The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-04-12
BULLS RULE TRADE
CONFLICTING INTERPRETATIONS
PUT ON GOVERNMENT REPORT
ON WINTER WHEAT
ALL GRAIN ON UPWARD TREND
Provisions, Too, Close Five Cents
Higher, and Oats, While Puz-
cling Commodity, Score
an Advance.
ALL GRAIN ON UPWARD TRENT
Closing.

CHICAGO, April u.-Conficting inter-
pretations put on the government crop re-
port of the condition of winter wheat
on April /, made active and irregular
and aided by rapidly developing bull
ish situation for corn in the Southwest,
everything ruled firm. May wheat closed
%Q7sc up, May corn 7905sc higher, and
May oats unchanged. Provisions closed a
shade to sc higher.
Prices in wheat had q good upturn ear
ly as a result of the crop report and
strong cables, the latter probably re
fiecting the foreign Interpretation on the
crop report. Traders had expected a
bearish report yesterday but the curb
action had prepared them for an ealy
bulgeA May started &c to &c higher at
723sc to 7214c, but as is customary on re-
port days, the crowd sold and May dipped
to 717sc.
Speculation was rife as to just what
way to take the report. The department
set the April condition at 1871 compared
to 91.7 a year ago, the lowest condition
with three exceptions in fifteen years. The
6 De IT, Yield ne SUGGESTED by the report was
AIS, 900, 600 The department did not revise
its figures on acreage from the previous
estimate in December Of 32,000.000 acres.
Trading Ends in Bull Market.
The department, however, promised to
revise the acreage May l. and with the
knowledge that Kansas has plowed up
,00G acres and the probability of at
least half as much more similarly treated
in Texas and Oklahoma, traders figured
that probably the acreage harvested this
year would exceed by only a small mar
gin that of a year ago. If the acreage
is brought down to last years level, the
yield suggested by the report will be only
$4,000, coo blu. This evidently was some
thing Of the Interpretation put on the re-
port by the country.
After early selling by the trade which
followed the custom of twenty years
ana tried to knock down the price, a real
bull market started. The outside mar
kets had held to the bullish opinion, cash
wheat had worked into better position
and the crowd that was carried short
early hurried to cover. Duluth reported
a good demand for both Duluth and Man
1toba wheat for export, with 25 loads sold;
the seaboard took loads, and Chicago
worked Is loads.
Corn, developed Independent strength and
helped in the upturn. The professionals
had to come into the bull line, and the
result was a squirt of May up to 73c This
figure netted good profits to the bulls
who have consistently bought on the low
May prices, and consequently there was
free liquidation late that took off some of
the gain. Receipts continued very small
and made one of the factors in the adj
vance.
There was greater interest in the mar
ket than for some time past.
Corn, Too, Goes Up a Bit.
At the close May wheat was firm, 81
Bc higher at 725sQ72Ac. Local receipts
were II cars, none of contract grade;
minneapolis and Duluth reported 1856 cars
or total for the three points of 1877,
against 237 last week and 231 a year ago.
Primary receipts were zS6 900 bu against
3l5,CO0 blu last year. Seaboard clearances
in wheat and flour were light, and equal
ed lZ6,0O0 blu. Argentine shipments were
l,V'6OC0 Blu, compared with /, 344 900 bu a
year ago.
Early trade in corn was much the same
character as that in wheat. Prices were
higher on cables and the wheat strength.
but there was an easing off as wheat re-
acted. About the time wheat began to
advance theoretically, however, corn de-
veloped lot of bul1ish news. st. Louis
and Kansas City were bulling and were
very strong. The latter point was pre-
dieting bull movement on the cash
situation.
Stocks everywhere seem to be rapidly
vanishing. In the West they are almost
NIL, and receipts do not supply the de-
mand. There was a good cash demand
today; the outside set to buying and at
no time were offerings liberal. The large
interests that were in the market re-
Gently began buying September freely,
shorts covered and prices turned up again
to the COS. May jumped from low mark
at 5SAc and touched Coo. Late profit
taking eaSed the market and May closed
firm, 1a615sc higher at 595sc Receipts
were only 48 cars.
Oats Pit Is .PuzzIing.
was a puzzle to traders May was Of
fered in liberal quantities, which lent an
air OF mystery to the trading. Some
Spectators thought the big holders were
selling cut; others said it was merely
'tailers." On the lower prices receiving
and commission houses bought in and the
market assumed better tone than for
some time. The strength in corn ana
wheat aided.
There was excellent buying in Septem-
beT, which sent prices up well. There
was little reaction before the close and
May, after having advanced from 4l1@c
to 4212c. closed unchanged and steady al
ACC. Receipts were rs cars.
Provisions were strong all Gay until
Just before the close, wnen profit-taking
took off some of the gain. Grain strength.
the highest prices of the year for hogs
and commission house buying for the out
side account, were the factors in the
early upturn. Scalpers Sold shorts COW
cred. The pit was not particularly active,
but showed a fair amount Of energy Nav
pork closed sc higher at 1855; May lard
a shade higher at S9.67b, and May ribs q