The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-14
WHEAT IS DEPRESSED
CORN AND OATS. ALSO FIND A Low
Err LEVEL
Decline in Wheat is Due to Promise Of a
Bumper Crop in Argentina and to Is
Inmates of Large ExportahIe Surplus

z CHICAGO, Oct. 13.@Estimates of
large expOrtable surplus of wheat from
America had a depressing influence on
speculative prices here today. Indications
of a bumper crop also in Argentina aided
the bears. AT the close the May option
was down 20 5sc. December was I'M
Corn and oats each are off 4 lose. Pro-
visions are almost precisely the. same as
last night.
The weakness in wheat developed late
in the day. a decreased movement in
the Northwest and. higher prices in for
eign grain markets We're factors con-
tributing TO a strong openirg- DECEMBER
was up Sc to 15c, at S110A- To Slug.
May was up Is TO 4 c,fat IL. to S1-117s.
On the advance there Was some profit
taking by local longs As airesult. 1.-The
however. soon heea me. .bHllish again and
prices rose steadily. The strength was
due largely to big advances at Duluth and
Minneapolis as a result of heavy sales of
flour. some Of which Twas for export A
report of a trade paper at Portland Or.
to the effect. that eightsmillions bushels Of
wheat mad been sold for Eastern ship
ment had considerable influence in stiInu-
lating the demand for wheat here. The
high point on Deeenlbar1 for the day was
reached at $1.111s- Meantime May sold
the session the market broke quite sharp
~ under heavy salesssof May, by leader
of the bull element, : wbile:- the market
was bearishlys affected by a Cincinnati Il
bushels of wheat. for export from the
United States and Ganada!s Another fac
tor was a, private cablegram from Liver
pool reporting argentine wheat prospects
very favorable. Before the decline was
checked May had dropped To- 81. 09S4. De-
cember sold off in sympathy to $1.097s.
A fair demand from shorts caused some
recovery, hut the market closed easy with
December at S1.103s Final quotations on
May We're at $1.1014 q LOS.
Clearanees of wheat and flour were
NAL f0 cha1S r-a-
ceipts were 1.f0s.s00 bushels, compared
with 1.003, 900 bushels q, year ago. Min
neapoiis, Duluth and Chicago reported re-
week and 761 cars Year ago. -,
Wheat sFIrnn- Only at First
A firm tone prevailed in the corn mar
ket during the. early part of the ses-
sion. Factors that contributed toward the
strength We're higher cables, small pri-
In sympathy with the break in wheat the
market became quite weak late in the
day. December opened shade lower to
to 1850 and closed at 1890. Local re-
ceipts were IS cars, with none of contract
grade.
Covering by shorts and fair demand
from cash houses caused a fair activity
IN the oats market early in the day.
Late trading became extremely listiess
and prices declined in sympathy with the
weakness OF other grains. December
opened a shade higher, at 29A ranged
between 2S24 C and 29%c and closed at
2Ssc. Local receipts were 125 cars.
In view of weak hog market and
decline in corn. provisions held compare
lively firm. Shorts We're the principal
buyers. There was some liquidation by
outside holders At the close January
pork and lard were each 25sc lower. at
$12.40 and $7.25, respectively. Ribs were
unchanged at $3.50.
Estimated receipts for tomorrow:
Wheat, 20 cars; corn, 81 cars; oats, rs
cars: hogs $4,000 head