The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-09
WHEAT IS SOLD FREELY
MAY HAS A NET LOSS OF 2K4c, JULY
FARiNG BETTER
Southwestern Crop Scare Is Thought to
Have Been Exageerated-Situatio the
Fore Part of the Session Is BuIish.

CHICAGO, March S.-Indications that
the Kansas Oklahoma crop scare has per-
haps been exaggerated induced liberal
selling of wheat today. The market clos
ed at net loss of 2Ac for May and rs
@134c for July. Corn is down shade.
Oats are off &c. Provisions are shade
lower to 21sc higher
Contradiction of the reported settle
n1ent of the. Argentine strike caused at
the opening an improved tone in. wheat.
notwithstanding considerable decline at
prices 1sc. lower to 1kc higher, at 931s a
945sc July was up a shade to 1a@sc,
at S9A @90Ac. For a time the market
ruled quite firm, aided by the strength
the absence of rain in Kansas and Okla
homa. In addition there was as compared
with last year smaller movement in the
Northwest Shorts covered freely in both
May and July, the latter option selling up
to 90kc, while May held firm at 94kc.
Toward the middle of the day, however.
the sentiment changed
On an attempt of some of the bull crowd
to dispose of their holdings, the pit crowd
suddenly took the. selling side of the mar
ket. There was apparently no wheat
wanted, and before buyers could be secur-
ed prices slumped severely, May dropping
to 92c, while July sold off to SSAc- Large
receipts in Kansas City, which seemed
to show that comparatively little alarm
crop, was apparently the only bear factor.
The market rallied slightly several times
late in the day, but on each upturn com
mission houses had plenty of selling or
ness again developed, and May declined
to 91%e, a loss of 2%c from the high
point of the day. July dropped to S75sc,
a decline of 21sc from the top: Final
figures on May were 91%c. July closed
at SSc
Clearances of wheat and flour were
equal to 21S,000 bu; primary receipts were
631 900 bu against 513, 900 blu a year ago;
he
streets decreased 429, 900 bu. Minneapo-
lis, Duluth and Chicago reported receipts
of 316 cars, against 400 cars last week
and 399 cars year ago.
Early Strength in Corn.
Higher prices at Liverpool, due to re-
caused strength in the corn pit early in
the session. The May delivery seemed
congested and offerings were extremely
light. Scattered covering by shorts on
the strong cables sent the price up rap
idly. There was also a tendency among
shorts in July and September to cover
and commission houses were fair purchas,
ers. The active demand continued until
late in the day, when the final break in
wheat caused heavy liquidation. The
early advance was all lost, and prices
dropped below yesterdays. closing figures
the decline, with May at 53%c. The open
ing on May was u one to as@sc higher
at 54@54Ac, and the range was between
80 NC and 30 &c. July SOiQ DelWSeI olC
and 521sc, and closed at a loss of 1a "a C.
at SIG. Local receipts were 2S2 cars, 8
of contract grade.
Oats met with fair scattered demand
from commission houses during the flrst
part of the session, and with light offer.
ings prices were moved up nearly cent
for both May and July. The corn strength
Influenced some buying and there was
some left over stimulus from the crop
estimate of yesterday. Considerable long
oats came out on the last break in wheat
resulting in a loss of all of the former
gains, The close was fairly steady. The
opening on May was k@5sc higher. at
421A @42%c After ranging between 4l@
411sc and 431sc. the close was at Az G.
Julv sold between 39Ac and 40A @403sc
and closed at the low point, with a loss
of as@kc. Local receipts We're 302 cars
A big reduction in receipts of hogs and
an advance in prices at the. yards caused aes
firmness in provisions early IN the session
There was considerable liquidation, both
nv local and outside holders, late in the
day. owing to the weakness in grains All
of the advance was lost and the close was
near the bottom. May pork closed I'M
Changed at $13.S71a. Lard was, up 21sc,
at 1921 and ribs a shade lower, at
Sill. Estimated receipts for tomorrow
Wheat 80 cars; corn, 120 cars; oats, 2lo
cars; hogs, 2S,0 900 head.
Rance of Quotations.
n,,,o Io,dip0 f,fures .ra nged as follows: