The Montgomery advertiser., 1904-02-26
Chicago Grain and rrovisions.

CHICAGO. Feb. 25-Heavy purchases of wheat to-day on the probability of the Russo Japanese war being of long duration, sent the price of May wheat up to SI.oe. Compared with last nights closing, this figure show% a gain of 21tc and is a new high record mark for that delivery. The market closed with May up lc. and July %. May corn was a shade lower, oats hc higher and provisions 10 to 32hc higher.
 Higher prices in the English grain markets imparted strength to wheat at the opening. May started ia to lc higher at Sl.o7 to Sl .071z while July was hc lower to %c high CT at 96 to 96h. It was intimated in a pri- vate crop report that the weather in various parts of the country had been unfavorable to wheat. Although no real damage had been announced. the suggestion served to make the pit crowd rather nervous and there was some good buying on the apprehension of worse re- ports yet to come. Toward the end of the first hour the selling was of such an infiuen- tial character that the market weakened The leading long was said to have plenty of May for sale. while several large commission houses had liberal offerings of both May and July. May declined to Sl .o6%, and July held fairly steady at e6. As soon as the selling stopped the market became stronger than be- fore. Early sellers bought back while trad CTS generally had liberal buying orders The big bull interest on both sides of the market but 1t was believed more wheat was bought than sold for that account. Offerings became extremely light later Whether cor
 
 wheat supplies will be very limited before another harvest. This. coupled with the alarm In freight markets over what a spread of war may do, served to advance prices rapidly May touching Sl .oe and July 9s%c. Heavy liqul- dation occurred during the final few minutes The result was to suddenly carry prices downward, but the close was firm with May at $l .o7h and July at o91kc. During the day September wheat, which was around 9Ic last night was lifted to s4. Clearances equaied 2 l3. 800. Primary receipts were 4o4, 900 against 1898. 1000 a year ago. Minneapolis, Duluth and Chicago reported 253 cars against 299 last week and 3I7 year ago.
 Sentiment in corn was somewhat mixed. The market was influenced largely by the action of wheat, although small receipts and scare ity of contract were also factors. There was heavy selling by commission houses early which resulted in a rather weak undertone but liberal purchases by house prominent in wheat caused a strong rally. The close was about steady with May at 57ha57A. after selling between 57h and S9. July closed hC higher at 55*. Receipts -le9 cars, two con tract.
 The feature in oats was the heavy sellIns by one or two of the principal longs. Smaller holders were governed by the actions of tho big traders and sold freely. The strength ir wheat prevented a severe break Covering by shorts caused a firm close. May opened t tC %c higher. at 46h to 46Ac, advanced to 46%c declined to 45h and closed at 46hc Jul closed 1bc higher at 42kc. Receipts I2l cars.
 The feature was the buying by the packer, and the scarcity of offerings. The strength 1T grains. together with higher hogs, was res ponsIble for much of the buying. The clos, was strong. May pork closed 32hc higher a Sl6.5 57k; May lard was up loGI2hc a Ss. l2h. and ribs Sc higher at Ss. .o2MaS o5
 Estimated receipts tomorrow: Wheat 25 corn. 265; oats, l7o; hogs, 36, 900 head.