The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-01

CHICAGO, May 31.--A break Of 4Ac
To-Day IN the price Of May wheat, due
10 collapse Of the theory that there was
an outstanding short interest. caused
weakness in other options The July op-
Ton closed with a loss of NC Corn is I'D
~: oats show gain of 1s@Ac and pro-
VISIONS 121R GD4755c
The break in May wheat did not come
until near the close of the days trading.
me market opened weak as a result of
lower prices at Liverpool July started
"a @9Sc down at S5z @S55sc Sentiment
soon changed. however Figures con-
nected with the weekly statistics of the
international trade We're less bearish than
they nave been for some weeks past and
excessive rains have fallen in many sec
lions OF the Southwest. The bullish re-
ports from the Southwest were partially
substantlated by liberal purchases by st.
Louis houses and by the strength in that
market. The corn market here also show
ed decided strength. In consequence an
improved demand developed in the wheat
PIT The weakness with which trading
began was not only arrested, but was in
a short time replaced by fair degree
OF strength. On good commission house
demand July gradually advanced to S6Ac.
After the first hour the market expert
enced long interval of dullnesS, transac-
lions being largely Of a scalping nature.
standing short lines Of May wheat had
acted as a check on many traders, but as
the session wore away without any sensa-
tional upturn in the price of that delivery,
the conviction that shorts had practically
covered their lines gained ground. This
resulted in considerable selling in future
deliveries, causing a weak undertone.
During the last half hour the feature of
trading was the wide fluctuations of May,
In which month, however, trading was
very light. From 9SAc the price suddenly
dropped to $3.50. A quick rally to CSC fol-
lowed. The close was at &c. After selling
off to S5Ac. July closed at $3.50.
Clearances of wheat and -four were
equal to 167 400 bushels. Primary re-
eeipts were 6S5, 200 bushels, compared
with 100000 bushels a year ago. The
amount on passage decreased 1882, 600
bushels while the visible supply decreas-
ed $3.50, 900 bushels. Minneapolis, Duluth
and Chicago reported receipts of go cars,
against 100 cars last week and $40 cars
a year ago.
Corn Is Very Strong.
An active demand from shorts With
comparatively light receipts caused an eX-
tremely strong corn market I tTe 1e ME-
of business was large AqVlces IIoI l
Eastern Kansas were bullish. the crop
IN that section being reported gT ea w ere
generally favorable to holders. There was
some realizing late in the day. but the
market closed strong. July opened 1sc
lower to 1sc higher at 467s @471sc, sold up
to 4SM4SKc and closed at 47Ae. Local
receipts were $50 cars with of contract
grade.
by the action of other grains. The May
delivery was weak on moderate selling
by longs but future deliveries received
some support and ruled quite firm Sta
tistics were buIlish. but the weather and
crop reports were bearish. After opening
unchanged to kc lower at SO Is QS842c,
July sold between 1885 @387se, closing at
1884 @38Ae. Local receipts were 175 cars
Provisions were strong on an active
commission house demand. Big shipments
Of hog products for the past week We're
mainly responsible for the improved de-
rnand The firTrer feeling in corn had
little influence After ranging between
81. 274h oil rs, July pork closed at 81. 721A
ali. rs, a gain of 45@471sc. July lard
was up 121se at Sc. so, and ribs showed
a gain of 171kc at $6.75. Estimated re-
ceipts for tomorrow: Wheat % cars;
corn, 1872 cars; oats, 2S2 cars; hogs, $4,000
head.
Range OF Quotations.
The leading futures ranged as follows:
n,,oy1 IJicro I ,0xU 1 Close