The Saint Paul globe., 1904-08-30
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT GAINS 2 CENTS
SMALLEST CROP IN DECADE is BE-
ING TALKED OF
Market Is Very Erratic at the Start, With
Nervous Fiuctuations-Trade Become
Buyers and Strength Develops.


CHICAGO, Aug. 29.-Private reports in
dicating the smallest crop in a decade
gave impetus to a strong upward move
ment IN wheat prices here today. AT the
close December wheat was &c above Sat
urday's final figures Corn showed a gain
Of 1c- Oats were up 1sc and provisions
from 121sc to 15c.
Heavy worlds shipments, resulting in
lower prices IN foreign grain markets
caused weakness in wheat here at the
opening. Initial fluctuations on December
We're down as@Bc at $1.06A @1.O7. For
the first half hour the market was very
erratic, prices huctuating nervouSly. As
soon as the rush of selling was spent,
however. the domestic situation again
came into prominence AS 1t apparently
showed no improvement many traders,
ignoring, the large shipments to Europe
from other countries, became active buy
eES OF the deferred futures. AS a result
the market suddenly turned strong. A
report of local crop statistician stating
that the combined condition of the spring
and winter wheat is not above 70-the
lowest figures ever reported-was largely
instrumental in bringing out the active
demand: On the basis of official acreage
the total crop, according to this authority,
will be little. if any. above 500, ,000,000 bu.
The report. further stated that complete
threshing returns from the Ohio, Missis-
sippi and Missouri valleys have fallen con-
siderably short of the moderate expecta-
tiens entertained at the time the crop
was cut. In line with this report was
the figures of a Minneapolis expert placing
the total crop of milling wheat at 40, 000,-
900 bu. Much smaller receipts in the
Southwest were an additional. influence
that spurred on the buyers. The market
continued to gain in strength until De
cember had touched $1.0s1s. Realizing
sales caused a reaction, but the decline
strong with December at $LOsas. Sep
tember sold between $1.051s and $1.07N
and closed with gain of 15sc at s1.075s.
Clearances of wheat and flour were
Qrtl 10 h11 Thn an
sage decreased 1,496,00 bu and the visi-
BILE supply showed a decrease of 1886, 900
bu. Primary receipts were 1,472,705 bu,
compared with 1,071, 800 a year ago. Min
neapolis, Duluth and Chicago reported re-
ceipts of 164 cars. against 373 cars last
week and 701 cars year ago.
Corn Is Strong
In spite of lower cables and liberal re-
ceiptS, the corn market was strong
throughout the entire session. Heavy rains
weather were early factors that tended
to eOunteract the influence of weakness
of wheat. Later the market was sup
ported by bGllish crop reports. the close
being strong with prices near the top.
December opened unchanged to " high
eraat 50Bc to 51Ac, sold between 505sc
and 52Ac, and closed at 515sc. September
closed at 52%c, after ranging between
cars, with SS of contract grade.
In sympathy with corn the oats market
was firm. Good buying by commission
houses and shorts was the feature De-
cenber opened unchanged to mc lower at
33@33 &c, sold up to 35s4 c and closed at
33 &c. Local receipts were 381 cars.
2 Provisions were easier early in the day,
but buying by local traders caused firm
mess resulting in fair advances in all prod
aucts: A moderate foreign demand for lard,
higher prices for hogs and strength of
grains helped provision prices. Trading
was more active owing to prospects of
settlement of the strike. AT the. close
October pork was up 13ac at .471a.
Lard and ribs Were each lie higher at
$7.071s and $7.471s, respectively.
:. Estimated receipts for tomorrow:
Wheat 237 cars; corn. S76 cars; oats, $50
cars; hogs, 1900 head.
Range of Quotations
The leading futures ranged as follows:
Omen High LOW | Close