The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-10-19
CASH WHEAT IN DEMAND
THIS PRODUCES GOOD Rise IN Fu-
TURES
Initial Quotations Show a Decline, North
western Receipts Being Heavy and Liv-
erpooI Lower-Then Bull Crowd Gets
Lever to Hoist Prices

=
CHICAGO, Oct 1S.-Improved demand
for cash wheat in all domestic grain mar
kets was largely the cause of an adj.
vance of 11ac to &c in speculative wheat
prices here today. Poor grading of newly
marketed spring wheat was another pow
erful influence At the close December
corn was up ?t03ae and oats shade. Pro-
visions showed a gain of loo to 15c.
The strength of the wheat market deVel-
oped after weaksopening. Under the IN
huence of heavy Northwestern receipts
and lower prices at Liverpool initial quo
tations showed a considerable decline. De-
cember being down 15c to q at $1.111s
to 81. 1134. May was off Il @Mc to 1aQssc
at 81 1919 to $1.10%, The obs tacieS to the
upward progress of values, however, We're
soon overcome, az upon analysis of the
depressing factors the bearish significance
was alleged to be of small account In the
first place many traders seemed. to be-
lieve that the market at present is gov
erned largely by the existing domestic sit
uation, the action of foreign grain centerS
having apparently little effect. The in
creased receipts in the Northwest did not
appear so extremely beariSh when it was
seen that in, the Duluth arrivals there
were 81 cars from Oregon, which made
the actual Northwestern spring wheat re-
ceiptS at that point smaller than those
of the preceding year: There was also
claimed to be abundant evidence in the
inspection returns from Minneapolis and
DuIuIn mat the spring acTOp was
noticeably poor as regards its quality.
These factors gave. the bull crowd the
necessary lever against which to MOIST
prices to a higher level. From the tap OF
the gong until the last minute of trading
there was an unexceptional1y good de-
mand for September deliveries. As re-
suit the market gained in strength until
the last fifteen minutes when a slight
recession occurred on profit taking The
brisk demand for December caused active
covering of May. and this month also
showed a good gain, although the advance
was not so sharp as III the nearby option.
Elements that entered decisively into the
situation late in the day were the strength
Of cash wheat in all markets and reports
of damage by Hessian flies to winter
wheat in Missouri The high point Tor the
day on December was reached at 81. l49s
and On May at 81. 12sz. December closed
at $1.14A al .143s. Final quotations on
May We're at 81 :l2zS o.. 12as. 49,. oro
equal to 43, 400 bushels. The worlds visi-
BILE supply as shown by BradStreetS in
creased 100000 bushels. Primary re-
with 1,354.300 bushels year ago. Min
neapolis, Duluth and Chicago reported re-
ceipts of 1,15S cars. against 1.241 cars
last week and S51 cars year ago.
Corn Goes Higher
After a weak opening resulting from
easier cables the corn market rallied on
predictions of wet weather for tomorrow
and on the sharp upturn IN wheat. De-
! creased primary receipts were an addi-
tional bull factor. December opened 1s@Ac
to % @1ac lower at 473sc to 471sc, sold be-
tween 471kc and 1880 and closed at 4S12c.
Local receipts were 1S1 cars, none of con-
tract grade.
The oats market was influenced almost
exclusively by the action of other grains.
Sentiment was weak early, but firmeI
tone developed later in the day. A good
cash G emand had a beneficial effect on OPP
tiona1 rading December opened A@Ac
| to 40 sc lower at 277se to 2Sc, sold up
! to 2S3s@2S1ae and closed at zS4c Local.
receipts were 224 cars.
Provisions were strong. Offerings were
light and there was a fair demand from
local shorts and some of the smaller pack
ers At the close January pork was UP
15c at So. %. Lard and ribs We're each
| 10c higher at $7.171a and s6.40@6. 421s
i Estimated receipts for tomorrow:
| Wheat, So cars; corn, 70 cars; oats, 1Ot
cars; hogs, $4,000 head.
Range of Quotations
The leading futures ranged as follows: