The Montgomery advertiser., 1902-07-08
Chicago Grain and Provisions

CHICAGO, July 7.--Following early casiness the grain markets rallied today on reports of additional rains in the West, September wheat closing lsdssc and September corn %c up. while September oats closed unchanged. July corn shorts bid the tied-up option to e4%. but got little corn for their pains. Provisions closed i0022hc higher.
 At the opening wheat sold freely on the good weather of the days when the board was closed. The stun seemed to come from all sources. St. Louis interests being prominent under this pressure. the price of September the opening to 73h. Here the pressure from sellers eased up and the market held steady for time. Later reports of general rains in ran the market up to 74c. The close was firm. hGssc over Thursdays close at 73%. Local receipts tthree days) were 9e cars. of con- tract grade Minneapolis -four days) and Du- luth tthree days) report 958 cars. making a total for the three points of .oe6 cars. Seaboard clearances in wheat and flour were equal to 657,oo0 bushels for the past three days day M Primary receipts !three day daysl were l. responding period year ago There was a heavy selling of September corn early on in weak however. May and December were firm Later September steadied the rain reports and reacted under fairly active buying. chiefly tween 6l and 62k and closed %c up at 62K. July corn. which is controlled absolutely by a coterie of speculators. had fit of mysteries for a very slight cause. There was little trade in the delivery and such there was was in the smallest possible lots. The market was unchanged to 21zc up to 77179iz and remained neglected around the top of this range most of the forenoon. The advlces of rains, however, frightened a few shorts with small lines to cover and they ran the price upl to S4% before their wants were satisfied. July closed 7c up at S4. The incident is of importance only as furnishing further evidence of what the controlling party can do if it wishes with those who are short of July. So far as can be learned. the big shorts have not covered. This may have been done in indi- vfdual cases, however. without the public learning of the facts. Meanwhile this delivery is liable to execute wild fluctuations every time some belated short tries to cover 5000 or 10000 lot as was the case today. Local re- ceipts for three days were 335 cars.
 Oats were ''sick" early. getting %@lh under Thursday. but far months recovered late in the day on the corn strength and predicted show CTS. July closed lc lower in sympathy with a drop in cash prices. Opening trades were over a wide range and while the furry lasted chiefly due to the improved weather of Thurs day, Friday and Saturday. The rains today and yesterday with predictions of more caused buying later and a little recovery shorts com ing in freely The easiness of the cash mar ket, however, worked against such advances sold between 34h and 33h and closed un- changed at 34h Receipts were lSo cars for three days
 Provisions opened strong and in the main ruled that way throughout the day. As a sharp advance at the yards together with the ences. The advance disclosed considerable short interest which did most of the bidding September pork and September ribs closed I0c higher. while September lard, the strongest on the list. showed a closing gain of 22h.
 The leading futures ranged as follows: