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

CHICAGO. March 2.-There were plenty of
legitimate reasons for an advance In wheat
today, and the market up TO late hour
did show a great deal of strength. May
closed at an advance OF 1850. Shorts in July,
however. got filled up, and that option closed
3sc lower than yesterdays final price Corn
and oats suffered somewhat from closing out
of long lines. corn closing Ease lower, and
oats MQAc lower. Provisions were dull, and
showed very little change at the close.
Wheat clearly a bull market at the
opening. The strength which marked yes
terday's c.ose made traders more appre-
hensive than ever OF the short side. and the
firmness caused by small offerings was in
creased by the nature of the news, which, as
a whole was of encouraging character.
Opening quotations for July were unchanged
to 14c higher than yesterdays close, at 911s@
1850. There good buying demand right
from the start and for two hours the market
advanced slowly but steadily, July getting
up to Sl&q9l7sc by 80 o'clock.
There was an extremely limited trade in
May, but that option exhibited even more
strength than July delivery, everything Of
fered being taken by the Letter interests.
This support Of May, and Letter buying Of
March, exerted no small influence on July
shorts.
Liverpool was firm and showed good ad-
vances. Outside markets showed strength,
particularly New York which market re-
ported the best buying for some time The
stocks at Odessa, the principal Russian ship
ping port were reported at but 1,013 600, COM
pared with 100000 a year ago. Northwest
receipts were very small, Minneapolis and
Duluth reporting but 1856, against 2S3 year
ago. Chicago receipts were so cars, Is of
contract quality. Minneapolis reported an
other another big sale for shipment to Du-
luth. Fresh advices from Argentine said
damaging rains continued. The bears took
some comfort out of the fact that the pre-
dicted cold wave following the soft weather
did not materialize. and the small response
OF Liverpool to our yesterdays advance.
The continued strength the market dis
played continued TO bring in outside shorts
who had some difficulty in covering, and the
best prices of the day were scored, July get
ting up to 92lsc.
After noon. however, the market gradually
eased off. Shorts had apparently got pretty
well filled up and realizing on the advance
became pretty free. The weakness displayed
by corn also had some effect. July finally
got down to sic, where it Closed. May, how
ever, continued strong. That option opened
unchanged, at Sl.0512. 1t sold at 81 05A then
slowly advanced to $.07, reaching the latter
point about midday Realizing which fol-
lowed caused a reaction to $1.OSA but during
the last few minutes of the session May was
caught up in another Letter swirl and again
carried up to $l.07. The closing price was at
S1O6B, the highest closing price this season.
Letter was credited with some July selling
Selling out of long corn was the feature
OF that market, and kept the market rather
easy in spite of the strength in wheat. The
market was strong at the opening but free
selling, mostly by buyers of yesterday caused
q rapid weakening of prices. May ranged
from 9O7sc to SOAc, and closed at HGsse
lower. at 3014G303sc.
Trading In oats was principally of scalp
Ing nature. and not heavy at that. The
market in a general way followed corn and
prices in consequence averaged lower Prices
early were stronger with wheat, but the