The Saint Paul globe., 1904-05-10

WHEAT CLOSES HIGHER.
GOVERNMENT CROP REPORT Is Ex-
PEcTED TO BE BULLISi
Market Opens at Decline From satur-
days cIose-Reports of Crop Damage
Cause a Change in Sentiment.

CHICAGO. May 9.--Anticipations Of q
nulllsh government crop report were an
lnnuentiaI factor in causing strength in
Mneat today. The market closed well to-
ward the top prices of the day, the July
opion being up q a 1c- Corn shows a
gam or ssc. Oats are off a fraction Pro-
visions gained 255c to 10c.
With easier cables. heavy worlds shin
ments and large increase in the amount
On passage, the wheat market opened at
a decline from Saturdays closing figures,
at 855s @S5%c to 85%c During the eariy
part OF the session the market was doni-
mated by the bearish foreign situation, the
attention OF pit traders being diverted
temporarily from the bulIish conditions in
America There was considerable long
wheat offered for sale, but the demand
was 5 comparatively light. In consequence
OF the poor support a further decline in
prices was made, July selling off to IS &c.
As the session advanced the domestic Sit
uatlon forced itself more prominently
reports were still being received, senti-
ment suddenly changed. A report of a
local crop expert also had a STRENGTHENING
influence According to this authority, a
large acreage Of wheat had been ploWed
up IN Oklahoma and the Ohio valley. Pros
poets Of a bullish government report to-
morrow started liberal covering by shorts
Which resulted in a quick rally A fair
cash demand and the fact that about half
the flour mills in Minneapolis had Pesum-
ed operation We're additional stimulants to
the improved demand. The market con-
tlnued strong the remainder of the day
closing prices being near the top. After
selling at S61s @S65sc, July closed at 861bc
ClearanceS OF wheat and flour were
equal to 149, 300 bu. The amount on pas
sage Increased 3,O16, 000 bu while the Wis
1ble supply showed a decrease of 664 600
ou Urinary receipts were 1913, 800 bu,
Minneapolis, Duluth and Chicago report
ed receipts of 15S cars, against 1872 cars
last week and ESQ cars a year ago.
Corn Gains Likewise.
During the early part of the day the
corn market SympathiZed with the weak
ness IN wheat. Pit traders appeared to
pe IN doubt as to the proper course to
pursue, and in consequence trading was
light Later when the visible supply fig
ufes We're announced, showing a large de-
crease considering the fact that nayiga
ton has not opened, the local crowd be-
came quite active buyers, resulting in
flrm tone. Small receipts and rainy
Weather mad, strengthening influence.
July opened 1sc to Il lower at 4SBc to
4SAc, sold up to 1870 and closed at 4Ss4c.
Local receipts were 147 cars, with Is of
contract grade.
The same influences that affected the
corn market were noticeable in trading in
oats: weakness prevailed early in the
session IN sympathy with other grains,
put covering by shorts caused a firmer
feeling later in the day. Closing prices
showed little change from Saturdays final
quotations. After opening shade to 1s q
tween 3S4 @388sc and 38%c, closing at
38Ac. Local receipts were 50 cars
Provisions had a firm undertone
was the buying of pork by shorts. The
principal buI influence was a smaller run
of hogs than expected The late strength
IN wheat and corn mad some effect July
pork closed 10c higher at $11. .671a Lard
was up 232c at -$6. 621s and ribs 5@715c at
Range OF. Quotations.
The leading futures ranged as follows:
tOpen. High I Low I Close