The St. Louis Republic., 1904-03-02
MAY WHEAT DECLINES FOUR
CENTS ON BEARISH NEWS.
PROVISIONS PIT AFFECTED
BY SELLING SENTIMENT.
Pork Loses 81 IL Cents on the
Day-Corn Lower for Lack
of Support.

Chicago. March 1.-Severe declines in for
eign grain markets and increased primary
receipts knocked &c from the price of May
wheat to-day. Liquidation spread to the
provision pit and resulted in break OF
S71ac in the price OF May pork Closing
prices showed a loss for May wheat of
314c compared with last right. July is
down 2IsG24sc. May corn is off &c, oats
24d25sc and provisions 42Isc to S71ec.
WHEAT.
Throughout the session the sentiment in
the wheat pit was extremely bearish. and
there was constant general liquidation.
Lower prices in all foreign grain markets
caused a weak opening, May being !.
to / cent lower at 81 to SlOOla and July
down a4G5sc to 1i4G1ssc. at 93c to 9Slzc.
Unmistakable evidence was given at the
start that general sentiment had for the
time being completely changed from the
recent remarkable bullishness. Long wheat
bought under the belief that the war
would be sure to spread was Tor SAFE IN
large quantities. There was also an en-
larged movement of wheat toward western
accommodating centers that did much to
throw doubt on the reported sniallness or
the farmers reserves. On TINS view OF the
situation all OF the large commission
houses had wheat for sale, and the North
west was also a liberal seller here. very
little support was offered until May had
declined to 99c and July to 999sc, a scat.
July by the inStigator of the discaroeu
May deal caused some recovery, May raj
Of nearly 100000 bu. in the worlds avail
able stocks had a steadytng influence Ior
a time During the last half-hour OF traa-
Ing h6~eyeg nov neaVg SroSs Sen Voientiy May
dropped to 96IRc decline of cents from
the high point of the day: July feli e. 10
ing by shorts but the close was weak.
with MAY at e7atc July closed at sl9tc;;
Clearances of wheat and flour were equai IA
to 5000 bu P Primary receipts we we're MIMI fbSo
apoljs. Duluth and Chicago reported re-
ceipts of lO2 cars, compared with 1oo cars
last week and 297 cars year ago.
CORN.
Corn declined with wheat. the market
being without support. There was heavy
liquidation by houses that have been car
rying big lines. and also proft-tasikiag akin o 9s
the selling of May and buying or July, by
several commission houses. May opened
Csc to &c lower at 561sc 70 o1tsc; anu t.te
ranged rams between V @ sisc and 54Hc and closed
15sq2c lower at Ssl4c Local receip5s were
49S cars, OF contract grade.
OATS.
There was a severe break in oats. espe-
cially in the May delivery. The break was
SO sharp that stop-loss orders were exc
cuted in large numbers, and these added
to the demoralized state of the market. A
large part of the selling was credited to
the principal holder. and this naturally
caused considerable liquidation by small,
er traders The weakness In wheat and
corn and an increase in the contract
stocks were the causes OF the heavy SELL
ing pressure. The close was weak and
near the bottom. After opening tG7sc to
9sGJ15c lower at 44ssc to 44isc, May sold
between 415sc and 445sc. closing at Ac- July
closed 2Ac lower at Sszc. Local receipts
were 266 cars.
RANGE OF FUTURES.