The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-03-29
SUMMARY OF THE DAYS TRANSACTIONS IN THE MARKETS
CASH WHEAT CONTROLS
OPTION TRADING IS IN THE BACK
GROUND FOR ONCE
Shortage OF Seed Wheat Reported In the
Red River Valley Lends Great Strength
to the Market-Demand Is Urgent
Throughout Entire Session.

CHICAGO, March 2S.-The sample ia
bies, not the speculative pits, were focal
centers OF business today on the board of
trade; Spot transactions. for actual cash
largely controlled quotations for option
business vastly greater in volume. The
actual kernels were said to be so scarce
that there was a shortage of seed wheat,
in even such typical cereal section as
the Red River Valley of the North. Com
pared with last nights closing figures,
July wheat today closed at an advance of
~ @15sc. Corn is up 1as@1hc. Oats
20c.
More general interest in the wheat mar
ket was manifested today than had been
experienced since prices made the recent
sensational advance past the dollar mark.
Inc tone was one of exceptional strength,
entire session. Many factors contributed
to the bullish situation. The principal
features at the opening were decrease
In worlds shipments, unfavorable crop
bles. Initial quotations on July were &c
to &c higher at 871s @S75sc. For the
first few minutes pit traders were in
clined to sell, but the demand from COM
mission houses and shorts was so urgent
and general that offerings soon became
extremely scarce. Sentiment was ma
terially strengthened by the sharp demand
for cash.
During the early part of the session
there We're some sales of No. / northern
at the May price, but most of the stock
big decrease in country elevator stocks
In the Northwest were an added stimulus
to speculative trading. A report from
Minneapolis claimed that one company,
throughout the spring wheat section, had
sold practically all it's grain to country
mills. Reports of crop damage continued
half of Kansas would not produce more
than a so per cent yield. Prices adj
vanced until late in the day, when July
touched $3.50 At this figure many of
the early buyers took profits. The result
was reaction, the price dropping back
about 1ac. The decline was only tempo
rary, however, the demand being sufficient
were almost at the TOP, final figures on
tween s5sSc and SIC ana closed at s6Ac;
Clearances rs o Of wheat and -four eoo were
were 679,4OO bu. against 645,SO0 bu year
ago. The amount on passage increased
672,O00 bu. while the Visible supply de-
creased 414,O00 bu. Minneapolis. Duluth
and Chicago reported receipts of SAG cars,
against 575 cars last week and 498 cars a
year ago.
cocn Is Also Strong.
Active buying by the leading bull oper-
ator was an important element of strength
in trading in corn Another equally in
and consequent strength in the cash art1-
cle the price for spot corn being up 2@3c.
The buying by the principal holders, how
ever, was not the only feature in the sit
uation, there being heavy covering by
shorts with an active demand from COM
mission houses. There was little d1Spo-
sition to sell during the first part of the
session, prices rising steadily, Influenced
to a considerable extent by the strength
In wheat. With the late reaction in wheat
some realizing occurred, which resulted
in an easier Tone The weakness was soon
disspated, however, and closing prices
were at the high point. July opened
shade to A@2sc higher at 5014 @50%c,
sold between 501ac and 51% @52c, and
closed at 51Ac. May closed at 55c, after
ranging between SO 1@c and 55c. Local
receipts were 76 cars, with II of contract
grade ~
Oats participated in the general ad-
vance and ruled strong throughout the
day. Buying of May by the same interest
that was supporting corn was a special
feature in trading. In addition to the
demand from that source there was good
buying by shorts and commission houses.
Closing prices were near the top. After
opening unchanged to shade higher at
38@38Ac to $3.50 July sold between 800
3S1sc and 1878 @39c and closed at $3.50
$3.50. Local receipts were ITO cars.
The action of grains dominated trading
in provisions. A fair scattered demand,
with small offerings, resulted in advances
in all products, and caused the market to
close strong. Final quotations on July
TIC higher at 81 221z and ribs up 10c at
81 .121a OF. Is.
Range of Quotations.
The leading futures ranged as follows:
a. I 7