The Saint Paul globe., 1904-06-18
WHEAT REMAINS WEAK
EARLY FREE MOVEMENT FROM
FARMS Is LOOKED FOR
Opening Is With Fair Degree of
Firmness, but the Market Soon Loses
Its Strength-corn and Oats Also
Close Lower

CHICAGO, June 17.-Prospects OF
free movement from the farms in the
near future had considerable to do
with producing weak undertone in
wheat today. At the close July wheat
was down 1s % NC Corn is off 3s a &c.
Oats show loss of M@%c, and pro-
visions shade to 71kc.
STEADY cables and a big decrease in
Argentine shipments caused a fair de-
gree Of flrmness in wheat at the start
Opening quotations for July We're un-
changed to 1sc higher, at SAN @S47sc.
The market soon lost its initial
strength, however, on selling by pit
traders and commission houses. The
greater part of trading was in the
september delivery. Offerings were
much in excess of the demand, and as
a result prices started downward. The
chief cause of the early selling was
excellent weather conditions through
out the greater part of the country.
There We're also numerous bearish
crop reports. Canadian dispatches as
serted that crops had made fine prog
reSS during the past week, and that
the acreage will be 911 per cent more
than for 1903. Equally bearish news
regarding spring wheat in Minnesota
and the Dakotas was received from
Minneapolis, replies from a thousand
inquiries sent out from that city show
ing somewhat larger acreage thar,
last year. In connection with harvest
Ing operations in the Southwest, a St
Louis trade paper claimed that indi-
cations point to a satisfactory yield,
with quality generally good Talk
about new wheat coming on the mar
ket was played TO advantage as a bear
card. The weakness Of the September
and December option at Minneapolis
also had depressing influence on the
market here late in the day A fair
recovery was made in July during the
last half hour on covering by shorts
After selling down to $685. 6S3%c, that
delivery closed at S4@S4kc. Septem-
Der ranged between 79H@79Ae and
79Bc, closing at 79A @793sc.
ClearanceS of wheat and flour were
equal to 35,400 bu. Bradstreets ex-
ports for the week were equal to
2,044,00O bu- Primary receipts were
223,3 bu, compared with 352,200 bu
year ago. Minneapolis, Duluth and
Chicago reported receipts of 125 cars,
against 159 cars last week and 279
cars year ago.
Corn Likewise Weak
Sentiment in the corn market early
but as the session advanced the tone
became quite weak as result of
heavy selling of July by a prominent
commission house. Weakness of wheat,
liberal receipts and fine weather were
the influences that caused the selling
pressure. A big reduction in Argen-
tine shipments had a steadying effect
at the start July opened a shade to
&c lower, at 48B @48Ac, sold between
48c and Acc, and closed at 1850. Lo-
cal receipts were 329 cars, with SO of
contract grade.
Oats were affected by the weakness
of corn and by an official report show
ing increased acreage in Canada
Trading was on very small scale, and
the tendency Of prices was downward
Fhe September delivery monopoliZed
the small business of the day. After
opening &c lower, at 393sc, July sold
between $3.50 and 39sc, closing at
3SA @3S7sc. Local receipts were 112
cars.
Provisions were strong in the early
part of the session, but later there
was enough realizing by local longs to
cause a reaction and a change from
strength to comparative weakness.
Small receipts of hogs and firm prices
at the yards were early bull factors.
The market closed near the bottom,
with September pork down 5@71ac, at
S12.80@1282R. Lard was off 219c, at
$69712. Ribs were a shade lower, at
$7.45. Estimated receipts for tomor
row: Wheat, 19 cars; corn, 357 cars;
oats, 102 cars; hogs, 10000 head.
Range of Quotations
The leading futures ranged as follows:
/ Omen I IIizF ( Low I Close