The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-07-09
WHEAT CLOSES DOWN
STRONG AT FIRST BECAUSE OF
FLOOD DAMAGES
Market Advances in Spite of Liquida-
tion-Seliing Becomes General on
Reports of improved Weather in
kansas-Corn Also Loses

CHICAGO, July 8.-A sudden decline
today followed sharp advance in
wheat, the whipsaw being due largely
to sensational crop damage reports
from Kansas, preceding more favora-s
Bile advices from that state. The mar
ket closed weak, with September down
Is % Ac: corn is off Il a %c, oats are
down NC, and provisions 5@12hc
Supported by renewed reports of
damage by floods in the Southwest, the
wheat market opened strong, with ex-
tremely bullish sentiment pervading
the pit. Shorts were active bidders for
both July and September deliveries,
and initial quotations were at a Sharp
advance, July being up u ole to 1A@
1Ac. at 91@91Ac, and September 40
3sc to 1@17sc, at 85@851ac. Additional
rain had fallen over a territory extend
ing from North Dakota to Central Tex
as. Accounts from the flooded districts
in Kansas and Missouri were alarming,
and the weather bureau forecast was
for continuance of conditions unfa-
vorable to the crop. News from abroad
also was bullish. The weekly ship
ments of wheat from Argentina show
ed a decline of about 200, 900 bu The
total crop of France was estimated ut
l5 per cent less than last year. Re-
ports as to the condition of the Rus
sian and Italian crops were not of a
reassuring nature.
During the first part of the session
the market advanced, Notwithstanding
considerable liquidation, the July oD--
lions reaching 91A. Later in the day,
however, sentiment among pit traders
began to change. Special reports to
st. Louis trade journal in regard to
conditions in the Southwest, while adj
hitting some damage by wet weather,
claimed in general the crop was not
seriously damaged. Many traders Were
disposed to look askance at an advance
of nearly sc in three days and were in
clined to take the bear side.
On reports of improved weather in
Kansas the selling became general, and
during the last half hour prices broke
to below yesterdays final figures The
low point On July was reached at S9Ac,
and on September at $3.50. The close
was weak, with July at $3.50. Sep
TENDER closed at Sac
.Clearances of wheat and flour were
equal to $500 blu. Exports for the
week, according to Bradstreet's. were
equal to $4,000 blu. Primary receipts
We're $1,000 bu compared with 3d.
500 bu a year ago. Minneapolis, Du-
luth and Chicago reported receipts Of
14S cars, against 236 cars last week and
151 cars a year ago.
Corn Turns Weak
81 Lii Il
Influenced by the strength of wheat
and higher cables the corn market
opened firm, but weakness soon de-
veloped on continued selling by COM
mission houses and all the early gain
was lost. The weather map showed
extensive rains in Iowa, but very little
to corn has been reported. A
report of local crop expert was bear
ish, the total average, according to
this authority, being increased per
cent. The late reaction in wheat had
a depressing influence on the corn
market. The close was weak and at
the low point: September opened
y a &c to " @ac higher at 50ssc to
505sc, sold down to 49Ac and closed at
the bottom. Local receipts were 119
cars, with cars Of contract grade
The action of oats was a repetition
of the course of other grains At the
start the market was firm, but toward
the middle of the session weak tone
developed On realizing The close was
at the low point. September opened
A@1kc higher at 33@3SAc. sold off to
321sc and closed at the latter figure.
Local receipts We're "a cars.
Provisions were easy throughout the
entire session, the dominating inf1u-
ence being larger receipts of hogs and
higher prices at the yards. The break
in grains had a weakening effect late in
the day. At the close September pork
was down 123sc at S12.921s; September
lard was off 71s@10c at $40; ribs
were down 5@71ac at $7.62b@7.65.
Estimated receipts for tomorrow:
Wheat, 10 cars: corn, 1877 cars; oats. 81
cars; hogs, $4,000 head.
Range of Quotations
The leading futures ranged as follows: