The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-16
CASH WHEAT DEMAND
STRONG ENOUGH TO BUOY UP SPEC,
ULATiVE PRICES
Rearlsh Sentiment Attends the Opening Of
the Market, but Buying of July From an
influential Quarter Lifts Prices and
Close Is Very Strong.

CHICAGO, March 15.-An unusually
active demand for cash wheat buoyed up
speculative prices today and caused q
strong finish. May wheat shows net
gain of 5sc and July A@1ssc. Corn is up
1ac, oats are off &c Provisions are un-
changed to SC lower.
Bearish sentiment pervaded the wheat
pit at the opening. the cause being lower
Liverpool cables and liberal Northwest
receipts Initial quotations on May were
off 14e to sc at 96Ac to $3.50. July-Was
down AQasc to Hose at 917sc to 81 sse.
In absence of any material support the
market developed greater weakness, May
declining at 955ac and July to 907sc. On
the slump there was good buying Of July
from an influential quarter. The demand
was SO persistent that prices finally
yielded and started upward. Shorts COW
cred freely on the bulge and there was also
a good commission house demand. The
advancing tendency was coincident with
an unusually strong cash demand and
f1rmnesS in outside markets. Reports OF a
remarkable scarcity of cash wheat and OF
the strenuous efforts millerS were making
to get material for grinding were pro-
nounced factors in creating q strong tone
during the last hour. One Of the reports
was to the effect that st. Louis has sold
200, 600 bushels of wheat to go to Mime
apOliS. AS the session drew near the end
offerings were hard to find. In view of this
condition and the active demand. closing
prices Were at the tip-top, May 971ac, and
July 93c.
equal to As, 100 bushels. Primary receipts
were 500, 600 bushels, against 453 900 bush
els a year ago. Bradstreet's worlds yisi-
Bile showed a decrease of 100000 bushels.
Minneapolis, Duluth and Chicago reported
receipts of 443 cars, against BIG cars last
week and 270 cars year ago.
Corn Is Helped by Wheat.
Heavy selling of the, July option char
acterized early trading in the corn pit,
and in consequence the market ruled
1cx~-
the result of lower cables and weakness In
wheat. A good demand, however, soon
developed for the May delivery. with one
of the principal bull traders the leading
buyer. A, firm tone soon became manifest
and as the season advanced the frmness
turned to strength. The improved tone in
wheat was a late factor. The close was
strong and practically at the top price.
535sc.. After selling between 531ae and
54as the close was at $3.50. July ranged
between sic and 5214c and closed at 52Ac,
with a net gain of A@3sc. Local receipts
| The action of the other grains was largely
the dominating influence in trading In
oats. There was considerable selling of
May. early in the session, resulting in a
weak tone. Later the market became
f1rmer in sympathy with wheat and corn.
Buying by shorts and commission houses
caused a recovery of nearly all the early
loss. The close was steady. at a small
decline. After opening 1sc to i2c lower
at 405sc to Ale. May ranged between 401s
@4014c and Ale, and closed at 41c. July
closed with loss Of Is &c at 39@391sc. Lo-
cal receipts were 299 cars.
The weakness In grain brought out SELL
ing orders in provisions early in the day.
For time the market showed some
weakness, but with the advance in wheat
and corn better demand for hog products
developed. resulting in a steadier tone.
The close on May pork was a shade lower
at $14@f4 02a. May lard was unchanged
at ST % and ribs down SC at S7.221a.
Estimated receipts for tomorrow:
Wheat, 10 cars: corn, no cars; oats, 115
cars; hogs. 81, 900 head.
Range Of Quotations.
The leading futures ranged as follows:
Open. High / Low. Close.