The Saint Paul globe., 1904-06-30
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
WHEAT SHOWS A GAIN
DAMAGE BY RAIN is REPORTED IN
THE SOUTHWEST
This BuiIish Development Follows Bear
ish Period With Heavy Undertone-Re-
port of Minnesota Expert Is Partially
Confirmed

CHICAGO, June 29.-Reports of dam
age by rains in Kansas and Missouri
caused strength here today in wheat.
September finished with a gain Of " fAc.
Corn is up Sc Oats made net advance
or BQAc. Provisions show a loss OF 21z
@7Hc.
While sentiment in the wheat pit at
the start was quite bearish as result
of lower cables, reports of additional rains
IN the Southwest prevented any great
selling pressure. Initial quotations on
September We're a shade lower at 801kc.
Considerable liquidstion soon developed in
July. There was also much changing
from July to September. Affecting bear
lSnly the nearby delivery. The weakness
OF July had a depressing influence on the
distant futures, causing September to
sell off to 80Ssc. An absence of outside
speculative interest emphasized the heavy
tone prevailing. Toward noon, however,
'rumors OF adverse reports regarding win
ter wheat were circulated. Buying by
houses supposed to have these reports
started the market on an upward course.
News from the Southwest was especially
pullish. A Minneapolis crop experts re
port told of damage by rain to wheat in
Kansas and Missouri The statements Of
this authority were partially confirmed by
the report of another expert which stated
that from a recent survey of conditions in
the Southwest big reduction in the
winter wheat yield must be made An
additional bull factor that influenced trad
eTs during the last half hour was a re-
port from Kansas City to the effect that
a severe storm was in progress in Okla
hOma. The market closed strong near the
high point. final figures on September be-
ing at SlAc, after the price had touched
81% @61hc.
Clearances of wheat and flour were
equal to 19, ,264 bu. Primary receipts We're
212900 bu. compared with 307. 100 bu
year ago. Minneapolis, Duluth and Chi
cago reported receipts Of 208 cars. against
1S5 cars last week and 100 cars a year
ago.
Corn Rises Likewise
A feature of trading in corn was Iiouida
ton of July and the changing from that
month to later deliveries. AS a result of
this selling the nearby option was rather
weak, but recovered most of the loss near
the close. The September delivery was
firm. influenced by the strength Of wheat
and by bullish crop advices Small re-
celptS and good cash demand further
aided the bulls The market for distant
deliveries closed strong and at the high
point. September opened unchanged to
shade lower at ASH to 48K @4S3kc. sold
between 4S1sc and 4S5s @4SAc and closed
at the top. Local receipts were 172 cars,
with Il of contract grade.
:. A steady tone prevailed in oats. Some
liquidation of July caused an easier feel
ing at one time. but when wheat became
strong shorts bid the price of oats up to
yesterdays close. Outside of the mod
crate selling of july there were few Of
ferings in the pit. September opened un-
changed at 31Bc, sold between 31%c and
S2!sc. and closed at 32@321kc. Local re-
ceiDts were 62 cars.
Provisions were easier on general
liquidation. Commission houses were on
both sides of the market and there was a
fairly large trade. Covering by shorts
caused a moderate recovery. but closing
prices were lower an all products Sep
tember pork being down 71Sc at $12 821b.
September lard and ribs We're each off
215c at 81 05 and 81 so respectively. Es
tin1ated receipts for tomorrow Wheat.
IL cars: corn. 253 cars; oats. 119 cars;
hogs 27.000 head. The board OF trade
will be closed July and f.
Range OF Quotations
The leading futures ranged as follows: