The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-08
ARY OF. THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT LOSES AGAIN
RUSSIAN EXPORTS LARGE AND AR
GENTlNE STRIKE SETTLED
Reported the Smallest in Ten Years
Market Is Strong Early in the Day.

CHICAGO, March Liberal Russian
exports and a settlement of the Argen-
tine strike caused net loss of 25sc
today in May wheat. July is down Use.
Corn is fic higher, and oats &c. Pro-
visions are TIC to soc lower.
Considering the weakness of cables, the
opening in wheat was fairly steady. May
was Bc lower to &c higher, at 961ac to
shade higher, at 91%c to 921Sc.7 The eff
feet Of the downward tendency of foreign
markets was offset for the time being by
the failure of predictions of general rains
in the Southwest. Reports from that
section were more decided than before in
regard to the critical conditions of the
growing plant. American crop conditions
were soon set aside, however, upon the
Worlds shipments were liberal, with ex-
ports from Russia as large as usual. The
amount On passage showed fair increase,
and local and Northwest receipts were
large. Primary receipts also showed an
increase over those of a year ago. The
market eased off under the influences.
May declining to 96Bc and July to 91Rc.
A diversion in favor of the bulls re-
suited from the announcement of re-
port regarding farm reserves at the be-
ginning of the present month. Accord
ing to the authority quoted the amount
of wheat in farmers hands at that time
was 22.3 per cent Of the entire crop, the
smallest reserve in ten years. The pit
crowd bought quite freely on this informa-
ZION. Hr1CeS as a result mace a SIlSHC re-
Spouse to the improved demand. The
Improvement in tone, however, was short
lived. Confirmation of the rumor of the
ending of the strike in Argentina started
market appeared to be largely overbought.
and little wheat was wanted. Prices
started downward at a rapid rate. Stop
loss orders came out on the decline, re.
to 93Hc, a loss of SIC from the high
point of the day, while July dropped 25sc
to S914c. Shorts covered freely in the
May option, causing rally OF about a
May closed firm a 94c, but July was weak
at 895s @S9%c. Clearances of wheat and
flour were equal to 301,00o bu. Primary
receipts were $4,000 bu, compared with
passage increased S,S2s,o bu, but the
visible supply decreased 941, 900 blu. Min
neapolis, Duluth and Chicago reported re-.
ceipts of 694 cars, against 623 cars last
week and sos year ago.
Corn Is Steady.
Considering the extreme weakness in
wheat, the corn market held remarkably
steady. There was fair commission
house demand early in the day, due to
comparatively firm cables. Offerings were
market eased off along with wheat. The
depression was followed by another period
of firmness, resulting from the announce
ment of a private report on the reserves
that with one exception the amount of
corn still in the farmers hands on March
l was the smallest since 1898, and lndl-
Gated that the winters consumption was
off again late in the session in sympathy
with wheat, but the close was steady.
May opened 1s@Ac lower to shade high
er at 5315c to 53Ac, and after selling be-
tween $3.50 and 541s @54Ac, closed at
59A @53%c: July ranged between 51asc
and 52asc, closing at loss of. IS % Ac, at
BIZ @51sc. Local receipts were 49, cars,
four of contract grade.
Oats were Independently strong owing
to an active demand, with apparently lit
tie desire to sell on the part of the ma
jority of traders. Offerings of all deliveries
were light, due to unfavorable weather
conditions which prevented free move
ment of the crop. The feature of trading
was the heavy purchases of May by a
prominent commission house; some re-
ports claiming as much as 100000 bu
being taken by the one concern. The close
was firm, although much of the advance
lower at Il &c to 41Ac, sold between Al &c
and 427sc, and closed at 421sc. July rang
ed between 39$ and 1880, closing Is NC
higher at 1925 @39Ac. Local receipts were
256 cars.
A small run of hogs with higher prices
at the yards caused early firmness in
provisions with small advances through
out the list. Outsiders We're free sellers
on the advance, resulting in a weaker
tone. The break in wheat caused further
liquidation late in the day and additional
losses were sustained. The close was
weak, with May pork soc lower at
$13 S71A. May lard was off loo at 81 81,
and ribs 71a @10c at $.17h@7. 20.
Estimated receipts for tomorrow:
Wheat, so cars: CORN, 275 cars; oats, 800
cars; hogs, 10000 head.
Range of Quotations.
The leading futures ranged as follows: