The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-09-28
WHEAT FUTURES ARE UP
ACTIVE SUPPORT FROM A BULL
LEADER GIVES STRENGTH
Opening Is Weak, With Lower Prices
on Decline in Foreisn4 Markets
Buying Follows on Wei Weather

CHICAGO Sept. 27.--Actiye support
by bull leader was perhaps the prin-
clpal factor imparting strength to the
wheat market today. AT the close the
December option was up 1870; May
was up lice; corn shows a gain Of
&c: oats are off Nc; provisions are
without change,
At the opening the wheat market
showed weakness, the December deliv-
cry being &c lower to &c higher,
at S110B @l.10% May was unchang-
ed to &c lower. at Sill Is @1.11A. The
main factor affecting the situation at
the start was decline in foreign
wheat markets. Traders who had sold
short on the sharp decline of yester-
day purchased freely early in the day.
There was also considerable buying on
Northwest. However, the most no.
tlceable feature of trading and the one
that seemingly had the greatest inf1u-
ence IN creating strong undertone
was heavy purchases of May by a
leader of the bull crowd After De-
cember had sold at $1.10A prices
gradually advanced Slight recessions
We're made on profit taking, but the
general trend of values was toward
higher level. Sentiment during the
latter part of the session was quite
bulllsh Primary receipts were much
smaller than the corresponding day a
year ago., and a report was received
from Minneapolis stating that country
offerings there were decreasing. Adj
vices from abroad prophesy big
reduction in wheat shipments from
Australia and Argentina in the near
future, the claim being made that the
exportable surplus from those coun
tries was practically exhausted. High
er prices for cash wheat in all markets
of the United States was an important
aid in bueying up speculative prices
here. The high point on December
was reached at $1125a. May sold up
to sl1S& Although all the advance
was not maintained, the market closed
strong, with December at SLIP. Final
quotations on May were at $113A
Clearances of wheat and -four were
equal to 167.500 blu. Primary receipts
We're 1.254,300 blu, compared with
1,704,700 blu a. year ago. The world
visible supply, as shown by Brad,
streets, increased 3,058, geo blu. Min
neapolis, Duluth and Chicago reported
last week and 1928 cars a year ago.
Corn Gains Somewhat
Sentiment in the corn pit was in
clined to bearishness, but the strength
Of wheat prevented any decline. The
weekly weather bureau report was
bearish denoting rapid progress being
made in the maturing of the new crop
The yield of early harvesting also was
reported good. Trading was inactive
and fluctuations were within a narrow
range. December opened Nc lower to
&c higher. at 50@59$c; sold up to
501sc, closing at 50%c. Local receipts
were 34S cars, with SO Of contract
grade.
Announcement OF a big increase in
the worlds visible supply caused an
easier tone iii. oats. The volume Of
business was extremely light. Deem
Der opened unchanged to Ne lower, at
305s @30Ae;7 sold between 30A @303sc
and 30Ac, and closed at 3012c. Local
receipts were 174 cars.
Provisions were steady, on a good
demand from pit traders. Small re-
ceipts OF: hogs and firm prices at the
yards were the supporting features.
At the close January pork was off sc,
at $3.50; lard was up 21ac, at STATE,
and ribs were unchanged at $1,000
6.921s.
Estimated receipts for tomorrow:
Wheat, 81 cars, corn, 1876 ears oats,
145 cars; hogs, 1000. head.
Range of Quotations
The leading futures ranged as follows:
IT; I r