The Saint Paul globe., 1905-01-24
SHORTS COVER JUST
BEFORE THE CLOSE
Wheat Market Active and Err
ratic-Cent Break Followed
by Strong Close


Minneapolis Chamber of Commerce, Jan.
23.7-The opening this morning was lit,
tie lower than the close of Saturday, and
but. for the Russian political situation
would probably have been severe. shorts
started a covering movement on the curb
the first sales being made around Sl.139s
and from that ran down to 81 .13. The Of
ficial opening was slightly better, and Tor
a few minutes the demand carried prices
up fractionally. The demand was soon
filled and when some of the larger opera
tors started to hammer the market there
was no one who wanted wheat, this result
ing in a sharp break to around the early
put price of Saturday. Those who were
fortunate enough to secure puts early Sat
ufday before the slump were good buyers
against them and this buying absorbed a
lot of wheat,
Shorts soon took notice that wheat was
being pretty well taken care of and start
ed to cover about the noon hour. They
found offerings were very light and get
ting nervous bid the market up, causing
rapid advance of nearly cents from the
low point and closing only 3sc under the
high point of the day. The statistical
news was conflicting, there was a liberal
wheat, movement here and the cash de-
mand was not good. although some claim
ed it was better than on Saturday. World $
shipments were again under requirements.
and the amount on ocean passage showed
a good decrease, while the visible supply
showed up with small decrease, where
an increase had been looked for on account
>of the heavier receipts of last week. Trade
was very active during almost the entire
session and scalpers who can change from
one side of the market to the other made
good money today. Quite a little wheat
was thrown overheard below 81 13 on stop
loss orders, but 1t looks tonight as though
the scattered long interest had liquidated
pretty freely and could not now be con-
Strued as a beariSh factor.
Montreal wired that they had sold wheat
to London at Sd better than they sold the
same quality last week. News from India
was unfavorable and as they are near to
harvest time this is important. Kansas
City reports that interior millers are pay
ing 5@6c higher for wheat than in Kansas
City.
May wheat opened at 81 1915 @1. .1SA,
sold at 81 .13, advanced to 81: 1874, broke to
81. 1875, rallied to 81 .141l and closed strong
at 81 .141s. July opened at 81. 10. sold at
81. .09%, advanced to 81. 10A, reacted to
81 09as, rallied and closed at $1.10% a
Minneapolis stocks show a decrease for
two days of 10000 bu. Receipts here, 669
cars, Including AZ Canadian, against $40 a
year ago, Duluth %, against so; Chicago
Louis $4,000 bu. Clearances of wheat and
flour $1,000; Primary receipts, 929, 600 bu
against gs ms $1,000 bu year ar ago; shipments
Worlds shipments of wheat 7,056, 600 bu,
last week 1882 600 bu, last year 10, 456, 600
bu: Wheat on ocean passage 20, 36S. GOO bu
bu, decrease 236, 600 bu The visible sup
ply is IS, ,3S3, 600 bu, a decrease of 202,00o
bu; corn increased 2S5,000 bu and oats de-
creased $4,000 bu.
Liverpool wheat closed 1Sd lower to I'D
higher, London and Antwerp unchanged,
Berlin &c higher, Budapest l5sc higher,
Paris wheat unchanged and flour unchang-
ed to 10 centiIneS lower.
A week ago indications were that
turning point in the visible had come and
that there would be reductions instead of
accumulations. The outlook is for an in
crease with farmers offerings, both
Northwest aud Southwest, enough larger
to promise a slight increase for the clos
ing week in January. Meanwhile new
crop of Argentine wheat shipments have
increased fully as rapidly as in any of the
big crop years. Both Argentina and Aus
tralia shipped over i, 900, 600 bu each last
week. This means that there is no pros
pect of an immediate upheaval of Euro
pean wheat prices to level likely to af-
feet, American values. On the other side
of the question, however, there is a pos
sibility that the Russian uprisings may af-
feet exports
Chicago. Cash Business-Demand for
cash wheat in the local market Saturday
was merely of the car lot order, and some
houses reported no sales whatever. There
were sales of 5000 bu mixed lots, mostly
by one house. Prices on tables were firm
early and easy later; No. red was quoted
at 81. 171a; No. 2 hard at $1.12@1.16 and
No. northern at 81 1917; No. hard sold
at $1.10 f. O. b. AT Minneapolis No 1
northern in store was &c lower at 81 x
and at Duluth q lower at 81. 10Ss.
S112A in store and sales of 80, 600 bu for
shipments were reported.
Kansas City was easy; No. hard,
81. 041h@1- f. o. b.
Business in corn was slow, with sales of
10000 bu for export via gulf at 31ac over