The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-25
ALL GRAINS ARE LOWER
DECREASE I'M VISIBLE WHEAT sup
PLY SMALLER THAN EXPECTED
Wheat opens With an inclination Toward
Lower Prices-AdditionaI Selling Orders
Are Brought Out by Reports of Excel
lent Weather.

CHICAGO. May 24.-An unexpectedly
small decrease in the worlds visible sup
ply caused weakness in wheat today.
Weather conditions also were bearish. At
the close July was off q @1c Corn is
down sc Oats show a loss of SO &c.
FroElSlonS are unchanged to 71ac lower.
With practically nothing of a bullish
character as support. the wheat market
opened with an inclination toward lower
prices. The effect of the bearish private
crop report of yesterday was still a potent
influence, the majority of pit traders be-
ing disposed to sell. Opening quotations
on July were unchanged to Il c lower at
S1 &c to $3.50. Excellent weather through
out the greater part of the country con-
Itinued to improve the condition of the
growing crop and helped to bring out ad-
idftlGnal selling orders. The May delivery
was especially heavy, and the weakness of
that option had tendency to depress the
qe1erred futures. A general expectation of
Increasing primary receipts was another
element against which the bull leaders
mad TO contend. In a measure the ex
pectatonS of enlarged receipts were real
IZed by returns from Kansas City, where
1ZO4OUO bu were received and only $4,000
Du shipped. During the last part of the
session bearish sentiment was emphasized
by BradStreetS visible supply statement
Which showed a decrease in the world S
available stocks of only 645.000 bu against
a decrease of nearly four million blu a
year ago The weekly government report
indicated marked Improvement in crop
conditions. AS result of the numerous
late i'm the day Just prior to the close
sentiment became somewhat firmer due
to reports of an improved export demand
but prices made only a small recovery.
at 86Ss 0DS612c. May ranged between 94%
and csc, closing at 95Ac.
Clearances Of wheat and flour were
equal to 1890 bu. Primary receipts were
261, SOC blu, compared with 319, 500 bu a
year ago. Minneapolis, Duluth and Chi
cago reported receipts of 109 cars, against
neaTS 10r-f l.
Little Strength in Corn.
week undertone was manifested in
corn. the principal bear factor being IA
Vorable weather conditions The decln-
ING. tendency of wheat was a further ag-
graVation of the heavinesS of feeling. I'm
der the impression that the country move
ment would soon show a decided increase,
the majority of traders were Inclined to
the bear side of the market The selling
was under the leadership Of large COM
mission house. The demand came mainly
from shorts. July opened shade lower
to a shade higher at 4SAc to 1880 sold
down to 471sc, and closed at ATS @47%c G.
Local receipts We're 312 cars, with As of
contract grade.
Weakness of wheat and corn led to con-
siderable selling of oats. There was con-
siderable profit-taking in May and July
by leading. longs. Good weather and pre-
dictiOnS of Increased receipts were against
the market The close was near the low
est point of the day. After opening Ac
lower at 38@381sc, July declined to 375sc
and closed at 37Ac. Local receipts were
224 cars.
Provisions were easier in sympathy
with the lower grain markets. There was
some buying of ribs early by packers, but
as soon as that demand was satisfied the
market became quite listless. July pork
closed with a loss of 71ac at $11. July lard
and ribs were each unchanged at Sc .3215
and. Sc. 40 respectively.
Estimated receipts for tomorrow:
Wheat 4 cars; corn 20 cars; oats, 81
cars; hogs, 80, 900 head.
The directors of the board of trade to-
day decided that the board should re-
ma in open for business on Saturday.
Range of Quotations.
The leading futures ranged as follows:
II - Cl,.l,,, go IS1l,c.,-