The Saint Paul globe., 1899-01-22
WHEAT WENT HIGHER

CHICAGO, Jan. PA sort of contention
between bearish announcement and bulIish
sentiment prevented much movement in Ell
tner direction in wheat today, and May
closed at h@Ac advance. Corn left off un-
changed, ana oats are a shade higher Pork
rlDs at 212c advance.
Wheat started steady, but without much
Wig y1gor May opened 1sc higher at 7oas@7Oaac.
The improvement was only momentary how
ever, as London advices reported Increased
onerlngs of Argentine wheat which were
becoming oppressive; and cables also advised
that liberal charters for wheat were being
made at Odessa, with the expectation that
the movement from that quarter would in
crease rapidly. The Argentina surplus was
sun matter OF some uncertainty, but the
latest advlces suggested, an eXportable sur
plus of between $4,000, COO bu and 5OOOO, 600
bu, or more than double the exports from
sneats shere last @ year; That put damper on the
few outside selling orders to be executed
May declined to 701hc.
hecelpts mere We're 1G7 cars. of which II
receipts were 47S cars, against $50 for the
corresponding day a year ago. Primary
western markets received ,000 bu, where
as S7S.coo bu was the total year ago. Ex
ports from Atlantic seaboard were equal in
wheat and flour to 642.000 bu without re-
turn from Galveston and Newport News.
me worlds shipments for the week were
estimated at 6,470,000 bu, of which 5,199, ,0OO
bu came from this country This had a
strengthening effect, as it led to the belief
that Europe has not yet been sensibly re-
lieved from its dependence upon this coun-
try for immediate supplies
Ihe continued activity of the security mar
ket had steadying effect upon wheat, and
the possibility that the furore in stocks might
extend to grain held the average short seller
In check. The current belief that Wall
street was already interested on the long
side, and might reasonably be expected to
protect that interest, was strengthened by
the fact that whenever the market got down
to 701kc for May. it received good support.
Trade became dull during the last half
hour, and, as offerings were scarce, May ad-
vanced to 7c14@707sc, and closed at 7O&c.
moved more than &c away from SIC. An
attempt made by several of the bull
traders to stir the pit into action and, in
cidentally, force prices up early in the ses-
sion but their efforts met with little re-
sPonse and the market became very dull.
Shipping demand was poor, with what bids
that were received 1Ac cut of line. Receipts
were $40 cars. May opened shade lower
changes from that to 36Ac, finally closed at
SIC buyers.
Oats possessed the same characteristics as
the leading markets There was inquiry
in futures than any day during the last two
months. Receipts were 221 cars. May be
gan a shade higher at 27Ac, sold at 271s@
276sc rose to 2i1sQD27Ac and closed at 27bsc.
A decided Improvement in the shipping
demand and higher prices for hogs helped
provisions Buying by commission houses
with foreign connections resulted in a slight
advance all around. The shipments for the
week amounted to - Sol, ,G00 lbs of meats
and 100000 lbs of lard. The range in pork,
lard and ribs was of the smallest possible
kind
Estimates for Monday: Wheat, 40 cars;
corn 400 cars; oats, 200 cars; hogs, 10000
head.
The leading futures ranged as follows: