The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1900-05-24
THE UNEXPECTED
HAPPENED IN GRAINS.
WHEAT, AFTER 4 LOWER
START, IMPROVED IN PRICE.
Corn Made a Fairly Strong Start,
and, Like Wheat, Advanced
Sharply Later in the Day.
Office Republic.

was TO take place later. and tn sudden
and unlookcd-for squirt that marked TIE
closing half hour. ana which sent prices
up sharply, was in the nature OF a sur
prise 10 the trade. While no great impress
sion was made on prices This morning the
tendency of the different markets after
they got fairly started wa- toward u
higher level and a fairly strong urcvrtche
was shown. The situation early MAS GuiEt
and unevsntfui. traders apparently mold
;.s OF and awaiting more definite develop
.,c~;s upon which 10 base their future &c
n- These We're very SLOW in coming
an. " some considerable time after the
Opening there was little that was inter
estine in the actions OF the two principal
speculative markets. During this period
Dit operations were small. and there were
times when hardly a trader could he found
in the pit. so extremely quiet was specula-
ton. The ark however. exhibited a
very fair undertone OF strength. such re
c~essions as took place being SINAI! and
quickly recovered from. This state OF az
fairs continued until near the close, when
there was q sudden flare-up on an OUT
hurst of hullish enthusiasm. due 10 SOM
very strong advices and a sharp bulge that
landed prices 1t tha top and closed them
at or near there.
The wheat market at his point this
morning displayed no snap or energy. and
for some considerable time after II opened
was in a sericomatose condition. from
which it did not fully recover until shortly
after the hour of noon. when there was
a wild and unloOked-for development OF
strength and an advance of a full cent
from the opening price Cor July. and a cor
responding bulge in ali other options. while
She actual close was within u small frac-
lion of tho host p-faaC OF the day
Tn initial domestic and foreign advices
were not altogether favorable for the bulls,
but they did not have any material effect
upon values, the market being well support
ed by buying orders which were sufficient
to about clean up all the early offerings.
The unfayorable advices consisted Of rains
in the Northwest, which section has been
badly needing moisture for some time. and
Indifferent ard quiet cables. with Liverpool
reported I'D OF and London unchanged.
The rains and cables started a few weak
kne"d uauers - selling ana enough wheat
came out al the start to open. July was
sc lower, at o,ssc, from which there was a
further lot-GOnE 10 s.c. Then came reports
of renewed complaints OF DAMAGE 10 the
south Russian crop and less encouraging
advice5 concerning that of France, which
seemed TO be confirmed by d Paris cable
quoting an advance III that market equal
TO &c, Hour being reported 81 to % confines
hiSner- The Government weekly REPORT did
MOI Indicate tiat the situation WAS n amy
way alarming in spring wheat. but it Cid
partly confirm the damages wrought by the
iy IN Missouri and Illinois. There was some
good buying at tae decline that character
iZed the send-on hers and it became SO
urgent when the Paris cable was received
That July at once advanced 10 6!iac and
sept brought ehc- There was little en-
~ccuragemeRt to be gotten out OF other
Continental cables. neither Berlin nor Ant
Werp showing any fears over crop cCudi-
tons and remaining unchanged, while
Buda-Pesth was reported lc lower. Liver
pool improved some, but closed only I'D
better Tor the day The export ciearances
for the day were encouraging at 800, 20 bu.
On reports or rains in North Dakota ana
Minnesota where they have been badly
needed, there was q slight weakening of
from the top. but as there was no pressure
TO sell, and the bulls stood ready to buy,
IL was OF no Significance.
During the last half hour Of the local ses-
SION there were unInistakabls signs OF
strength. owing TO the general buying. The
Two reading markets OF the West. 81 Louis
and Chicago, were bullish. and traders We're
ready ana willing to take advantage OF
everything OF a buliish nature that came
along. Northwest weather conditions and
foreign crop advices were stimulating condi- |
tions .ate in the day. and added fuel 10 the /
buli fires. There was also some cash inf0r-
nation that gave them great help, big bust |
ness being reported at Minneapolis, and TO-
800 bu- taken at Chicago, but Oniy 4 loads |
Tor export III anything. St Louis was more
publish than Chicago. which was indicated |
by the way they took hold and bid July up
10 tsc. AT which IL sold. while the close was |
sda&c higher for the day at 673sg6sc buyers. !
Sept. sold and closed &c up at 6sl2c. Aug. |
was n~oTninaiiy &c better at 6l:.c and May |
ac higher at l0l2c. !
There were buliish advices enough this |
morning TO give the local corn market a |
much stronger and more encouraging send |
off than thar undergone by the higher 1
priced cereal. and the buying was urgent !
from which il advanced TO 35ssc. The |
Strengthening news consisted OF The Gov
ernment report, which did not show a very |
favorable condition Of affairs in the crop |
as heretofore has been believed, and the |
weather conditions were such as TO greatly |
encourage those ranged on the bull side. /
What was OF more Importance, however, |
was the strength shown by foreign markets /
and the fact that Liverpool closed al
higher for the day. Receipts continue small. |
the total arrivals at Western markets foot |
ing VI to only 2oS.UJ0 bu., against $500 hu-
year ago. including 300 bu- here. against
50. 30 bu- last year The shipments were
1870 bu- and the expor; clearances from
and Gulf ports $500 bu. This
market held up remarkably well throughout
the session. There We're a few recesslJnS- |
but they were of no real Significance and
the late sharp upturn IN .wheat gave corn
strength, as did the export sales
al the seaboard. which we're % loads. Spec
alation was still quiet. however. traders at
being taken up with the more 4c-
tive wheat, bu; July sold AT &c and 3.d"iisc ]
at enc time bid. though the Close Was
at that asked, which WIS &ufsc higher |
for the day. Nothing was done IN May ami
Sept. which closed nominaliy i2c and $4C
at &c and 31asc respectively.
There was very little trading in oats to-
lay. Dut the siluallDl WIS very uu.H
stronger in sympathy with the advance in
corn. Western market receipts were posted
II AS, 60 bu., as against $4,000 Blu last year:
+. coo bu. were received here. against -. +J
ou. a year ago. The shipments from West
ern markets amounted To $4,000 bu- and
he export ciearanCes to 6S,o0 bu. There
were no sales made to-day in any of the
options, but the close was at slight gain,
July and Sept being sc bette: at 2lisc and
2124c respectively, and May nominahy I'M
hanged at S%4c-
Trade Gossip.
The special weekly report OF the Departments
Of Agriculture says Of c-up conditions: in
states of Lower Missouri and Upper Mississippi
valleys corn experienced less favorable conditions !
than the previous week. Owtrg TO prevalence OF
Iow temperatures and excessive moisture. In
finished, and in Wisconsin and Michigan well
More numerous reports OF injury TO
wheat by Hesslan fly are received than
IN previous Week, especially IN States Of y+ie
Ohio and Central Mississippi valleys. but other
wise the crop has made satisfactory advance
nlent. although rank growth is reported from
rrtis .S Of Nebraska and Texas. Over the north
Do sa..Iun of the spring wheat region rain gen.
aiy needed. especially for late sown spring
wheat, but over the southern portion the crop Is
ioing well. oats have made SLOW growth in the
upper Missouri and Red River Of the North val
Ieys. Generally throughout tire Gulf States. Lower
and Central Mississippi valleys. out
continues satisfactory. The fruit outlook
encouraging. although apples are drop
ping quite extensively in the Lower Missouri.
Central Mississippi! and the Ohio valleys, and
IN some Of the Southern States.
A Wayeriy. Ill. man writes that hardly Is
per cent OF the wheat crop IN tina; section viii
he left TO be harvested. Not alone wheat. but.
1ats. he says. are being piowed up and the ground
put in corn.
Nj. lillian Goodwin. the Argentine crop
authority. now says that country will expor:
FULLY as much wheat as last wear. when NOT f1ss