The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-21
MAY WHEAT DIPS LOW
LOSES NEARLY FIVE CENTS, BUT
RECEIVERS ALL
First 1t Advances 2Ka cents-The Option
Moves ErraticaIIy as Result of specuIa-
tive Maneuvers-close is Unchanged.

CHICAGO, May 20.-An advance of ~
cents in the price of May wheat was fol-
lowed by a sharp break of 43sc today
The cratic actions of the May option re-
suited from. speculative maneuvers at
tendlng the scarcity of wheat for present
use Closing figures on May were I'M
Gin Il51g d from yesterdays final quotations
july closed at loss of A@9sc Corn is
up 1sQAc. Oats are down II MAc and
pr fr,5i ions i; 21kc to 121sc.
Unqer the influence of congestion in
the May delivery the wheat market open
ed nrm in the face of excellent weather
conditions. Smallest local receipts on rec
ORD; namely five cars, with little pros
poets of any increase in arrivals. caused
an active demand from shorts for the
May option. Initial sales of May showed a
gam OF PC to &c at $3.50 to $1.01 July
to Ne, There was little May wheat on
the market. Shorts in their anxiety to
cover sales bid the price of May UP to
s 4: e within the first ten minutes.
Naturally other options felt the effect
July advanced to S8Ac early in the day
The market was extremely cratic the en-
TIRE session, dominated by the fluctua-
lions or the May delivery.
Selling Pressure Comes.
During the latter part of the day flu
ture deliveries were subjected to con-
siderable. selling pressure as a result of
favorable. crop reports. A St. Louis trade
Journal In its weekly summary claimed
Inat further Improvement in condition of
winter wheat was reported from ali sec
tons and that indications pointed to large
yields IN Kansas. Nebraska and Missouri.
Inc SeAlng movement increased on a
sharp decline in May. Under liberal profit
taking the delivery sold off to 971sc, a loss
OF sc from the high point. The weakness
was felt throughout the entire list july
decllning In sympathy to 865sc On the
DTeak SPORTS became active bidders for
May, f. ting the price up to 99c. where
the ma ket closed. Future deliveries
however. failed to rally. July closing at
S674 QS6Nc, net loss of A@Bc for the
day.
Clearances of wheat and -four were
equal TO 1880 bushels. BradStreet's ex-
ports of wheat and -four for the week
Were equal to 1925, 900 bushels. Primary
receipts were 147700 bushels, compared
a Mio1i l49; 4QO bushels a year ago. Mime
celpts Of 81 cars, against rs cars last
week and al cars a year ago.
How Corn Fares.
AS result of a small movement and
OF the strength in wheat the corn mar
'ket was strong early in the day. Shorts
were active bidders during the firsf baIf
OF the session, but offerings were com
'pafatiNely light. Later the selling became
qulle general and prices receded sharply
Favorable weather prospects, an in
creased movement in Illinois and the break
In wheat were the late bear factors. The
market closed firm on renewed covering
Dy shorts. July opened a shade to IL %
&c lower at 4Sc to 4Sh. advanced IA
491Sc sold off to 48c and closed at 48sIc
Local receipts Were 20 cars, with eight of
contract grade.
The feature of trading in oats was the
early strength and subsequent weakness
OF the May delivery. The fast disappear
anee of local stocks of standard oats was
the cause OF the initial strength, while the
6reak In other grains accounted for the
sueclne Favorable weather conditions
had a depressing influence on the future
'deAVeT1es May ranged between Also
ana 4Sc,, closing at 42c. July opened a
shade to 1sc lower at 3S1k @385sc to $3.50
sold between 383s @3S5kc and sec. closing
at 3S12c- Local receipts were 70 cars.
= Provisions were firm early under the in
nuenee or strength in grains The mar
ket weakened. however, during the latter
part OF the session as a result of liberal
receipts of hogs throughout the West.
PACKERS were the principal sellers and the
demand came from scattered sourees
July pork closed with loss of Pic at
$ 81 ~ July lard was down 21c at
500 Ribs We're off SC at SIS BIZ.
Range of Quotations
The leading futures ranged as follows: