The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-04-13

CHICAGO, April IA large increase
In the worlds available stocks Of wheat,
together with a sharp decline in corn,
caused weakness in wheat today. The
close was at the bottom, July wheat be-
ing down rs @112c. Corn shows loss of
11sc, oats are off A@Bc. Provisions
closed 212c higher to 10c lower.
A fair degree of strength was evident
IN wheat at the opening, the influences
being the bulliSh character of the gov
eminent crop report and advices of de-
Iayed seeding operations in the North
west. Initial quotations on July were un-
changed to 3sc higher at SIC to 873sc. 1t
dId not take long to minimize the effect
Of the low condition of the winter wheat
as shown by the official figures, when
conditions prevailing since April 1 were
taken into consideration. In the opinion
or many traders, sufficient rain has
fallen during the first week in April to
overcome much of the deficiencies shown
In the government report. AS a result
of this opinion there was a tendency to
sell on the part of pit traders. BeariSh
sentiment was accentuated by the down
ward course of prices in the corn pit. AS
the session advanced the wheat market
became extremely weak. Reports from
the Northwest stated that the cash stu
alton there was in a very demorahZed
condition. Additional force to the re-
ports was given by heavy selling orders
credited to houses with Northwest con-
nections. An increase of nearly 1900, 900
bushels in the worlds visible supply also
had a depressing effect on the market
Under general selling July declined to
S57s QS55sc and the market closed with
prices at the low point. May sold be-
tween 9212c and 9412c and closed at
92Bc.
equal to 229, 500 bushels. Worlds visible
supply, shown by Bradstreet's, increased
l, $4,000 bushels. Primary receipts were
281, 800 bushels, compared with 100000
luth and Chicago reported receipts of 154
cars, against 1877 cars last week and 10S
cars year ago.
Bad Break in Corn.
Heavy liquidation of the July option
and a consequent sharp break in prices
were the features of trading in corn. The
market opened firm in sympathy with
wheat, but weakness soon developed on
influential selling Of July. The principal
holder was said to have disposed of near
ly 1000 900 bushels of corn for July de-
livery and there was also heavy selling
for short account. Lower cables and a
poor cash demand were largely responsible
for the selling pressure, although an i'm
prOVement in weather conditions was a
minor factor. The market rallied slightly
late in the day on covering, but the close
was weak. July opened unchanged to u c
higher at 51Ac to SLICE, ranged between
49Rc and 5115c and closed at 1880. May
closed at sc after selling between Sligo
and $3.50 Local receipts were 21S cars,
with AZ of contract grade.
Oats exhibited pronounced weakness.
especially the May delivery, which sold
down to within a shade of the low point
on July. General liquidation by longs,
aggravated by aggressive short selling
led by a big commission house. caused
the decline. The mood was influenced by
the weakness in corn. A prediction by a
prominent trader that May oats would
sell at 35c was also an important factor
in the situation. The market closed weak
and near the bottom. July opened I'M
changed to &c higher at 37%c to 377sc,
sold between 36s4 @367sc and 37%c and
closed at 36R @37c. May ranged between
$500 and 3S3sc closing at 37Q37Bc. Lo-
cal receipts were 131 cars.
Provisions were firm early, due to a
small run of hogs and firm prices at the
yards. Sentiment was reversed, however.
when the grain markets turned weak
heavy liquidation causing a rapid decline
Later the market received fair support
from packers, the close being about
steady, with July pork down 1Oc at
So 35. July lard closed ~ higher at
$6.671a and ribs off 212c at $3.50.
Range of Quotations.
The leading futures ranged as follows:
1 r