The Saint Paul globe., 1904-05-28
MAY WHEAT SHOOTS UP
SUDDEN SCRAMBLE OF SHORTS AT
CLOSE OF SESSION
This Props Up a Dropping Market, July
Also Closing at Gain-Deferred Fu-
lures Benefit by This ActiVity-Corn
Likewise Rises, but Oats Fall.

CHICAGO, May PA sudden scramble
by shorts sent the price of May wheat up
2Ac just at the close today. The squirt in
May straightened up a dropping general
market in wheat, the July option closing
1sc over yesterdays final quotations. Corn
SHOWS gain of sc. Oats are off trifle.
PROVISIONS are practically unchanged.
Under the influence of seasonabIe
weather and generally encouraging con-
ditions for growing crops everywhere, the
Wheat market opened easy, the July de-
livery being down 1sc to &c at Soc to
$3.50. Extreme dullness characterized
trading and had a tendency to depress
prices. On the other hand cables were
nrm and afforded some encouragement to
the bulls. The fact that the majority of
the exchanges throughout the country
would be closed tomorrow and Monday
greatly restricted the volume of business.
The absence of contract wheat here as
the basis of speculative transactions caus-
ed the abandonment Of trading in July,
as far as possible. except in the way of
evening up outstanding contracts. the
September delivery attracting increased
attention. A ST. Louis trade journal reg
lstered belief in the continued improve
ment in crop conditions, but traders ap-
neapolls was weak, and report from
there stated that all flour mills would
smut down for few days. During the last
half hour the May delivery became quite
active, the price advancing sharply on
covering by shorts. Deferred futures
benefited by this activity, the market be-
coming quite firm. After selling off to
$3.50, July rallied to $3.50, closing at
the top. May ranged between 96Ac and
SS1Rc and closed at the high point.
Clearances of wheat and flour were
equal to $4,000 bu. Exports Of wheat and
flour for the week, according to Brad
streets, were equal to 1,132. 900 bu. Pri-
mary receipts were 260, 500 bu compared
with 254 500 bu year ago. Minneapolis, Du-
luth and Chicago reported receipts of 126
cars, against 81 cars last week and 139
cars year ago.
Corn Is Bearish.
Sentiment in the corn market was quite
bearish, due to liberal receipts and to
prospects of a still heavier movement A
private crop report showing excellent con-
d1t1on OF growing corn and an increased
acreage favored the bears. There was
quite general selling throughout the day,
causing a considerable loss in values
Late IN the session on covering by shorts
fair recovery was made, July opened
3sc to 14c lower at 477sc to 4Sc, sold down
to 47$sc, and closed at 47%c. Local re-
ceipts We're 366 cars, with 40 of contract
grade.
Oats were quiet. but moved nervously
over g. narrow range Fine growing wealth
er had tendency to weaken the July and
September deliveries but May held quite
firm After opening unchanged to 1sc low
er at 38% C to 38Bc, July ranged between
1850 and 3S7sc. closing at 38A @38% G
Local receipts were n cars.
PROVISIONS We're strong early in SYM
patny with higher prices at the yards. but
the market became easier on ofit-taking
all Of the grain being lost July pork
closed 21ac lower at $11 .321s. July lard
was unchanged at $3.50. Ribs We're of
2Rc at S6 .55
Estimated receipts for tomorrow:
Wheat, 10 cars; corn, 618 cars; oats, las
cars; hogs, 10000 head.
Range OF Quotations.
The leading futures ranged as follows:
Omen I EJiOh 7 ow CIoco