The Saint Paul globe., 1904-11-01
WHEAT RETROGRADES
SHIPMENTS FROM RUSSIA ARE VERY
LIBERAL
This Fact Causes Active Liquidation and
the Feeling Throughout the Session is
One of Extreme Weakness

& CHICAGO. Oct. 31.-The exceeding lib
eral shipments from Russia was a cause
OF active liquidation today in wheat.
Apathy of all cash grain Intensified de-
preston AS result December made net
decline of 115@15sc. May is off &c. Corn
Is up shade. Oats are down 1zc and
provisions 21s D5c
Extreme weakness characterized trading
in the wheat pit throughout the entire
session. The item Of early news that
most strongly impressed pit operators was
the exceeding heaviness OF Russian ship
mentS for last week, exports from that
country being 6,144 000 bu. Total worlds
exports were nearly 11.000,0 600 bu, which
was 1.500,0 900 bu more than had been esti-
mated by a leading English crop statis
tician- The enormous movement from
Russia overcame considerable reduction
Australia. The domestic situation was
equally as bearish There We're reports
from the Northwest that receipts. instead
of becoming smaller in the near future.
were likely to become larger a selling
confirmation of these rumors was furnish
ed by today's arrivals, which. while a
tride less than the receipts of the cor
responding Gay year ago, were much
larger than those of last Monday The
weakness of all cash markets and the poor
demand for flour was an additional source
of discouragement to holders. AT the
opening the December option was off &c
to Ac at 81 .11% to $1.11B. May was
down shade to A@2sc at S1.102s to
Sill Heavy selling pressure was i'm
Der delivery, the liquidation continuing
heavy from start to finish. With an en-
tire absence of demand of any adequate
sort prices steadily declined. The down.
ward tendency was checked temporarily
about the middle of the day by covering
by pit traders who had sold too vigorous
ly earlier in the session The cause of
this demand was apparently the surpris-
1ngly small increase in the visible supply.
The rally was short lived. however, re-
newed profit taking inaugurating another
retrograde movement of prices. The low
point on December was reached shortly
before the close. when the price touched
81. .l041 10 In the meantime May de-
clined to $1.10. Final quotations on De-
cember were at 81 .10zs al. .1O15c. May
closed at 81. 10A al 1895.
Clearances of wheat and flour were
equal TO 76.9oe bu; The amount on pas
visible supply increased 1.2S6, 600 bu- Pri-
mary receipts were 1,52S.300 bu, compared
with /, 1,75l.100 bu a. year ago. Mime
ceipts of 1,20S cars. against S5S cars last
week and 1,445 cars year ago.
Corn Uo a Shade
Considering the sharp bESalk in wheat
prices the corn market held remarkably
firm. Early in the session sentiment was
somewhat easier as a result of moderate
selling, due to the weakness of wheat and
to the excellent weather conditions, but
later all of the early loss was regained on
fair demand by commission houses. The
a potent bull influence. The market clos
ed firm and at the highest point OF the
day. December opened 1s@ Ac to AH sc
lower at 4Slc to 1880, sold between 1875
and 1880 and closed at the later figure.
Local receipts were 80 cars. with z of
contract grade.
Oats were trife easier in sympathy
with the weakness of wheat. A decrease
of 436. 900 bu in the visible supply check
ed the declining tendency. After opening
&c lower at 2S5sc, December sold be-
tween 2SAc and 2S5sc and closed at 2S13c.
Local receipts were l31 cars
The feature of trading in lard was a
drop of 4oc in the price of October lard.
The decline was a result of liberal stocks.
The market in general was affected by in
creased receipts of hogs and lower prices
at the yards. At the close January pork
was off 21zc at $12. 40. Lard was down 25s
605c at $7,0211 o. o.. Ribs were 21ec
lower at Sc 421z.
Estimated receipts for tomorrow
Wheat, 13l cars; corn. III cars; oats. 1SG
cars; hogs, $4,000 head.
Range of Quotations
The leading futures ranged as follows:
Omen High / Low 4 Close