The Montgomery advertiser., 1904-08-20
CHICAGO GRAIN AND PROVISIONS.


 CHICAGO. August 1s.--Rains in wheat fields ready for the reaper shot prices up here today to figures not heretofore reached in this years trading. Wheat for septem- vance of axe. and December went to .12s or 4c over the previous close, and May touched 1.14H, jump of 5hc. The close was strong at about cent under the top figures of the day. Corn, in the face of high wheat values. closed 1c below yester- days final figures. Oats are down a shade
 From the start both the public and pro- fessionals in the wheat trade appeared inn bued with bullish enthusiasm and bought early and wildly. Initial trades were at advances of 1a a 2c for September at .0S G1.osh and K a17sc to 2h @2%c for De- cember at 1.09A 91.0s%. There appeared to be many causes for the higher market, though the most potent of them did not be- come operative until the session was well under way. There were rains in Manitoba and the Northwestern States which threat ened dire results in the fields spared by the black rust, where harvesting is about to commence or is actually in progress. Cables were higher and 1t was predicted that Texas millers would soon be in the market for wheat. In spite of these influences. the bears gained control of the early market and on heavy realizing sales prices receded to 1.o7% for September and 1.os1s for De- cember. Strongly contradictory reports on rust in Manitoba appeared for a time to cre- ate an uncertain feeling. With cyclonic force and suddenness. however, rever- sion of feeling came and pessimism seemed to seize upon all alike. The Northwest started the buying. message from a Minnesota point was to the effct that not a pint of grain was to be found in a plump wheat in 1000 acres" the telegram read. From that time there were relapses but only momentary ones and with each re- current advance new high point was reached. September, under the onslaught. was carried up to 1.10h and December to 1.12h. There was heavy selling at the top in the way of profit taking and values re- ceded from the high point through the weight of offerings. September sold back to LOSS. but began again It's upward flight when the selling orders had been 1.os%. December broke to 1.1O%. but re- acted and closed at 1.11%. May was strong in the final trading at 1.14. Brad streets reported exports of wheat and flour for the week at 1,703. 1000 bushels, against 1.2s2.0o0 for the previous week and 3,373,- 900 for the corresponding week a year ago; Clearances equaled a67.4Oo bushels.
 The corn market was not much bene- fitted by the strength of wheat. The gen. eral soaking rains of the previous 24 hours had relieved all fear of drouth damage and the market was heavy. Large acceptances of country bids, against which a large amount of selling was ndulged in. also op- erated against the price. September opened steady, & lower to hc higher at 54@5t1a, but sold down to sax, rallied to 54h on buliish enthusias mborrowed from wheat and declined again to the closing figure, Do B. DecemDer started 9z 4 Ssc to Q As c off touched SIX. rallied to 53k and closed at 52%.
 Oats were steady but only moderately &C., tive. With liberal receipts and relief to the corn crop there was not much to stim- ulate buyers. September opened a shade to h e hc higher at 34h a34A, advanced to S4% and eased off again to 33A, clos ing at 34434h. Receipts, 359 cars
 Provisions started firm, presumably be- cause of better prospect for the corn crop Support was lacking during the last hour. however, and values suffered. September pork closed s Q5c lower at II 721e @1l. 75; lard was off 5@7hc at 6.S7 1a a 6. 30, and ribs were down 2th c sc at 7.42h.
 Estimated receipts for tomorrow: Wheat 13l cars; corn. 165 cars; oats. 354 cars; hogs 10000 head