The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-03-01
MARKET SUMMARY.

CHICAGO. Feb 2S-Wheat again develo, ed
into a bull market today. Unexpected
strength at Liverpool, and a large visible de-
crease were factors in general covering
started at the opening, and kept up all day.
The d1ae showed advances of 2Ac in May
and Ssc in July. Corn and oats were also
strong, and advanced $s@Ac, respectively.
Provisions were irregular, pork and ribs
showing Slight closing advances, but lard
closing little lower.
Wheat strong market from the start.
Opening prices in July were about a cent
higher than Saturdays closing, rarging fr m
S9l4c to $3.50, while May was l2q$4c higher
at S.02Ac. A temporary dip followed. There
were satisfied with the profits shown in the
opening advance, and this selling sent the
July price to sec and May to s1.02&s@l.G2l@.
Then the real strength of the market was
shown. AS soon as the first pressure of
selling was relieved prices began to advan- e
at once, shorts. big and little coming into the
market to cover their lines, and for two
hours prices went upward slowly but stead
fly, every slight reaction being followed by
renewed buying. At the end of that time
May had advanced to $l.04 and July to 90isc.
This strength was due mostly to move from
Liverpool. That market was exceptionally
strong. showing AQ@sd advances at 1:30 P.
m, later cables recording even better prices.
Liverpool stocks showed another Zig decrease
and the total amount of wheat there WAS bur
little over the average requirements for a
week
The Letter crowd apparently dld very n-tle
during the morning. and the strength the
market displayed without support from that
source far from reasSuring the shorts,
and probably had a good deal of influence.
Outside OF the Liverpool strength news was
of both kinds. Northwest receipts were lin
eIal Minneapolis and Duluth reporting S62
cars against $3.50 last week and $50 year ago.
Chicago reported lS4 cars "A of which were
OF contract quality. Wo;lds shipments were
large, 700 geo bu and the quantity on cce2n
passage increased 100000 bu. A local sta
farmers hands March /, at 1871 600 03O Blu, or
100000 Blu more than his estimate a year
ago.
After Il O'Clock the market had a perlod
OF comparative dizziness, and prices sagged eff
a little, May getting down to $.04l3, and
July to $3.50. The Unexpectedly large de-
crease in the visible supply, 1,345C00, and
clearances of $50, GOO bu caused renewed COW
ering by shorts around the noon hour, and
many bulls who sold out their lines during
last weeks declines. also bought wheat.
For half hour the market showed cons d.
cradle activity May advanced TO s1.051a, and
July TO 90l2c, before the demand salts
fed. During the last half hour or so of
trading, the market became quiet again and
profit taking was INDUCED in in sufficient
volume to send prices down to $1.04A for
May, and S9AqS97Sc for July, by closing
time.
Up to noon the market for corn was very
strong and good advances were recorded.
The market was helped by the wheat rally,
enormous exports, $4,000 blu, and est mates
on the farmers reserve which was put at
SOC CO0,OOO blu less than a year ago. Buying
was quite general. Late in the day the mar
ket became easier on heavier estimated re-
ceipts for tomorrow, but the market was
well supported at the lower figures. May
ranged from 30$sc to 1850, and closed 2s@kc
higher at soc.
Oats though less animated than usual la.e-
ly, were active from the start. The market
was mostly affected by the movement in
corn. May ranged from 2614c to 261sc, and
closed &c higher, at 261c.
Provisions were fairly active, and irreg-
ular Early buying by packers and shorts
Influenced by the strength of the grain mar
kets overcame the influence of lower yard
markets and the market ruled strong and
became too heavy for the market to stand Up
under. and a sharp reaction followed, but
later in the day good buying again deveopcd
and pork and ribs closed strong. Selling of