The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-05-04
WHEAT HAS A RALLY
SUDDEN DECLINE IN PRICES COMES
BEFORE
Heavy Liquidation characterixes the
Opening Of the Market-EarIy Sellers
Cover After the Market Is Found to BE
OversoId.

CHICAGO, May 3.-Active covering of
short sales following a sudden decline in
wheat prices today caused a quick re-
covery. the market closing strong with
July 1sc higher than yesterdays final
quotations. Corn is unchanged. Oats
snow decline of nc and provisions 21sc
to &c.
Almost ideal weather throughout the
greater part of the country caused heavy
nquldatlon of long wheat at the OPEN
ing. In consequence of the heavy SELL
ing pressure Initial sales We're made at a
considerable decline, July being off nc
10 9sc at S3Ac to S4Hc. There were 9TH
er factors that entered into the situation
IN addition to the weather conditions
among the more important influences
We're reports from the Northwest, stating
that seeding operations were progressing
rapidly. Weakness of the grain markets
at Minneapolis and Duluth seemed to
suDStantlate the bearish advices in re-
gard to seeding and helped to accentuate
the depression here. A rumor that the
MISSOURI crop report, to be issued to-
morrow, would show an Improvement in
condition of growing wheat increased the
deslre TO sell. For the first hour the mar
ket ruled extremely weak, losses of nearly
cent being made in all deliveries. The
low point on July was reached at S33sc
Inc selling craze, however, was too
unanimous, and as result the market
became oversold. Many of the early sell
Us oCe1A lCO " CON0T. "A SndID TdllV fol-
lowed Buying on a large scale by a
prominent commission house was sup
posed to be for the account of a leading
trader Active. general demand resulting
caused complete Wiping out of the pre-
ced1ngN decline in prices During the lat
ter part of the session the buying con-
unued liberal and the market held
strong: After selling at S4Ac, July clos
Clearances of wheat and -four were
equal to, 75,700 bu. Bradstreet's world
h H e,i showed an increase Of 1872, 900
compared with 334, 100 blu a year ago
Minneapolis, Duluth and Chicago report
ed receipts Of JOB cars, against 1872 cars
last week and lS8 cars year ago.
Corn Closes Unchanged.
Influenced by favorable weather and a
decline In wheat the corn market showed
considerable weakness during the first
part OF the session. There was quite a
quantity Of corn for sale and apparently
was due to rumor that the Illinois crop
report would be beariSh. The change to
bullish sentiment in the wheat market
vas IoHoWed by a similar reversal in
the corn pit. Shorts became active buy
eers, and the demand continued good
throughout the remainder Of the session.
Practically all Of the early loss was re-
yesterdays final figures. July opened Il
WAc TO 9s @Bc lower at 471kc to 47%c.
sold off to 47A @473sc. and after ad3
NHncul6 70 4oc, CloSed at 47Hs @48c. Local
receipts We're 324 cars, with 80 of con
tract grade.
:. oats were influenced mainly by the ac-
tlon OF other grains The market was
put later frmer tone developed. much
OF the loss being regained july opened
Ac to Zee lower at 3S14c to 3S1Sc, rang
go between 3S1sc and 9S%c. closing at
3S12c. Local receipts were 10 ears
provisions were weak under active SELL
ing by packers and exporters. There was
flrm opening on the bulish hog market.
put early weakness in grains brought out
influential selling, resulting in a gradual
decline. July pork closed with a NET loss
OF zoe at 81 .721a July lard was down
1oc at $6. 62R, and ribs were off 2h65c
at Sc. 40@6. 421k. q 9'o
Range Of Quotations.
The leading futures ranged as follows: