The Saint Paul globe., 1904-02-02

CHICAGO. Feb. IA decrease in the
worlds available stocks impaired strength
TO wheat prices today. Prospects Of a re-
duction in primary receipts also contribut-
ed to the better tone. The May option
closed with a gain of 15c. May corn was
up ssc. while May oats were 1Lc higher.
PROVISIONS were unchanged to sc lower
Before the opening hope for improve
ment in wheat values was submerged by
deluge of news of bearish character.
Foreign grain markets were lower, worlds
shipments for the week extremely liberal
and the quantity afioat for Europe and
Great Britain heavily increased. In ad-
d1tlon there was the report from Mime
apofis that -four mills there were all clos
ed on account of overabundance of sup
plies. With such bearish information open
ing prices here were lower, May being off
Ac to &c at $3.50 to sOc. Commission
houses and pit traders were liberal SELL
ers. and with little support the price de-
cllned still further. When May had reach
ed $3.50 the market became steadier on
a fair demand. which was supposed to be
from the leading long. Prices showed some
advancement as result of this buying,
May rallyfng to the opening figure A de-
cided change in sentiment occurred to-
ward the noon hour.
Buying orders appeared to come from
all quarters. The market responded to
the improved demand. and within short
time May was selling at 911sc, or a gain
or 1%c from the low point. The mood
was helped by the visible supply figures,
which showed a considerable decrease.
Reports from Kansas stated that there
was little wheat left in the farmers hands
in that state. Weakness in Wall street
thought possibly to reflect fresh war news
was another factor in Strengthening the
situation. Both May and July wheat came
out freely on the bulge. In the decline
resulting the nearby delivery suffered
most and sold off to 905s q90%c. The
market was firm the last half hour. but
ed 1sc higher at 90$lc. After ranging be-
tween 814sc and 82Ac July closed at
S2A 9S27c. a gain of y 9sc.
Clearances of wheat and flour were
equal to 301 500 bu. Primary receipts were
724.5 500 bu. against 79O. 900 bu year ago.
The amount on passage increased 3,348.
600 bu, while the visible supply decreased
S52. 900 bu. Minneapolis. Duluth and Chi
caSo reported receipts of 463 cars. against
461 cars last week and go year ago.
Strength In Corn.
A strong feeling pervaded the corn pit
more from lack of offerings than from
any prominent buying. The market was
little easier early In sympathy with
the country. however continued to show
good feeding demand, and shorts show
ed some alarm over the SmallnesS of re-
ceipts. With the advance in wheat prices
the corn market became decidedly strong
There was some realizing on the up turn.
but offerings were readily absorbed. The
close was strong and near the top. May
opened unchanged to Ac lower at SOC to
50Ac. The close was at 50%c. Local re-
ceipts were 1858 cars. five of contract
grade.
There was a large trade in oats, and
prices were on a higher level. Commits
sion houses and shorts were active buy
ers throughout the day but offerings were
altogether too small for the demand
There was q slight decline early in sym
pathy with other grains. but the dip was
short lived Buying of May oats by the
long interests precipitated general rush
by shorts to cover and rendered the mar
ket very strong. The close was near the
top. May opened nc lower at 42Isc, and
after selling at 42%c advanced to 441s q
445sc, closing at 44ssc. Local receipts were
189 cars. Liquidation by commission
houses and selling by packers caused
weakness in provisions early In the day.
The lower prices at the yards were a
factor In bringing out the selling orders.
There was a fair demand for lard and
ribs later and in consequence part of the
early loss was regained. The close was
steady, with May pork 21ac lower at $13
May lard was unchanged at 7.30, with
ribs down sc at $6. 55@6. SIN.
Estimated receipts for tomorrow:
Wheat, SO cars; corn. 675 cars; oats. 215
cars; hogs. $4,000 head.
Range of Quotations.
The leading futures ranged as foltows:
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