The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-22
WHEAT DROPS A SHADE
DECREASE IN VISIBLE SUPPLY OFF,
SETS BEARIsH CROP ADvIcEs
Market Is Supported Early in the Day by
Firm Cables and Southwestern RaIns-
Offerings Become Scarce-corn and Oats
Gain

EsCH1CAGO. June 21.-A big decrease to-
day. in the visible supply of wheat over
came almost completely a severe break
In prices. the result of bearish crop ad-
vices. At the close wheat was down
shade. Sept. corn is up kWA Oats
gained V and provisions 71s to Zoe.
Firm cables and additional rains in the
Southwest had a supporting influence on
the wheat market at the opening. AS
result initial quotations were at trifle
ADVANCE over yesterdays closing figures
90. Sept. was up a shade. to h0A at 80
70 S01B. Pit traders, however, were in
cllned to the selling side and on the slight
advance sold freely. A number Of bearish
factors soon came into prominence, with
the result that the market became ex-
tremely weak. One of the main influences
IN TINS result was the weekly weather
bureau report, which pronounced all con-
ultfonS favorable. Another element was
the report of the Kansas secretary of
agriculture making an estimate of 49,,
4oU,OO0 bushels as the seasons production
1or that state, compared with 81 600, 000
bushels last year. AdviceS from Kentucky
where harvest is in progress, said that
from the appearance of cut wheat the
yield will be large and the quality better
than last years crop.
Reports from the Northwest regarding
the appearance of the spring wheat fields
were of a fattering kind
BEFORE the selling pressure abated July
declined TO 83M and Sept. to 1873. Dur
ing the latter part of the season there was
OF over two million bushels in the visible
supply The demand became still more
urgent with the announcement of de-
crease of over three million bushels in
the worlds available stocks. Late in the
DAY offerings became quite scarce and in
consequence prices were easily forced up
70 the opening level. Sentiment was firm
al the close. FiIla1 quotations on July were
UP a shade at 84&. Sept. closed at 1879
ClearanceS of wheat and flour were
equal to 121, 7o0 bushels. Primary re-
=
with 3S8, 200 bushels a year ago. The
visible supply decreased 2,132, 900 bushels,
W41lte the worlds visible supply, according
to Bradstreets, showed a decrease Of
S.207, 900 bushels. Minneapolis, Duluth and
chicago reported receipts Of PIT cars
against 246 cars last week and 369 cars a
year ago.
Corn Scores Advance
Early in the Session sentiment in the
corn pit was decidedly weak, liberal re-
ceipts and the easier tone Of cables bring
ing out considerable selling orders. West
ern interests sold freely on the report of
a minneapolis crop expert which claimed
favorable conditions for corn growth. A
sharp rally occurred toward the middle of
the session on buying caused by estimated
small receipts for tomorrow. Light pri-
mary receipts alSO@helped to strengthen
the situation. The market closed strong
and near the high point Sept. opened
unchanged at 1880, sold between 4Sc and
49c and closed at 48A GDRc July closed
at an advance of 1sc at 1875 @481sc Local
receipts were 694 cars, with IS Of contract
grade.
Heavy receipts and excellent weather
conditions caused free selling Of Septem-
Der oats by scalpers early in the session.
me result was an easier undertone Later
IN the day there was considerable buying
on the estimated small receipts for to-
morrow and on the strength Of wheat and
corn. The market closed firm with July
&c higher at 391hc. Sent. opened M N.
changed to nc lower at 317s to 32c. sold
between 81 5s@Ac and 321sc and closed at
the top. Local receipts were 1872 cars.
Provisions were firm on small receipts
OF hogs and on higher prices at the yards.
The market would have shown much
greater strength but for the fact that a
prominent commission house was an ac-
tive seller At the close Sept pork was
up 11sc, at $3.50. Sept. lard closed 10c
higher, at SIPS. Ribs We're up 7BD1Oc.
at S.721s @7.75. Estimated receipts for
tomorrow: Wheat, IS cars; corn, 118
cars; oats, q cars; hogs, $4,000 head.
Range Of Quotations.