The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-15
WHEAT TAKES A RISE
STRONG CASH SITUATION is THE
MOST POTENT FACTOR
Congested Condition of the May OPP
ton Turns Principal Demand to the
July Delivery-Armour Takes Ad-
vantage of the Advance and Sells.

CHICAGO, Feb. 13.-Speculative
trading in the wheat pit here today
was reflection of the higher prices
being paid for the cash article in all
outside grain markets. The strength
abroad was also a bull factor. The
market here closed firm, with May
wheat q O. sc higher than Thursdays
final figures. May corn was up 40
Nc, while oats showed a gain of 1ssc.
Provisions We're easier, closing 5Q1Oc
lower.
The wheat pit was affected more
perhaps by the strong cash situation
reported from all quarters than by any
other factor. The demand was princi-
Peiiy for the July delivery, the con-
gested condition of the May option Of
fering small inducements to the major
lty or traders. Wheat prices at I-iv-
erpool and Paris were considerably
higher than yesterday, and the fact
that these markets showed gains, in
the face of increased shipments from
Australia and Argentina, helped to in
Still confidence into the minds of trad
ers here. May opened Il q &c to y q
u C higher, at 961s 0961ac, while July
was up Il orc, at S8@S8Nc. There
was an early advance to 1878 @89c for
July on an active general demand, but
the May option held about steady dur
ing the first hour. The leading long
took advantage of the advance in the
price Of July and sold out a consider
able line. Small traders followed the
lead, and in consequence a break to
SSMc occurred. The downward trend
Of the July delivery affected May
forcing the price down to 95%c. ST.
Louis houses covered a big line of
July during the latter part of the day.
The market responded to the improved
demand and prices again reached the
top figures. Some of the advance was
subsequently lost on profit taking, but
the close was firm with May at 96kc
July had net gain of 1@11 &c, closing
at SSH 0SSBc. Clearances of wheat
and flour were equal to $4,000 blu. Pri-
mary receipts were $685. 700 bu, against
624,SO0 bu year ago. Minneapolis,
Duluth and Chicago reported receipts
of 494 cars. compared with 285 cars
last week and 429 cars a year ago.
little Done in Corn.
The corn market was strong, but the
volume of business was small owing to
lack of offerings. The fact that the
principal holder Of wheat has taken a
prominent position on the long side of
the corn market caused the local crowd
to favor the buying side. While there
was considerable long corn on the mar
ket at times, an active demand from
several of the larger commission houses
readily absorbed all offerings Much
of the buying was based on the suppo-
sition that there is very little good corn
In the country. An Increased shipping
demand and strong foreign markets
We're additional bull factors. The open
Ing on May was 1-8@1-4c to 3-8M1-2c
higher at 81 1-Sc to 81 3-8c, and after
selling between 81 Use and 81 $40
81 7-8c, closed at "a 3-4c. July was up
3-8@1-2c, closing at So 7-8c. Local re-
ceipts were 194 cars, of contract
grade.
The feature of trading in oats was
the heavy buying of both May and July
deliveries by the leading bull houses.
Offerings were small throughout the
day, and in consequence the market
ruled strong. While the strength in
other grains was an influence the
greatest strength was derived from the
fact that the break in prices early in
the week discouraged farmers from
marketing their grain, SO that receipts
are again becoming light. The close
was practically at the top figures.
May was unchanged to 1-4c higher at
the start, opening at 43c to 40 1-4c,
and after selling up to 44 lac. closed
at A 1-8c. July closed 3-8c higher at
80 5-8c. after selling between 80 lao
80 7-Se. Local receipts were 129 cars.
The provision market was weak early
on general selling, due to liberal re-
ceipts of hogs and a decline of 10c IN
prices at the yards. Later shorts COW
cred freely, and on an increased in
vestment demand and support from
packers the market firmed up. Part of
the early loss was regained. There was
some late liquidation which caused an
easier feeling at the close. May pork
opened with loss Of % 1-2c to soc at
$14.52 IL to $14.60. and after selling
up to $14.82 1-2, closed 10c lower at
$14.72 IL. May lard closed with net
loss of LIE at $7.65. Ribs were off SC
at $707 IL. Estimated receipts for
Monday. Wheat, 35 cars; corn, 665
cars; oats, 335 cars: hogs, $4,000 head.
Range of Quotations.
The leading futures ranged as follows: