The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-12

LIQUIDATION IN WHEAT
THIS IS THE ONLY GRAIN THAT sUF-
FERS A DECLINE
BulIishness of the Government Report Is
Less Effective Than Had Been Expect
ed-Mars<et opens Barely Steady, Firms
Up and Then Reacts.

CHICAGO. May Improvement in
GG(ondltlon OF the growing grain in the
United States and prospects of an enor-
nous yield in the Canadian Northwest
caused heavy liquidation of wheat TODAY.
FlnaI quotations on July show a loss of
e "a 9sc. Corn is up 1ac. Oats gained "a "a
&c PROVISIONS vary from a shade higher
Notwithstanding extreme bullishness of
the government crop report, the wheat
market opened barely steady. July being
a. Snade higher to &c lower at S55sc to
oeQS61sc Many traders were apparently
of the opinion that the excellent weather
OF the past ten days had wrought ma
terlaI improvement in condition of win
Ter wheat. As>2 consequence they were
not disposed to buy heavily. On the other
hand offerings were rather light, firm
cables and small receipts having a tend
ency to check free selling. Under a fair
demand from pit traders firmer tone
developed. July advancing to 861k @S63se.
As the session advanced there was more
disposition to sell manifested. and prices
began to decline The change in sentiment
was due largely to reports as to the con-
dltlon OF the crop. A Kansas City dispatch
claimed that taking into consideration
present outlook in that section the gov
eminent report was altogether too pessi-
mlstIc. According to report from Mont
real, the Wheat crop in Manitoba will be
the largest in the history of the country
an estimated yield of so. 000 600 blu being
given Tor that province and the North
west territories. Influenced by these adj
wees the pit crowd commenced to ham
mer the market and caused a quick de-
cline: A lot of long wheat came out on
the downturn, commission houses selling
5ea1ylly on stop loss orders. Before the
decIlne could be checked July dropped
70 81 rs QlS5c. Shorts were fair purchasers
late IN the day on an improved cash de-
mahd Part OF the loss was regained
o 0uL me market closed weak with July at
85$s @S51Ac.
Clearances of wheat and flour were
equal to %, 400 bu. Primary receipts were
1|1,ZO0 bu, compared with 215 500 blu a
year ago. Minneapolis, Duluth and Chi
caSo reported receipts of 81 cars against
% cars last week and 80 year ago.
Corn Is Strong.
Considering the weakness in wheat the
corn market exhibited decided strength.
Shofts We're active buyers throughout the
gay hrm cables and a sudden falling off
II receipts being the chief Incentives The
strength was more remarkable in view of
the favorable weather conditions and the
pearlSh tone of crop news. The market
day July opened shade to k0Kc higher
at 1880 to 481sc, sold between 48A and
1914 04Ssc, closing at 1870 Local re-
celpts were 81 cars, with one of contract
The feature of trading in oats was
an urgent demand for the May delivery
from prominent commission house Of
feflngs We're scarce and the price had to
De bid up a cent before the demand was
satisfied. There was also considerable
covering by shorts. The more distant flu
lures We're affected by the strength of
May, but the advance was not as great.
An improved shipping demand and small
receipts were bull factors. After opening
q QAc lower at $500, July ranged he
tween 3SAc and 39c closing at 3Szc
LOCAL receipts We're 80 cars.
PROVISIONS We're easier on selling sup
posed to have been for outside account 1t
was a case of free liquidation of Jufv
products. The market received fair sup
port at times, but the demand was not
sufficient to prevent small losses in pork
and lard. July pork closed 10c lower at
81. 271a. Lard was down sc at Sc. 4716.
July ribs closed a shade higher at Sc. BIZ
@6 40.
Range of Quotations.
The leading futures ranged as follows: