The Saint Paul globe., 1904-01-28
JULY WHEAT IS 1T"
TRADERS DIVERT THEIR ATTENTION
FROM MAY OPTION
Latter Rules Weak, While July Is Rela-
lively Firm, With Only a Fractional
Loss at the Finish-Armour Is Left to
Himself With His May.

CHICAGO. Jan. 27--Apparently in dread
or being burned up in contact with May
wheat, traders today turned attention to
the July delivery. AS a result May ruled
weak, closing with loss Of &c from
Yesterdays final figures July was rela
lively firm, only a fractional loss being
registered at the finish. May corn and
oats were practically unchanged, but pro-
visions were 5@71Ac lower.
The feature in trading in the wheat pit
was the unusual activity and comparative
strength of July delivery. May exhibited
conSiderabl nervousness and was easily
influenced by any little trade either way.
QuietnesS was noticeable at the start
there being few orders on the market
The opening dullness was the result of a
conviction in the minds of the pit crowd
that so long as one firm stood ready to
buy all that was for sale on May delv
cry. it was useless TO attempt trading
Easier cables caused a slight loss on initial
sales. May being a shade to B@Ac lower
at S9%c to 89Bc. Light offerings. with a
fair scattered demand. soon caused an
advance to 905sc. There was fairly good
commission house selling on the upturn
and the market soon reacted. The July
delivery, however, retained considerable
of the early strength. the suppositon be-
ing that it was less under the control Of
the leading long operator. The extreme
cold weather throughout the winter wheat
belt brought out a good demand for this
option, with outsiders buying freely.
From 81ss @81%c to 81&c, at the open
Liquidation of May, however. affected the
more distant months and prices declined
late in the day. The close on May was
weak and 1ac lower at S9ss @S91ac. after
the price had fallen to S9Ac. July was
only a shade lower at 81A @S1%c.
Clearances of wheat and flour were
equal to 1880 bu. Primary receipts were
507 900 bu, compared with 695,900 bu a
year ago. Minneapolis, Duluth and Chi
cago reported receipts of 222 cars, against
430 cars last week and 31S cars year
ago.
Corn Leaves Off Unchanged.
There was good buying of corn early by
leading commission houses. due partly
to the strength in wheat and partly to the
strong tone of cables. The demand from
this source carried prices higher, and the
advance was well maintained until late
In the day, when a reaction occurred on
little larger than the estimate. but the
movement was not large, and the shipping
demand continued good. The close was
steady. May opened &c lower to shade
50bc, reacting later to 491ac. The close
was at 491a @499sc. Local receipts were
223 cars, l of contract grade.
Oats were firm the greater part of the
day on a fair commission house demand,
but the late weakness in wheat caused a
reaction, and the close was about steady.
A feature of trading was the scarcity of
offerings and the good shipping demand.
Mdy Opcucu &c luSHtl dI u AC, Suiu DC-
tween 42c and 421sc, closing at 42Bc. Lo
cal receipts were 9S cars.
Liquidation by small holders and sell
ing by packers caused some weakness in
provisions. There was some support from
commission houses on the decline, which
resulted in a slight rally. The close was
easier. with May pork 71kc lower at
$13 321s. May lard and ribs We're each
5@7hc lower at $7.47h and $6.72k@
6.75.
Estimated receipts for tomorrow are:
Wheat, 80 cars; corn, 155 cars; oats, 100
cars; hogs. $4,000 head.
Range of Quotations.
The leading futures ranged as roiiows: