But while seeding operations in the Red
river valley We're being delayed by rains
the the WINTER wheat sections Of the country
We're being greatly benefited by the addi-
tlonal moisture. In consequence the ma
Jorlty Of traders We're inclined to take
the selling side Of the market. Many of
the early buyers disposed of their wheat
the market weakening rapidly under this
selling During the latter part of the SEES
SION many bearish crop adyiees added to
aHs Weakness. The weekly report Of two
ollLefeht crop statistieians showed i'm
proved prospects in all sections of the
wheat Delt where any benefit was pos
slple. Bradstreets figures on exports of
wheat and flour for the week were ex-
tremeiy bearish, the amount 735 900 bt1,
belng the smallest shipment for any week
IN. sixteen years. Liquidation was heavy
Iate In the day and the market failed to
recover any of the previous loss; the close
belng at the bottom for the session After
touching 83& @837sc, July closed at S3Ac.
CleaTances OF wheat and -four We're
1890 bu, compared with 199, 500 bu a
year ago. Minneapolis Duluth and Chi
cago reported receipts of 76 cars, against
a last week and 1876 a year ago.
- Selling in Corn.
As result of bearish crop reports and
OF the stump In wheat, the corn market
was subjected to general selling move
ment during the latter part of the session.
dnere was some covering by shorts, but
S pme[lngs We're So liberal that a sharp
break occurred. Reports from the West
showing freer country acceptances tended
to increase the weakness The market
1 1a. any rallying power. and closed at
the low point. July opened a shade lower
at 1889. sold between 475sc and 49c, clos
ing at 4I3sc. Local receipts were so cars
with Of contract grade.
Oats Were affected by the weakness of
wheat and corn. exhibiting considerable
weakness late in the day. During the
carry part OF the session the market held
quite firm under the influence of small re-
ceipIS, put offerings increased as the Ses-
SION advanced and prices gradually de-
cIned. The close was at about the lowest
pol nj OF the day. July opened unchanged
IS cars.
/, Under the influence Of weak grain mar
kets provisions ruled easier, with the ex-.
ceptlon of ribs, which were relatively
hrm on buying credited to big packer
Outsiders sold pork and lard freely and
there was very little support aside from
some early buying by brokers' July pork
closed down 779@10c at $11 .15@11 i71b
Lard was off 71ac at Sc .371b Ribs were
a shade lower at Sc .35 @6. 3715.
Range of Quotations.
The leading futures ranged as follows: