The Saint Paul globe., 1905-03-26
WHEAT FIRMS Up ON
LIGHTER RECEIPTS
Mistake in Early Posting of
Receipts Causes Selling, Gov.
ering on Correction

Minneapolis Chamber of Commerce,
March 25.-The firmer Liverpool clos
ing caused some covering by shorts on
the curb and a firmer opening. The
posting of receipts at 295 cars about
this time caused the shorts to start n
raid on prices and they quickly forced
the price down u C for May and 1ac
r. for July, the undertone being very
weak with scarcely any demand from
either shorts or longs Shortly after
the opening the receipts were correct
ed, showing 100 cars less than those
first posted. This gave the shorts a
nervous shock and they started to
cover and caused sharp rally to above
the opening price before offerings be-
gan to make any appearance, and then
they were not very free A few of the
scalpers who were brave enough to
take on a little wheat just after the
opening took their profits, causing a
small reaction
The sudden jump in Chicago May
to $1.14 little later started a further
covering movement, which when it got
started forced the market nearly a
cent above the opening figure a short
time before the close, where further
profit taking resulted in a fractional
decline, the market, however, closing
strong and well above the previous
close. The mistake in the posting of
little money, and they were some
what sore over the occurrence. To-
days market was extremely difficult
to trade in, brokers having orders to
buy would have to pay sometimes
half cent above the price when the
order was received, while some of the
selling orders were filled at as much
lower than the quotation at the time
they received the order. Both the
bulls and bears are SO nervous over
the situation that they hardly know
what they are doing and run quickly on
signs of either a buying or selling Or
der, as the case may be, if they are
short or long.
The news still continues of a bear
ish character as far as the weather
conditions are concerned, and the cash
demand here was slow except for No.
l northern and choice samples of No.
2 northern. Millers are not in the
market to any extent and elevators
and mixers are not inclined to run the
price of cash wheat up when they be-
lieve by waiting they can force the
price lower.
May wheat opened Hc higher at
d.10as, dropped off suddenly to $1.095s,
rallied to $1.11A, closing at $110H a
LII. July opened at $1.065s, dropped
half cent to $1.06B, rallied to $1.073s
closing at $1.07B. September was
slightly Will ii very llSnt lFdu6.
The opening was at S61Ac, the low
point of the day, rallied to S614c, clos
ing at S63sc.
Minneapolis stocks showed no change
for the day. Receipts were 195 cars,
against 1873 year ago, Duluth 16
against 3S, Chicago II against II, Kan
sas City 80 and st. Louis $4,000 bu.
Clearances Of wheat and flour $4,000
bu. Primary receipts, 351, 900 bu,
against $4,000 bu a year ago; ship
ments, $4,000 bu, against 254,000 bu.
Worlds shipments estimated at TO-
100000 blu. Australian shipments, 9S4,-
900 bu, last week SAC, 900 blu, last year
$4,000 bu.
Liverpool wheat closed M@Ad
holiday, Paris wheat and flour un-
changed to 5 centimes higher, Ant
werp not reported.
LiverpoolAWheat-Th continued
reduced Australian shipments induced
some local covering, resulting in open
Ing advance of 1sd in all months and
gain of I'D further in July and
September. Later an easier feeling
prevailed,-due to the expectation of
large worlds shipments again this
week, and the distant futures eased off
1sd. Corn-March opened unchanged,
but May was Il d higher, being affected
by the strength in America yesterday
oHOTlly DeIOre the close this gain was
lost owing to the estimate of larger
shipments of corn to Liverpool the
past week.
Broomhall-Estimated worlds ship
ments for this week, 10000, 600 bu, of
which Europe will take about $780,
900 bu. There will be but moderate
change in the quantity of breadstuffs
on passage. Arrivals of breadstuffs
into the united kingdom the past week
were about 100000 bu, against 4,50O,-
600 bu the previous week, and 3,400,-
900 bu a year ago.
Chicago Cash Business-Buyers of
cash wheat neglected the market Fri
day, only 5000 bu being bought by mil
lers. Prices were 1zc to 1e lower No
red held at 1c to &c over May in
store. mo. red sold at $I07 to
$1.QSR; No. 3 hard at $1O3 to $1.OS,
and No. hard at Sill. The latter is
&c lower than early in the week. In
spring wheat there was sales of No. 1
at $1.00 to $1.05 for good. All the
other markets reported cash wheat
slow. At Kansas City there were 116
cars on the tables unsold. Poor grades
were neglected and &c lower No. 2
hard was 1l5c lower at S1.02 to s1O5.
At st. Louis straight No red sold at
$1.14 f. o. b.
Corn was picked up by local and