The Montgomery advertiser., 1902-08-13
Chicago Grain and Provisions


CHICAGO. Aug. I2.-Today was bull day
in both grains and provisions and everything
went up. The Government crop report, which
a disappointment to the bears. was the
cause Of the upturn. shorts were frightened
and covered freely n everything. Sellers werc
scarce in wheat and in spite Of good crop con-
ditions the brisk demand to secure prohts es-
pecially In corn sent wheat up &c and corn adj
vanced 2&. At the close September wnest
was I%9i7. up: September c'rn iss hIgner
and September oats tdiB advanced. Pro
visions closed unchanged II SOC higher.
1t was a revival Of bull confidence and fear
en the pert Of the bears that put through
heavy business in the wheat pit. TIE general
impression prevailed that end Of the bear cam
paign had not come yet and strangely enough
the low prices of this campaign had come be-
fore the Government. report Usually Cow
eminent report is followed By depression. The
case was different today. Whereas thu est
mate Of a Spring and Winter wheat iop Of
about ESQ. 600. 900 bushels had gained Gre
dence, the Government sugg sted only $40
COO 900 bushels. Foreign markets gave the
report a huilish Interpretation and sent highe:
quotations and the Northwest hal lighter re-
ceipts Primary receipts were heavy. the
weather was good and ordinary conditions as
bearish as before the receipt OF the report.
Coarse grains, however, also had an upturn.
selling was almost nil and buying for the
support of September was SO vigorous that
shorts bid prices up hurrie1ly. New York and
St. Louis were in the market heavily on the
buying side and there was good commission
house demand. Arrayed against the bull move
go boat loads were taken for export at sea-
board points and 500. 900 bushels sold for ship
ments here later worked against the slightly
bearish incentive and resulted in much
stronger upturn There were several lapses
from high prices the advance, but the close
near top figures. September opened MIA
to hflfs higher at 67& to sly. soId to 6els
and closed strong, t;kGI Mc higher at 90. Re-
ceipts, 4so cars, contract; Minneapolis and
Duluth reported I32. total for the three
points Of 622. against 7Ie last week and
667 a year ago. Primary receipts We're as
600 bushels. compared to 100000 bushels
last year. Seaboard clearances equaled 323.-
900 bushels.
Corn showed much strength partly because
the Government report showed per cent.
reduction since July |, but principally
heavy covering by great many shorts who So
cured handsome profits. Most Of the business
was in September The market was influenced
by frosts very small receipts and the strength
in wheat Cables were lower due to liberal
Americ an offerings and at times had influence
enough together with good crop news to cause
slight breaks in the advance. Commission
houses bought liberall-'. In the main. how
ever. corn traders ignored figures. cables and
the generally good weather and bulled the
cereal of sentiment, The trade was full Of
stop loss orders which came out freely from
those pressed IN the short side. Conservative
traders said conditions for the crop could not
be better. September sold as low as 5oh and
jumped to 52%. closing strong l% up at 52h
Receipts were So cars.
There was no influential buying in oats, but
prices responded quickly 10 the buiiish senu-
ment in the other pits. September sold from
20 TO 3o% and closed firm, l9lh up at so
G3ols, Receipts. $40 cars.
Provision houses bought fairly and prom-
nent bulls taking May. The strength in
and wheat was the principal influence
Provisions were irregular. Heavy covering In
the distant months and an absence OF selling
prs ssnrc worEed egenist 'nwer prices for hogs
The demand was not heavy. but huyIng orders
came In insufficient quantities to put good
strength into the market. Several reactions
occurred, but the grain strength held prices
up. September pork clcsed 3oc M at sic 80
September lard unchanged at SIo55 and Sep
TENDER lbs 22ac up at SO 80.
The leading futures ranged follOws;