The Saint Paul globe., 1904-06-10
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT GROWS WEAK
AREA OF HARVESTING OPERATIONS
is EXTENDED
Firm opening-5earish Reports Come
From the Spring Wheat Territory

CHICAGO, June 9.-Spreading of har-
vesting operations had weakening in
ffuence' on the wheat market today. In
July wheat there was net loss of "a O. &C.
Corn Is off Ac. Oats are down a shade.
Provisions are 2l5c lower to 10c higher.
For the first half hour the wheat mar
ket showed considerable firmness, due to
wet weather in sections of the South
west. where harvesting is in progress.
Firmness of foreign markets. especially
at Paris. helped to create bullis1 senti-
ment at the start. Opening sales were at
an advance of shade to 1sc at SIC to
TiQS71s 1sc. The price soon rose to 87Bc..
Part of the early demand was due to a
rumor that the Mexican import duty on
wheat was to be suspended Later there
were dispatches from Tennessee stating
that cutting of wheat had commenced and
would be general the beginning of the
coming week 1t was intimated that the
crop would be the largest in years. With
the tarea of harvesting operations ex-
tending daily wheat traders began to
reailze that new wheat would soon be
coming on the market With this in view
many traders We're disposed to take the
selling side. Numerous favorable reports
as TO crop prospects III general brought
out selling orders from some of the large
holders. The Kansas state report was
quite bearish, showing the condition of
wheat June to be 81 against 80 last
month. Advices from the spring wheat
territory told of continued Improvement
in crop conditions. Predictions were re-
ItefaleO tndI the. government report. TO
be issued tomorrow. would be exceeding
ly beariSh regarding spring wheat In the
face of these inf1Hences buying lacked
vim and prices steadily declined. A rally
occurred just before the close on covering
by shorts. but the market still retained
an easy tone. After. selling off to S6Nc,
july closed at S65sc
Clearances of wheat and flour were
equal to 800 bu. Primary receipts
were 234, 900 bu, compared with 254, 600
bu year ago. minneapolis. Duluth and
pQn 4toI ~%ex
against 143 cars last week and 2e5 cars
year ago.
Corn Turns Heavy
Wet weather had a bullish effect on
the corn market early in the day and
a moderate advance over yesterdays
ness Of wheat and predictions of inn
proved weather, however, brought out
numerous selling orders, resulting in
decline. A feature of trading was selling
by outsiders. who were doubtless in
ffuenced by favorable crop prospects. Late
IN the day nearly all the loss was re-
gained on covering by shorts. July open,
ed &c to h@Ac higher at 4Sx DISC.
sold between 4S12e and 49Mc, closing at
487s 049c. Local receipts were 382 cars,
with 19 cars of contract grade.
Oats were extremely dull and held
within narrow range. Weakness of
wheat caused some selling. but scarcity
OF oHerlngs and good cash demand had
changed to a shade higher at 395sc to
1895 @3SAc July sold between $500
3915c and 39%c. closing at 395sc Local
receipts were 81 cars
Provisions were firm on covering by
shorts and on buying by packers. The
impression that a prominent packer was
short big line of ribs tended to strength
en- the market. September pork closed
with gain of 10c at So. 20. September
lard was off 215c at $6.75. Ribs were up
sc at 81 121S.
Estimated receipts FOR tomorrow
Wheat. l27 cars; corn. 499 cars: oats, SO
cars; hogs, 10000 head.
Range of Quotations
The leading futures ranged as follows:
Omen [ High q I.oIu I 1sIoec,-