The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1904-02-16
MAY WHEAT ALMOST ST.
UNIVERSAL BULLlSHNESS PUTS
PRICE UP TO 9Sc
Foreign Markets Rise, Visible Supply
Lessons and Cold Weather Threatens
Southern Crcps-Wheat Shows Good
Strength on Active Demand.

CHICAGO, Feb. ia new record price
was reached today by wheat for May de-
livery. csc bu. With the war, advancing
foreign grain markets. the visible supply
diminishing and with crop prospects in
the South threatened by the cold weather,
short selling in the May option was prac-
tcafIy abandoned. Closing prices were
near the top, with May 1hsc above Sat
urday figures July close 1a@1%c higher.
May corn was 13s 014c higher Oats I'M
changed and provisions loo to 2712c high
er.
The wheat market was bullish from
start to. finish. Higher prices at Liver
pool. together with cold weather in the
southwest, where the ground lacks a suf-
ficient snow covering. caused an advance
IN May Of 1s@Ac. July hMAc to &c
higher. There was an unusually good de-
mand for the July and September de-
nveries but owing to the congested con-
dition of May, much difficulty was expert
enced in executing orders on that option.
Commission houses We're active bidders
FOR July, and shorts covered both May
and July. Before the end of the first half
hour May advanced to 97hc and July to
$3.50 Leading longs sold on the advance.
as also did some of the smaller dealers.
Under this selling the market declined. A
report that the visible supply was great
ly decreased added strength, and the dis
position to buy on the domestic situation
was more pronounced. The strength in
cash was again a feature on the option
market. Under covering by shorts the
prices of May touched q new high record
mark at CSC. while the July option sold
up to 9O9sc The market reacted slightly.
but the closing was strong, with May
at 97Ac and July 901sc.
Clearances of wheat and flour were
were $780, 700 bu, compared with 1880 900
blu a year ago. The amount on passage
increased 2,112000 bu, while the visible
supply decreased $4,000 blu. Minneapolis.
Duluth and Chicago reported receipts Of
$40 cars, against 497 cars last week and
ALB cars year ago.
Sell Corn and Buy It Back.
Corn showed excellent strength on an ac-
tive general trade. Like wheat cash trade
was helped by the foreign situation. Local
people had corn for sale early but before
the end of the market they bought back
all they originally sold. Shorts were the
principal buyers, although there was some
buying fer investment account. Scarcity
of contract corn was one of the main bull
influences, although the strength in wheat
exercised an effect. May opened &c to 1sc
reacted on profit taking, the close being
at 561sc to 56Ac, July showed a final
gain of 12@5sc, closing at 535s 0531sc.
Local receipts were 65S cars, two of con-
tract grade.
Oats felt the effect Of the war and the
effects of cash trade and the bullish pro-
clivities of wheat and corn during the
greater part of the session. The market
was active and nervous The option was
controlled and was again heavier. Toward
the close the offerings of May were more
lively and the market weakened Tor thaC
delivery. Final figures on that option were
precisely where they left off Saturday.
The option was 1sc to sc higher at 43Ac
to 441ac. and after selling up to 45c. clos
ed at 44hc. July closed &c higher at
39%c. Local receipts were 400 cars.
The provisions market was compare
lively active and strong as the grain
markets In the face of liberal receipts Of
hogs and the prices at the yards an
urgent investment demand was manifest
ed the entire day which resulted in mark
ed gains Packers and local longs were
the principal sellers. The close was
strong with prices near the top May
pork was up at 27hc at SIS. after rang
ing between $14 IS and $751; May lard
closed Toe higher at 81 rs. while ribs were
10@121ac higher at $7.17h@7. 20. Esti
mated receipts for tomorrow: Wheat, SO
cars: corn SOS cars; oats. 295 cars; hogs,
80 900 head
Range of Quotations.
The leading futures ranged as follows:
Omen High Low Close