The Saint Paul globe., 1904-06-04
WHEAT VERY BULLISH
FLOOD DAMAGE REPORTS CAUSE
A SHARP uPTURN
Speculation Is EniIsened by Rumor OF
Japanese Orders for Flour Received IN
MlnHea eapoIis-SensatioHai Declines in
Yield Are Predicted by Expert

CHICAGO, June 3.--Alarm in regard to
damage by floods caused a sharp upturn
IN wheat today, the July delivery clos
ing at an advance of 1B@2c. Corn Is up
lAc. Oats are up S@Ac and provisions
The strength with which trading In the
wheat pit commenced was almost solely
due TO unfavorable weather Numerous re-
ports of damage in Kansas and Missouri
the result OF heavy rains in that section
had bullish effect at the start Initial
sales on July We're I'D A6%c to 1L0Mc,
az S715c to S7%c. Commission houses had
plenty Of buying orders but offerings
were hght. A rumor that a large busi-
ness In f1our had been done yesterday at
minneapolis on orders from Japan helped
to keep alive the blalish sentiment dur
Ing the first hour. The market soon be-
Inere was also some selling as a result
OF report of a Chicago statistician
showing some Improvement in crop con-
d1t1onS. A denial Of reported flour sales
at Minneapolis helped to bring about the
reaction. On the decline July sold off to
S41s @S1Ac. For time trading was
rather quiet Late in the day sentiment
again became exceedingly bullish. The
cause or renewed strength was the report
OF Minneapolis expert claiming likeli-
mood of great damage by floods in the
indications are for half a crop in Texas, a
small crop in Oklahoma and a sensational
decline In yield throughout the Ohio val
ley. The demand was extremely active
the last half hour. and prices advanced
rapidly. The close was practically at the
high point. After touching $3.50 July
Clearances of wheat and flour were
equal to 18l,200 bushels. Exports of
wheat and flour for the week, as shown
by Bradstreets, were equal to 1,157,000
bushels, compared with S21. 100 bushels
year ago. Minneapolis. Duluth and Chi
cago reported receipts of 206 cars
against 126 last week and 3o5 cars year
ago.
Corn Is Strong
Heavy rains in the West and strength
in wheat were the influences that created
a strong tone in corn. An active de-
mand for cash stuff, except low grades,
assisted in starting the advance. The
confined mainly to local operators. The
market closed at the high point July
opened Nc to 14c higher. at 5o3kc. to
5Oasc. sold between 49k@50e and 51kc,
and closed at the top. Local receipts were
503 cars. with So of contract grade.
!. Rain had Strengthening effect upon
and corn. While the market was firm
trading was of small volume. After open
ing unchanged to Nc higher, at 3e%e to
39Kc, July ranged between 39Ac and
4032cs and closed at 40as @40hc. Local
receipts were 122 cars.
Provisions were firm throughout the
entire session. Trading was dull early in
the day but the late outburst in wheat.
caused an active demand resulting in a
sudden advance. The market closed al
most at the top. e Decreased receipts of
Trading was mainly In the September
options September pork closed with q
gain OF 271zc. at $11S71k. September lard
was was gp lee es 90 at $50: ribs lbs were up
for tomorrow: Wheat, 13 cars; corn. 482
cars; oats. 12s ears; hogs, 10000 head.
Range In Quotations
Isl The leading futures ranged as follows: