The Saint Paul globe., 1904-10-12
WHEAT TURNS UPWARD
SELLING IS THOUGHT TO HAVE
BEEN oVERDoNE
Government Estimate Has a Weaken
ing Influence at the start-Demand
Improves and Shorts Cover Freely
-. -7 -

CHICAGO. Oct Suddenly. .awak-
ened suspicion that selling had been
largely overdone transformed weak
ness in wheat today into strength Al
the close the price of both December
and May deliveries was &c above yes
terday's final figures Corn is of
k6 Il c. Oats are down, &c Provisions
are practically unchanged.
The government estimate Of 551.o0O.-
600 bu as the total yield OF wheat for
the United States had a weakening in
f1uence on speculative trading in the
wheat pit at the opening. Initial QUO
tations on December were z a &c low
er at S1-0S TO $1.0S5s. May was down
las to 8 6A at S1.es1s to $1-0S%
There was heavy Iiquidation of De-
cember, causing a rapid decline, the
price dropping TO $1.07 2s within the first
half hour. May weakened in sympa-
thy to $1.0TZ. Other factors that con-
tributed to the selling pressure were
lower cables and continued liberal re-
ceiptS in the Northwest. Weather In
the Northwest, also, was reported IA
Torable TO the free movement Of the
crop. For a time the selling was quite
general. Commission houses had nu-
meTous Stop-loss orders, the execution
Of which added TO the weakness. Later
in the day the demand improved con-
siderably, many trades apparently ac-
quiring the impression that the market
had been heavily oXersoId earlier in
the session. Shorts covered freely In
consequence the market soon regained
all the early losses. Light receipts at
Kansas City, with prospects OF much
smaller arrivals in the near future, had
a strengthening influence. Shortly be-
fore the close the market touched the
highest point of the day December
selling at $1.091z. May sold up TO
S1G95s. The market closed strong, with
December al S1.09 and May at s1.09 g
@L091k
Clearances Of wheat and -four were
equal TO 1.005.500 bu. The worlds
visible supply increased 9.19S 600 bu.
Primary receipts were 1,462,000 bu,
compared with 1892 500 bu year ago.
Minneapolis. Duluth and Chicago re-
ported receipts Of 1851 cars, against
1912 cars last week and 9T1 cars a
year ago.
Corn Is Off Again
Early in the day the corn market
was weak as q result of profit taking
consequent to a bearish government
crop report. Later, however. a frmer
feeling developed on active covering by
shorts. The late market was helped by
the small primary receipts and by
4CCIGdSC III lHE s4S1O4S
supply of nearly 2,25O.O00 bU. Deem
Der opened unchanged to 4 c lower at
472z 64Sc, sold between 471ze and
481zc, and closed al 4S1s @4S14e- Lo-
cal receipts were 17S cars, with 4 of
contract grade
The principal factor in the oats mar
ket was an exceedingly bearish esti-
mate on the total yield as shown by
the government crop report Heavy
liquidation characterized trading At
one time prices We're of fully 1c from
last nights closing figures, but some
recovery was made on bdying by
shorts. After opening at 4 to sc
lower al 291sc to 2915c, December
ranged between 2S$z @2S7sc and 291zc
and closed at 29se. Local receipts
were 215 cars
Provisions were weak early in the
day as a result OF heavy selling Of
January pork. The market became
steadier later on fair support from
packers. The weakness Of corn was a
depressing influence at the opening.
Shorts were good buyers late in the
day. At the close January pork and
lard were unchanged at S12.75 and $40
respectively. Ribs were of 25ae at
1855.
Estimated receipts for tomorrow:
Wheat, SO cars; corn, 81 cars; oats, Ia
cars; hogs, 21,00O head.
Range of Quotations
The leading futures ranged as follows: