The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-06-08
WHEAT TURNS UPWARD
VISIBLE SUPPLY DECREASES GREAT
LY AND CROPS SUFFER
Decline Occurs at the Opening, Due to
Better Weather and Easier Cables
Then Prices Advance, But the Offerings
Are Not Large-Corn and Oats Rise

CHICAGO, June IA large decrease in
the worlds visible supply was perhaps the
principal bull influence in the wheat mar
ket today. Crop damage reports from the
southwest, however, were almost of equal
Importance Final quotations on July
wheat showed gain of 5s@Ac, Corn is
provisions 15c to S71hc
improved weather conditions and easier
cables caused a small decline in wheat at
the opening. initial sales of July being
active demand from shorts and good COM
mission house buying, sentiment soon
changed. Much smaller receipts in the
Northwest had an important bearing on
the early situation. The tenor of the crop
news from the Southwest also was gener-
ally considered quite bulliSh. An official
forecast OF more showers for that section
brought out additional buying orders. Of
feringS, however, were not large, and as
result prices steadily advanced. The mar
ket was further strengthened by the
worlds visible supply figures, Brad
streets report showing a decrease in
available stocks of 1000, 900 bushels. There
was some reaction on selling due to ex
pectationS of beariSh Illinois crop report
but the declining tendency was soon
checked and prices again started upwards
Strength on corn was a help to the late
ports of big crop in Manitoba caused
some realizing resulting in another set
back. Sentiment, however, continued
firm. The high point on DULY was reach
8814c.
Clearances of wheat and flour were
equal to $500 bushels. Primary re-
ceipts were 352, 100 bushels, compared
with PSI. 500 bushels a year ago. Mime
apolis, Duluth and Chicago reported re-
ceipts of 246 cars, against $40 cars last
week and 3O4 cars year ago.
Good Rally in Corn
Under active covering by shorts rally
of about a cent occurred in corn With
of Iar riNYa1lY niTNtC
the news of the day was extremely bull
iSh. Receipts were 800 cars less than the
number estimated, cash prices were up l
to cents and the weekly weather bureau
report showed the crop to be in very
backward condition. A forecast of more
rain in the corn belt also helped to in
crease bullish sentiment July opened
shade lower to Is @Ac higher at 1850 to
4S7sc, sold up to 495s @49Ac, and closed at
49he. Local receipts were 667 cars, with
SO of contract grade.
Cats were quite dull, but stubbornly
firm. Strength of wheat and corn was the
main sustaining influence. There was no
attempt made to sell on the beariSh week.
~ government report, scalpers apparently
being afraid to take the short side. July
opened unchanged at $3.50, between 1895
@394Rc, and 40c, closing at 1914 @397sc. Lo-
cal receipts were 20S cars.
Trading in provisions was more active
and the market manifested greater
strength than for some time past. There
was an urgent demand from shorts and a
prominent packer also was d nedVy puF-
chaser. Light receipts of hogs with a
firm market at the yards was responsible
for much of the buying. The close was
at the top, with September pork up 3732c,
at $12 .325k. September lard closed with a
gain OF 15c at IS. 80. Ribs made an ad-
vance of 1718c, closing at 81 .1212 OF. ID.
Estimated receipts for tomorrow: Wheat
So cars: corn, 326 cars; oats, 81 cars; hogs,
38, 900 head.
Range Of Quotations
The leading futures ranged as follows:
1 Omen IIiph I .0W | Close