The Montgomery advertiser. [volume] (Montgomery, Ala.) 1885-1982, 1904-07-30
CHICAGO GRAIN AND PROVISIONS.

CHICAGO, July 29.-Damage reports
from the spring wheat country were per-
a strong wheat market today. At the close
September was up u 91Ac. Corn and oats
each gained hc and provisions IL 615c.
Sentiment in the wheat pit was decidedly
bullish at the start a result of an at
tempt on the part Of scared shorts to cover
July sales. The cause of the urgent demand
was report that large quantity of wheat
in private elevators which shorts had ex-
pected to cover on July contracts had been
rejected by the inspection department
This necessitates bidding for the grain in
the pit. There was little for sale and in con-
sequence the price was forced over IL C
above yesterdays closing quotation. The
action Of the July option gave support to
the distant deliveries. September opening
with a gain of &c at son ds9N. Toward
the end Of the first hour the market had
eased off somewhat on profit taking, Sep
teuber being down to S91S9b. The reac-
tion. however, was short lived. Alarm over
the European political situation allayed
early in the day by a rise n English con-
soils was stirred up afresh by a subsequent
shorp decline in those securities. About the
same time the majority reports from the
Southwest and Northwest began coming in
and caused additional anxiety among, shorts
report that Northwest country niHs can
take all the new wheat offered from NOW
on caused renewed buying. An official fore
cast Of thundcrstorms increased the bullish
tone. as did numerous advices from KAN
sas City claiming q decrease in receipts at
that point. On the bulge that followed Sep
TENDER advanced to 90&, but part of the
gain was again lost on realizing. The mar
ket, however. closed strong with September
at COX G90%. Clearances of wheat and
flour were equal to 1880 bushels Exports
for the week, according to Bradstreet's
were 1873. 900 bushels. Primary receipts
were $4,000 bushels, compared with SIS 900
bushels year ago. Minneapolis. Duluth and
Chicago reported receipts of 200 cara
against POI cars last week and 1877 a year
ago.
Strength of wheat was the main factor
in the corn market although there was
some purchasing for long account late IN
the session on rumors of a possible Euro
pean war. Liberal receipts and an increase
In the primary movement together with ia
vorable reports were bear factors The
market closed near the high point of the
day. September opened unchanged to hc
higher at 49S @49h, sold between 49A
and 49& 949% and closed at 1875 Local
receipts were $50 cars, with Fl of contract
grade.
The feature of the trading in oats was
an advance of Nc in the price of the July
option. The sharp rise occurred during the
first few moments of trading and was
ferings. The market subsequently was quiet
and firm. September opened unchanged to
a shade lower at 334331s. sold between
32 4 and 33a and closed at 33l4 D33Ss Lo-
cal receipts were 96 cars.
Provisions took on fair strength owing to
moderate purchases by brokers for the ac-
count of prominent packers Trading was
Der E2clS and ribs We're each up 121a a 15c
at 10 0S4s and 10 respectively. Lard was
up nc at 7.05.
Estimated receipts for tomorrow: Wheat.
100 cars. corn. 1856 cars; oats. ioT cars;
hogs, 5000 head.