The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-22

bearish- feeling gave way at sight of light
receipts and demand for cash wheat
more: urgent than ever The local mar
ket stood against the influence of Chica-
go where the strength was conferred and
September here changed only fractionally
on f1uctuations-coverin nc in Chicago
September. Not until Chicago spurted
full cent to TIC, did the local pit follow,
and then Minneapolis September went
from 661a 9665sc to 671sc on jump.
In the face of the great scarcity of con-
tract grade and all that has been said
here of the possibility Of a scramble for
wheat, the showing of only 1874 cars in
the Northwest, against 504 last year. and
only nine days remaining to Sept. /, was
enough to make the shorts extremely
nervous. How much of a short interest
there is in September is purely guess.
II there is heavy short line out. as
many suppose, then even with continued
good weather from now on it is hard to
see how there is to be a much lower
price range for September. The situa-
ton in the Northwest has been pretty
notW1ths standing it is only today that it is
being fully emphasized With the wide
difference between the September option
and the price of cash wheat, it has been
the argument that these will have to get
closer together by Sept. 1, and as cash
wheat continues holding very strong, Sep
temper e alsea has got to go up. Those who see
for september wheat on Sept. /. This
view, however, has appealed to many; a
good many Iightweights have turned bulls
whether at this writing there is not
enough long September wheat in the hands
of small lot traders to make a pretty good
stand-of for the heavy short lines. The
weather is most favorable and may mark
a permanent turn for the better, which
is long overdue. The danger to Septem-
Der buyers lies in a sudden turn of realiz-
ing that may bring on a sharp break, but
aside from this the situation is very
Streng.
At primary points S4S. 900 bushels were
pa fpaf 1ac CT a,,I
shipments were co., 900 bushels, against
546,0s0 bushels. Minneapolis had Isl
cars, against 412; Duluth, cars, against
w sss f'Fhe Price Current says the fine
corn prospect is not much changed al
though it has been too wet in Illinois and
Iowa and too dry in parts of Missouri and
Cfeafances totaled SIS, 900 bushels, which
was a fuptheu help tt9sfhe market.
September sold up, and with a sensa-
tionalh squirt in corn the markets held all
around against realizing. September
touched 67s4 c, but at the close was off
Nc Closing prices: September, 671ac; De-
wheat at the start was on unchanged ba-
sis, and most of it went early and did
not share the full benefit of the rise in
the option. No. northern sold at TIC
for No. 1, either spot or to arrive, while
new No. brought IA 6DT41kc Old No. 3
went at 1914 @75c, and new No. 2 at
73Ac. A little new No. 1 hard sold at
The following was the range of prees:
Wheat Open. High Low. Thurs. We'd.
May .......a.66& 675s 66A 81 is Ell;
See Hsst -:::s4: .:ss$ 81 SsS IL 81
On. Track : Official closing quotations
Aug: p: No. ]. hard wheat, 791kc; No. /
northern wheat, old, 791ac; new, 74%c; to
arrive IN AUGUST, new. 79kc; No. 3
northern Wheat old 74Ac; new, 73Kc.
TO arrive. new, Tic; oats, 323 @32%c:
eorny 5sA @59AeS rye,e.46%c barley, 3S6
SEC; fax, $1.42A; fax futures. August
$l,42; September, $1.36$4; December, 81 80
- FloprTEPrices ARE. hrmer and a trife
higher. There is little change In the gem
eral situation. Mi1lers are still Complain
ing Of the high premium for cash wheat
and of the difficulty of operating their
plants profitably under the circumstances.
The situations only temporary and will
give way to good business and heavy
grinding later on. rMillers say that while
the supply of wheat at present is extreme
!y light and 1t Is impossible to get enough
for full requirements, yet the situation is
hardly as bad as has been stated, and
after this week the expectation Is for
larger supplies of new wheat and an i'm
provement all around For the day shin
ments were 81, 557 bbls. First patents are
quoted higher. at $50. 95 04.05; second pat
ents, $3.80@3.90; first clears, $36D3.1O: sec
ond clears, $2.20@2.30.
Daily Wheat Movement.