The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-20
WHEAT IS UNCHANGED
WEAKNESS PREVAILS BUT Gov
ERiNG PREVENTS NET LOSS
Perfect Weather for Crops Has It's
Uuseai Effect Most of the Day-Just
Before the Close Losses Are Reqain-

CHICAGO, June 18.-PracticaIly per-
-Ieet weather conditions for the matur-
ing and harvesting of wheat caused
weakness in the market for that cereal
To-Day, but covering by shorts resulted
IN recovery. Final figures for JULY
We're unchanged from yesterdays clos
ing quotations. Corn is down 1se;
oats are off y a 12c; provisions show no
material variations
One of the most striking overnight
changes affecting the wheat market
was the decided advance in prices aft
Liverpool. Under the influence Of firm
cables the market here opened strong,
July being up II q 3sc to &c, at S4as %
S4ssc. Another factor that helped to
strengthen the situation was a sharp
FALLING off in shipments from Australia.
There were also runors of foreign Or
ders here for immediate shipment at
ABOUT working basis. The possibility
or domestic mfllers and foreigners COM
peting for the small stock of old wheat
was enough to give short sellers of
July feeling of uneasiness. There was,
however, much realizing by local longs
at the advance. As result, July eaSed
Off to san @S4&c, after working up
again to 8411c, the price started on
gradual decline occasioned largely by
selling on fears of bearish statistics on
Monday. Weather conditions, which
to weaken values Northwestern
houses were constant sellers throughout
the day. Reports from the Northwest
were suggestive of an increased move
ment in the near future. Just before
the close there was renewed covering by
shorts and practically all the loss was
regained. The low point on July was
reached at 83A C. The close was at
84@84Bc. September ranged between
1850 and 79% @797sc, and closed at
79h @395sc
Clearances of wheat and flour were
equal to 153.1o0 bu. Primary receipts
We're 296, 900 bu, compared with 321.-
zoe bu year ago. Minneapolis, Duluth
and Chicago reported receipts of 301
cars, against 210 cars last week and
254 cars year ago.
The initial strength of wheat exerted
supporting influence on the corn mar
ket at the start, holding prices the first
hour trif1e above yesterdays closing
figures. Weather conditions, however,
We're too favorable, and receipts too lib
eral to allow of any considerable bullish
enthusiasm. The volume of trading was
small. business being confined mainly to
local traders. On the decline in wheat
the selling Of corn increased, causing 2
weak undertone. The market closed
near the low point July opened a shade
lower to &c higher, at 1875 @431c to
4S &c, sold between 1850 ana 469sc,
closing at 477sc. Local receipts were
364 cars. with Sc of contract grade.
Selling of oats followed the weakness
of other grains. liquidation Of July
holdings being a feature of trading.
There was very little demand, and as a
result prices gradually worked toward
a lower level. After opening shade
higher at $3.50, July sold off to 1874
and closed at 3Sasc. Local receipts We're
"a cars.
Trading in provisions was almost at
a standstill, there being an almost to-
tai absence of demand. Prices were
barely steady, Notwithstanding smaller
receipts of hogs and a firm market at
the yards. September pork closed 212 q
Sc lower. at $12.85. Lard was unchang-
ed at $6.9715 Ribs were up 212c, at
$7.45. Estimated receipts for Monday:
Wheat, 20 cars: corn, 440 cars; oats,
81 cars; hogs, 10000 head.
Range of Quotations
The leading futures ranged as follows: