The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-02-21
HEAVY CHICAGO LOCAL sPECULA-
TIVE SUPPORT THE PRINCIPAL
CAUSE OF STR ENGTH
CORN WENT OFF A NOTCH
After Dominating the Market for AZ
Week, the yellow Cereal Is Back
in Second PIRce-Oats and
Provisions Stronger.

CHICAGO, Feb. 20.-Influential local
SPECTATORS were active supporters of
the wheat market today and the close
was firm. May Ad12c higher. Corn was
comparatively quiet. The market With
stood considerable selling pressure. and
closed ZGJasc improved. Oats at the
close We're 4sc better and provisions &c
to 10d l2lac up.
Indifference of the Liverpool market
gave rise to expectations of lower prices
Tor wheat here, but the tap of the gong
found offerings valued somewhat higher
than they were at the close yesterday.
May opened unchanged to Ac higher at
T57se TO 755sc. The first batch of buying
orders being satisfied the market set
tied down 10 quietude for an hour. There
was nc ceiling pressure, however, and
the price held It's own. This was due to
the sustaining power Of moderate North
west receipts and the fact that large
areas Of the winter wheat belt is with
cut SnOw protection. There was even a
bit of gossip concerning the HeSSian fly
in Nebraska, but it is rather early for
that insect to be much of q factor in
fixing the price Of wheat. The bears
derived some comfort from an estimate
giving South Australia an exportable
surplus of $685., 900 bu This is a liberal
Increase on other estimates, and those
who sold short on the information had
reason TO regret it later, for there was
no want of buyers. Later in the buying
by leading operators, seabCard adViceS of
a better export situation and covering by
shorts, who W ere made nervous by the
sharp bulge TO 1850. a profit taking
movement led by one concern, which IL
quidated 100000 bu greeted the advance
but the close was strong May 3S6DJbc
over yesterday at 76G761sc. Exporters
-TIp0rted- % loads taken for foreign ship
nlents, While seabcard clearances in
wheat and Hour were equal to 1872, 900 blu.
Primary receipts aggregated $4,000 bu.
compared with $50, 0GU bu the correspond
ing day last year Minneapolis and
Duluth reported 2fS cars, against 687 last
week and 504 year ago Fresh arrivals
here We're IS cars, one OF which graded
contract.
= Germ relinquislled the leadership on
change after the first hours tradine.
having l;sld it undisputed for week.
May opened ltc higher at 4G5sc to 401bc,
under the influence OF light receipts. A
heavy volume of business was transact
ed. Operators who have bsen Hquidat-
ing were still selling, but were believed
TO be putting out short lines. The crowd,
led by an influential trader, bought
freely, and May, having dropped to 403sc,
reacted to 40Ac. The market became
quiet On this advance, ard remained ir
that condition to the end. The closing
Wheat strength helped to sustain prices
during the latter half Of the session. The
close Was jE6t3sc higher at 405sc Re
cejpts were 2IG cars, and of these but
two cars were equal to contract require.
meEtS.
Oats were fairly active within mar
row range. The wheat and corn
strength was influential for while gen
"a Npl4NA4lAtii4S dlIGGl1IlS luS supply anu
demand were unchanged. there wes good
buying for the local account. The lead
ing corr bull was also the leader of the
purchasing in the oats pit, and he had
Tor company some who were bearish on
corn. May sold between 252s6251hc, ana
2$4c. and closed &c higher at 255sG. Re
ceipts We're 40 cars.
The undeTtone of the provisions mar
ket vas strong, although business gen
orally vas quiet Hog receipts were
less than had been expected, and this
FNg m rod ri h
the strength of the grain markets, re-
suited IN an advance. which was firmly
held. May pork sold between slI07b
and SHE. and closed 100121zc higher
at lHGtl4. l25a; May lard between
$7.4i52 and $7.523sd7. SIS closing 755GtlOc I'd
a. 81 5214qi7 .55, and May ribs between
81 0I3%QI 10 with the close SC improved
al $40.
The estimated receipts for tomorrow
are: Wheat, is cars; corn, -255 cars; oats,
lS5 cars: hogs, 29G00 head.
There viii be no session of the Board
Of Trade Friday, Feb. y, Washingtons
The leading futures ranged as follows: