The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-11
WHEAT SINKS A NOTCH.
IMPROVEMENT IN CROP CONDITIONS
Is INDICATED
Market Opens Steady, With Prominent
Operator as SeIler-Later He Supports
the Market and Causes a Partial Rally.

CHICAGO, May 10.-Indications of de-
cfded- Improvement in crop conditions
caused weak close in wheat today, the
July delivery being down 15c, compared
with yesterdays final figures. Corn is
down $Qhc. Oats are off H@%c and
provisions Ice to 30c
Under the influence of firm cables, small
receipts and a fair cash business senti-
ment IN the wheat pit at the opening was
steady, initial quotations on July being
unchanged to 1sc higher at 861hc to S65sc
excellent weather conditions throughout
the entire country, however, started some
ssening ny scalpers In anticipation of
the monthly government crop report many
traders were disposed to POSTPONE any
put consequential transactions AS a. re-
suit the market soon assumed an easier
tone. In addition to pit traders a prorni-
nent operator was a moderate seller early
N the day. Later this same influential
trader came to the support of the market
ana caused rally in prices, July advanc-
ing TO 86%c. During the last hour of trad
ing weakness again set in, the depressing
lnnuence being the weather bureau weekly
summary of crop conditions and the I'LL
nolS state report. According to the wealth
er bureau, a general improvement in con-
dltlon OF winter wheat Is indicated for
the past week. especially over the west
ern parts of the belt and in the Middle
Atlantic states. The Illinois weekly bull
letln was also quite bearish. The market
was without support and closed at about
the lowest point OF the day. After selling
at 857s @S6c, July closed at SEC
Clearances Of wheat and flour were
equal to $4,000 bu. Worlds visible supply,
acscao go g to Bradstreet's, decreased
!, ZVO.O0O bu. Primary receipts were 170,-
500 bu, compared with 255 100 bu a wear
ago. Minneapolis, Duluth and Chicago re-
ported receipts of 1877 cars against 1903
cars last week and 166 cars a year ago.
Corn Is Heavy.
The corn market was inclined to heayi-
ness throughout the greater part of the
session. At one time prices advanced a
Urine over yesterdays final quotations, but
the slight rally was due entirely to a
temporary f1rmneSs in wheat and to buy
ing by cash houses. The late break in
M Nm mad much effect on corn prices.
on the downward turn. The Illinois crop
report was also d bear factor A weak
tone prevailed at the close and prices were
near the bottom. July opened unchanged
to a shade lower at 485k@%c to 1880,
sold between 4S1s @48Ac and 4SAc. clos
ing at 4SA @4Ssse. Local receipts were III
cars. with IL of contract grade.
oats We're influenced mainly by the ac-
ton of other grains. Trading was light
and confined to local traders Increased
receipts and favorable weather for the
new crop were additional bear factors
After opening unchanged at 3815c July
ranged between 3S0D381kc and 3S5sc. clos
ing at 1875 @38Ac. Local receipts were
143 cars.
Provisions were weak on general com
mission house selling credited principally
to small holders Pit traders hammered
the market, apparently doing all they
could to assist the decline. The demand
came came largely from shorts. The market
Closed at the low point, with July pork
down S0c at 81. 81 r. July lard was off
10c at Sc 521a and ribs 10@1215c at S6.37h.
Range or Quotations.
The leading futures ranged as follows:
Open. High / lou | Close