The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-04
WHEAT HAS A RALLY
SUDDEN DECLINE IN PRICES COMES
BEFORE
Heavy Liquidation Characterizes the
Opening Of the Market-Early Sellers
Cover After the Market Is Found to Be
OversoId.

CHICAGO, May 3.-Active covering Of
short sales following a sudden decline in
wheat prices today caused a quick re-
coVery, the market closing strong with
July Bc higher than yesterdays final
quotations. Corn is unchanged. Oats
snow decline Of Nc and provisions 245c
to &c.
Almost ideal weather throughout the
greater part Of the country caused heavy
1lquioat1on of long wheat at the OPEN
ing. In consequence Of the heavy sell
ing pressure initial sales were made at a
considerable decline, July being off re
to Ssc at 83%c to S41sc. There were 9th
er factors that entered into the situation
In addition to the weather conditions.
Among the more important influences
We're reports from the Northwest. stating
that seeding operations were progressing
rapidly. Weakness of the grain markets
at Minneapolis and Duluth seemed to
substantiate the bearish advices in re-
gard to seeding and helped to accentuate
the depression here. A rumor that the
missouri crop report. to be issued to-
morrow, would show an imprOyeme in
condition of growing wheat increased the
desire to sell. For the first hour the mar
ket ruled extremely weak, losses of nearly
q cent being made in all deliveries. The
low point on July was reached at 83ssc.
Inc selling craze, however, was too
unanimous, and as a result the market
became oversold. Many of the early sell
lowed Buying on large scale by
prominent commission house was sun
posed to be for the account of leading
trader. Active general demand resulting
caused a complete wiping out of the pre-
cedlng decline in prices. During the lat
Ter part OF the session the buying con-
tlnued liberal and the market held
strong After selling at S4%c, July clos
ed at 841sc.
Clearances of wheat and flour were
equal equal 10 15,10o bu. .Bradstreet's worlds
bu. Primary receipts were 21S 100 bu
compared with 1874, 100 blu a year ago
Minneapolis, Duluth and Chicago report
ed receipts of 103 cars, against l02 cars
iaSt week and 1873 cars year ago.
Corn Closes Unchanged.
Influenced by favorable weather and a.
decline in wheat the corn market showed
considerable weakness during the first
part Of the session. There was quite a
auan , OF corn for sale and apparently
was due to a rumor that the Illinois crop
report would be bearish. The change to
bullish sentiment in the wheat market
was followed by similar reversal in
the corn pit Shorts became active buy
ers, and the demand continued good
throughout the remainder of the session
FTacticaliy all OF the early loss was re-
gained, the market closing firm at about
yesterdays final figures. July opened IA
@Ac to 3sWkc lower at 471hc to 49, G.
sold off to 7A @47$sc, and after ad-
Vanclng to 48c, closed at 47k 04Sc. Local
receipts We're S24 cars, with 80 of con-
tract grade.
Oats were Influenced mainly by the ac-
ton of other grains The marker was
weak early, due to liberal liquidation
but later firmer tone developed, much
OF the loss being regained. July opened
&c TO zee lower at 38Ac to S812c, rang
ed between 3S1sc and 3S%c, closing at
SS1sc. Local receipts were 10 cars
Provisions were weak under active sell
ing oy packers and exporters. There was
fIN1I hill
but early weakness in grains brought out
influential selling, resulting in a gradual
decline July pork closed with a net loss
OF 5Oc az $1l TN. July lard was down
Toe at Sc. 621a, and ribs were off 21S@5c
at Sc. 1906 .421S.
Range of Quotations.
The leading futures ranged as follows:
Openl HIGH Low 1 Cylose