The Montgomery advertiser., 1904-10-15
CHICAGO GRAIN AND PRoyIsIoNs.


 CHICAGO. Oct. 14.---Inability of domcs- tic flour mills to secure wheat suitable for grinding was the main cause of an advance of over Pc buchel in the price of wheat options here today. A big shortage in the French crop added to the feeling of buoy ancy. At the close December wheat was up 2&c. May closed with a gain of 2Ac Oats showed a net gain of hc Provisions are off 7h @l2hc. For the first hour sentiment in the wheat pit was inclined to weakness. At the open ing the December option was unchanged to Nc lower at i.1ok 91.10&. May was Q Sc lower to t kc higher at 1 .1o0 .1th The easier undertone at the start was due to lower cal les and to liberal receipts in the Northwest. On fair selling of May by com mission houses the market underwent fur ther recession. the distant delivery decln- ing to 1.09H. December also reactedo to i.oss. At the same time. However, all outside markets exhibited decided strength. The influence of these higher prices soon had an appreciable effect on trading here. purchaser of the December option. The con tinued buying by this concern was largely instrumental in starting active buying by the pit crowd. The keynote to the situation. however. was apparently the great scarcity of wheat for milling purposes Reports from the Northwest and Southwest were sage from St. Louis alleged an absolute scarcity of milling wheat there state ment from Minneapolis that two of the biggest elevator companies will handle only stored last year formed an excellent back ground for a general firmness. Another fac tor was report of St. Louis trade jour nal claiming that excessive rains fin the Southwest, and drouth conditions in the Northwest, have delayed seeding of winter wheat to some extent. These bullish do- nestle advices were reinforced by a re- port of the French Minister of Agriculture estimating shortage of 73.000,o00 bushels in this years crop of wheat. as compared with that of last year. Throughout the latter part Of the session shorts were urs- ent buyers, the December option being in greatest favor. Prices advanced rapidly to IRA. The strength was we'll maintain ed, December closing at 1. f2& while final quotations on May were at 1.12h @1.12A. Clearances of wheat and flour were equal to S7.30O bushels. Exports for the week as shown by Bradstreet's were equal to 1884, 900 bushels Primary receipts were 1.356.- soc compared with 1.235.7o0 a year ago. receipts of BPS cars, against s27 cars last week and ss7 a year ago.
 Early in the session the corn market was with the easier tone of wheat The market lacked the support of the big houses that were active buyers yesterday and for the I,rst hour trading was rather quiet. The demand for corn from shorts and the result was a strong market late in the day Decem- Der opened unchanged to @hc lower at sk 649k to 49%, sold off to 4sL rallied to 50ik and closed at 50M. Local receipts were 6T cars. contract grade.
 The governing factor in the oats market was the action of wheat and corn. Trading was rather light owing to the heavy move ment and to the accumulation of stocks After opening hc lower at 2S& December ranged between 28h and 29k and closed at 2s. Local receipts, s5 cars
 Selling of lard by prominent packer was the leading factor in causing a weak provision market. A supplementary reason for the decline was the weakness of the hog market. At the close January pork was down 12hc at 13.27h. Lard and ribs were each 7lsc lower at 7.17h and 6.42h re- spectively.
 Estimated receipts for tomorrow: Wheat 7s cars: corn. 1o2 cars: oats. 146 cars: hogs, 10000 head.