The Saint Paul globe., 1904-06-11
WHEAT is LlQUIDATED
GOVERNMENT REPORT WAS Ex-
PEcTED TO BE BEARIsH
Wet Weather In the Southwest Causes a
Firm Tone at the Start-Large Araen-
tine Shipments Inspire More Selling
Orders

CHICAGO. June 10.-Unoff1cial forecasts
that the government report on the condi-
tlon of growing wheat would be bearish
caused general liquidation of wheat to-
day. At the close July wheat was down
1s@Ssc. Corn and oats are both off a
shade. Provisions are up 15c to 35c
Wet weather in the Southwest caused
a 1rm tone in wheat at the opening, the
July delivery being up k@Ac at S6% a
S6Bc The frmness, however, was or
snort duration, sentiment in the pit soon
becoming; bearish. The main factor in
causing the change was apparently APP
prehenslon among the bulls that, the gov
ernment report would show a considerable
Improvement in the condition of both
winter and spring wheat. That this fear
was not groundleSS was made evident by
the Kansas and Kentucky state reports,
poth of which showed an Improvement Of
several points. Another factor that brought
large Argentine shipments. In referring
TO the crop situation a st. Louis trade
journal made the statement that no dam
age OF consequence to winter wheat had
resulted from the recent heavy rains in
the west and Southwest and that from
many sections improved condition was re-
ported TO add to the discontinue of
the dullneSS prices in all markets were
lower. A report that break of sc in the
price of cash wheat at Toledo proved
very unSettling to speculative trading
mere: Inc market became weaker as the
session advanced, and before any recov
cry was made July sold off to S55sc.- There
was some buying late in the day on a de-
cline of points in the condition of Mich
lgan wheat as shown by the monthly
state report. In consequence part Of the
earlier loss in price here was regained.
t1naI quotations on July were S6M861sc.
CIearances of wheat and flour were
equal TO 6S, 700 bu. Exports for the week,
according to Bradstreet's, were equal to
9. .462, 900 bu. Primary receipts We're 256
QUO bu, compared with 302, 800 bu year
ago. Minneapolis, Duluth and Chicago
reported receipts of 159 cars, against 206
cars last week and S01 a year ago.
Corn Holds Up Well
Notwithstanding the weakness Of
wheat the corn market held UP remark
ably We'll. Under the influence of wet
weather in Nebraska, firm sentiment pre-
wheat there was some reaction in corn,
the declining tendency being augmented
by large primary receipts. The market,
however, appeared to be we'll supported
the general belief being that prominent
New York interests are large holders of
July corn in this market. Prices rallied
on the late upturn in wheat and the close
was practically unchanged. from yeSter-
days final figures. July opened shade to
hc lower at 4Ss4 0487sc to 48%c. sold
between -4815c and 1880, closing at 4S1sc
Local receipts We're $40 cars, with 81 of
contract grade
Although prices of oats were affected
by the weakness OF. wheat, the decline was
very slight. Apparently there was no
0OoAl ~ NSIlAO1S OH lIlS -DCdf SlU6B
owing to the fact that all the heavy oper-
ators are on the opposite side of the mar
ket Light stocks and small receipts
continue to be the principal bull factors
After opening unchanged TO a shade high
er at 39A @39&c to 39%c July sold off to
59ssc al and closed at S45sc. Local receipts
Provisions were active and strong. The
feature of trading was buying by
prominent packer who is said to be short
a big line. Small receipts Of hogs at all
Western points had an important bearing
on the situation. The market closed at
the highest point, with September pork
up 35c at $12. 65. September lard was
up 15c at $3.50. Ribs made a gain of
17hc, closing at 81 80. Estimated re-
ceipts for tomorrow: Wheat 27 cars
corn, 619 cars; OATS 108 cars; hogs, II 900
head.
Range of Quotations
The leading futures ranged as follows: