The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-07-23
WHEAT JUMPS UPWARDS
OTHER GRAINS ARE CARRIED UP BY
BULLS ACTIVITY
Provision Market Goes Off Badly and
Trade Is Almost PanIcky at Times
Corn Opens Weak, but Closes Strong
Oats Also Soar in Sympathy.

CHICAGO, July 22.-There was mark
ed variance between the slumping pro-
Visions market today and the highly man
ipulated condition of September wheat
that influenced sharp advances In all
grains in the face of bearish conditions.
Outsiders, tired of carrying the load of
lofty prices for the packing interests un-
loaded today with such vim that pork
broke 75c barrel. On the other hand the
rumor that a leading packer was under
September wheat pushed that cereal up
sharply. Sympathy id the vast and
July and September wheat closed &c up
July corn IA higher, September corn h
up, July oats &c higher and September
oats 11sc higher Provisions closed 22k
to Toe lower.
Trade in provisions, although not heavy
was almost panicky at times today. Hogs
much more freely of late, tempted by
high prices. Today's prices there slump
ed to figure soc under last Fridays
prices. Buyers were very bearishly in
fiueneed. The outsider who took on a
good load during the recent bull squirt
has grown quite tired OF the burden.
General liquidation, which set in to some
extent yesterday, was very marked today
There was vigorous trading on the part
of the professionals, but few SPECTATORS
wanted the stuff, so apparent was the
decline.
Packers Stop Decline.
Packers seemed to have abandoned
their present market until toward the
close, when a little stuff was taken to
sup tie dSC1liie september pork, WHICH
opened zoe to sc lower at $3.50 to $17.75,
plunged down SITS and closed Toe lower
at $780, September lard opened TIC
to 21sc down at s19.671A to s10.721z; sold
very weak 2214c lower at $10.52 1ac. Sep
TENDER ribs opened 71ac to &c down at
$1,000 to $10.65, sold at 1920 and closed
weak, 4212c lower at $10.25.
Shorts Hurried to Cover.
Wheat was very strong in spite of a
fjhln aar1u hrnak influenced nv
weather, heavy receipts and easy open
ing cables Immediately on the break a
demand sprang up and frightened the
shorts into covering as speedily as pos
Sible. Rains were predicted in the wheat
belt and a few late showers were re-
ported. Statistics with bullish trend
reported a decrease of 1928. 900 bu in the
worlds available supply and estimates
for tomorrows receipts were only $50
cars. The cash demand hung back
frightened by the prospects of big crops,
but the very low grading of the wheat
coming to hand was an added bullish in
centive Possibly as much as anything
to put gimp into September wheat was
the gossip that a leading packer was TAX
ing control of that option. Poor grading
reports came in from Kansas City and
ST. Louis and those markets bought fair
~ here. Trade was good and the close
was strong and near top prices. July sold
from 7512c to a. net gain of 75A@77c
September opened nc to 1s1Ac lower at
715sc to 715g @71ac, sold to re and clos
ed &c up at 725sc. Local receipts were
438 cars, only nine of contract grade
Minneapolis and Duluth reported 274 cars,
making total for the three points of
712 cars against the same number last
week and 764 a year ago. Primary re-
seeipts were bearishly heavy at 100000
bu, compared to $4,000 blu last year.
Seaboard clearances in wheat and flour
equalled 507 900 bu.
Corn Prices Go Up.
Corn started out weak on increased re-
celpts and big increase in the contract
stocks. Good weather and dull mar
ket also tended toward lower prices, but
there was practically no selling pressure
and a fair demand sprang UP at times
which. together with the wheat strength,
put corn prices up. After receipts OF
several hundred cars OF corn daily for
a fortnight the estimate of only 80 cars
for tomorrow helped the bulls There
was still marked nervousness over the
possibilities or squeeze in the supposed
fy dead July deal" Trade was generally
quiet July corn sold from SIS NC to 6715c
on shorts covering and closed strong, 1Ac
up at &c, September sold from 601c
to 61Ac and closed strong 1@1bc up at
611s@61asc. Receipts were 469 cars, 81
of contract grade. Contract stocks in
creased 907, 900 blu.
Oats had an upturn largely in sympathy
with wheat and corn. July options were
jumped from Gle to SIC and closed &c
higher at &c, thereby indicating that the
deal in this option was not quite dead.
September started weak on increased re-
as 33c. Shorts wanted the stuff, however,
and bid the price to a strong close Ia
1kc up at 1890.
Receipts were 1S4 cars, 40 of contract
grade.
Estimated receipts for tomorrow:
Wheat 100 cars; corn, 80 cars; oats, 65
cars; hogs, $4,000 head.
The leading futures ranged as follows: