The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-29
WHEAT DROPS FURTHER
DRoUTH IN ARGENTINA is RE-
PORTED AT AN END
Pit Is Governed by 6earIsh Sentiment
All Day-voIume of Business Is Small
Oats Advance a Shade and Corn Is
Unchanged

CHICAGO. June 2S.-News of a break
up of the drouth in Argentina was-a
source OF weakness in wheat here today.
September wheat closed A@%c down
Corn is unchanged. Oats are a shade
higher Provisions show loss of So
127sc.
Bearish sentiment prevailed in the
wheat pit throughout the day At the
start the market was affected by the cas-
Ter tone of cables and by improved wealth
er conditions. The opening on September
Was 1sc 10 SO Ac lower. at S05s 080A to
S0Ac. The market was inclined to dull
ness, the volume of business being small.
During the first part of the session trad
ing was largely of local character, the
feature being the selling of July by a
big elevator concern. There was, little de-
mand for the nearby delivery and, in
weakness than the deferred futures. A
fair demand for September caused the
price of that option to rally to sos oslo.
The weakness of July however, soon
adyiceS We're rather beariSh and domestic
crop reports We're of such optimistic tenor
as to cause quite general selling by pit
traders. On the Way down stop loss orders
were reached, contributing additional
weakness to the situation. A feature OF
late trading was selling by Southwestern
houses. Reports that the severe drejIth in
Argentina had been relieved by heavy
rains were effective in keeping the bears
IN final control, the market closing at
almost the lowest point reached. After
at S01k q $3.50.
Clearances Of wheat and -four were
equal to 111,42e bushels. The worlds
visible supply, according to Bradstreet's,
decreased 5000. 600 bushels. Primary re-.
ceipts We're $4,000 bushels, compared
with sos, 800 year ago. Minneapolis, Du-
329 cars against PIT cars last week and
291 cars year ago.
Corn Is Firm
comparatively firm tone was mani
tested in the corn market, although
prices made little change. There was
show OF weakness at one time in syInpa
thy with wheat, but the demand was of
SUCH good character as to prevent any
great loss. Local sentiment was rather
bullish on an excellent cash business and
September opened shade high
er at ASA @4S&c, sold between 1870
and 1880. and closed at 48A @482sc. Lo~
cal receipts were 623 cars, with 50 of con-
The feature of trading in oats was a
little liquidation of July by local holders.
The September delivery was closely held
there being practically no offerings of that
delivery in the pit. Small receipts and
good cash demand offset the influence of
weakness in wheat. September opened
unchanged to shade lower at SIS 031 &c,
sold between 3134c and 32c, and closed at
S1Ec. Local receipts were I'll cars.
Provisions Were fairly active. the bulk
of trading being in the way of changing
ket was easier early in the day in sym
pathy with lower prices of hogs but a
quantity of ribs by a big contractor. Sell
ing by the same interest caused a subse-
quent decline. AT the close September
pork was down 1275c at 1890; lard was
off. SC at $7.0715; ribs closed TX 610c lower
at $7.521b.
Estimated receipts for tomorrow:
Wheat, 6 cars; corn, 1853 cars; oats, SO
cars; hogs. 81, 900 head.
The directors of the board of trade this
afternoon decided to have no session of
the board on Saturday and Monday next
Range of Quotations
The leading futures ranged as follows: