The Saint Paul globe., 1904-08-31
WHEAT HAS A TUMBLE
TRADERS CONCLUDE TO GATHER IN
PROFITS
Fair Degree of Firmness Is Shown at the
Start, but Weakness Follows Because of
Lack Of Strength in Foreign Markets

CHICAGO, Aug. 30.[mpelled by COM
parative weakness in foreign grain mar
ketS, wheat traders here who had profits
in sight were inclined to realize The re-
suit was lower prices for all deliveries
the December option closing with a loss
OF 11sc. Corn was down 1s@5sc. Oats
We're on &c Provisions were about un-
For a brief period at the opening wheat
market exhibited fair degree of firmness
as result mainly of the buIlish en-
thuSlaSm of yesterday. Initial quotations
IN December Were 1se lower to &c higher
at 81 .09A to 81 10. Considerable long
wheat was offered for sale, but for a time
offerings We're readily taken by commits
sion houses. Sentiment in the pit. how
ever, soon swung around to the bear side.
Many traders We're disappointed at the
poor response made by foreign grain mar
kets to the sharp advance here yester-
Gay. weather conditions also were re-
gaTded as more favorable, temperatures in
the Northwest, where the previous night
the thermometer had hovered around the
1reezing point, showing a moderate up
pressure there was some talk among
traders regarding the probable effect of
the Tree movement of spring wheat
which; it was confidently predicted, would
be induced by present high prices Con-
sequently the early demand gradually sub
sided and prices steadily declined The
weekly weather bureau report was bullish
but the effect on the market was i'm
peTceptible, inasmuch as the report had
been entirely discounted during the past
week by various private advices from the
Northwest. Liberal profit taking con-
tinued throughout the entire session, the
market closing practically at the low
point: After touching 81. OH, December
closed at 81 .O77sc. September sold be-
tween 81 .05k and 81 .0SH and closed at
81 .o55s. with a net loss of &c.
CleaTances of wheat and flour were
equal to 116,S00 bu. Primary receipts were
S53,300 bu, compared with 901,300 bu a
year. ago. The worlds visible supply, ac-
cording to Bradstreet's. showed an in
crease of !, 1,149,000 bu. Minneapolis, Du-
luth and Chicago reported receipts of 421
cars, against 373 cars last week and 4S1
cars a year ago.
Corn Is Down Likewise
= Owing to continued coolness of the
weather, firm tone was manifested in
corn corr Ia, at the start. According to the
no frost in the corn belt and warmer
weather was in sight In addition to the
prospects of improved weather local re-
celpts We're extremely liberal This tend
ed to bring out liquidation and the early
advance was soon lost. The weakness of
wheat had a depressing influence during
the latter part of the session. The close
was weak and almost at the lowest point
of the day. December opened Nc to 3bc
higher at 521sc to 524c, sold off to 51X
and closed al 51A @51asc. Local receipts
were 917 cars with SO of contract grade,
Bearish statistics and weakness of 9th
er grains caused an easier tone in the oats
market. Contract stocks here today were
reported as double in volume those of last
week, and total stocks show big increase
over a year ago. Trading was rather light.
the principal selling being by scattered
longs. December opened unchanged to
1se higher at 33Ac to 1880. ranged be-
tween 32A and 1895 and closed at 32Mc.
Local receipts were 524 cars
Foreign demand for lard stimulated
trading in provisions. the market being
fairly active with a steady undertone At
the close October, pork was down sc at
$ll. .421s. Lard was up sc at 81 121s. Ribs
showed a loss of 21sc at 81 45.
Estimated receipts for tomorrow:
Wheat, 50 cars; corn. 332 cars; oats 203
cars; hogs. 20, 900 head
Range of Quotations
The leading futures ranged as follows:
Omen High + Low I Close