The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-17

WHEAT SUFFERS LOSS
KANSAS -oKLAHoMA DROUGHT IS
APPARENTLY BROKEN r
Sentiment In the Pit Is Rearish Through
out-Market Occasionally Rallies Slight
iy, but the Firmness Is Short Lived.

CHICAGO, March 16-Indications of an
effeetual break in the Kansas-O Oklahoma
drought knocked rs today from the price
Of July wheat. The May delivery closed
at a loss of 1 &c. Corn is down 11s@ Acs
oats &c and provisions 10c to zoe.
From the start the sentiment in the
wheat pit was bearish. The initiative for
the feeling of depression which permeat-
ed the days trading was the unrespon-
sive tone of the Liverpool cables, the for
eign market being barely steady. notwith-
standing the sharp advance here yester--
day. The comparative weakness abroad
was emphasized by predictions of rain Or
snow throughout the Southwest, where
moisture is greatly needed by the grow
ing plant Owing to these bearish factors
there was general selling movement at
the opening, quotations on May being Nc
to @c at -923s @921ac to 925sc. Offerings
found few purchasers and as the session
advanced prices steadily declined. The
extreme weakness in Southwestern mar
'kets seemed to confirm opinions that the
end of the drought in the winter wheat
belt was in sight. A big decline at Kan
sas City brought out considerable sales
sion. in prices. The principal trading was
in the July delivery, which also showed
the greatest loss. Occasionally the market
would rally slightly in response to buy
ing by commission houses, but the firm
ness was short lived. The low point OF the
day was reached just prior to. the close,
when May touched $3.50 and July 90Ssc.
Final figures on May We're 963sc. July
closed at 90Bc.
Clearances of wheat and flour were
equal to 213. 500 blu. Primary receipts were
489, 800 Blu, against 401,300 bu year ago.
Minneapolis, Duluth and Chicago reported
receipts of 1913 cars, against 423 last week
and $50 a year ago.
Sharp Break In Corn.
A sharp break occurred in corn as
n fbn in
ness in the later market stimulating an
aggressive selling movement by the bear
element The local talent generally was
against the market, and there was no i'm
portant buying by any interest. In spite of
steady cables and small receipts the open
Ing. was easier along with wheat. Prices
had downward tendency the entire day,
and the close found the market almost
at the low level. May opened 5sc to sc
lower at 54c to SAC. Near the close the
price touched 531sc, and final figures were
and 52c and closed with a loss of 11k@15gc
at 501s @505sc. Local receipts were 100
cars, none of contract grade.
Oats followed the lead Of other grains.
selling, a large part of which was credit
ed to the leading long. There was little
demand, except from shorts, who covered
On the break. The close was near. the
bottom. May opened 1sc lower at 40Bc
and after selling between 40@41c, closed
at 409sc; July sold between 3S1s and 391ac
and closed at 381a @385sc. a net loss of
75c. Local receipts were 112 cars.
The weakness that developed in pro-
visions was due to the early selling by
commission houses, reinforced later by
liberal selling from packers. The break
in grain prices and the heavy run of
hogs, with lower prices at the yards, were
the main factors. The close was steady
at the decline, May pork being off 171a@
zoe at $13. 8215. May lard was down 100
121sc at $712k OF. Is, and ribs 121sc low
er at 81. 10.
Estimated receipts for tomorrow:
Wheat, Is cars; corn, 100 cars; oats, lis
cars; hogs, $4,000 head.
Range of Quotations.
The leading futures ranged as follows:
Onen [ IIigh Low | Close