Market rally in grain prices amid reform talks in Chicago
In Chicago futures trading, wheat led a broad advance after Secretary Jardine warned of reforms, with prices for December and May rising while corn and oats gained. Traders cited renewed buying and foreign interest, though a 672,000 bushel rise in world wheat supply tempered gains. provisions varied. Minneapolis and Duluth pricing shows mixed gains across grains and flour, with butter and cheese markets edging higher in New York and Chicago reports noting steady refined sugar and gas markets.
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Chicago
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Jardine
Strane
Northwest
Timothy Meade
New York Stock Exchange activity lifts shares to new highs
The market surged with vigor as many issues climbed to year highs, aided by strong buying in motors and industrials. Traders cited expectations of higher rediscount rates by the Federal Reserve and planned dividends, with General Motors and Chrysler leading gains while some large issues pared back near the close.
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Advances in Specialty Group Drive Market Movement
Sharp advances in the specialty group, with short covering, provided the day’s sustenance in price action. American Can dividends drew passing notice, while optimism around a new issue buoyed sentiment. Money market showed renewals and ruling rates up, yet heavy short covering tempered the gains as traders awaited month end. Industrials fluctuated with distributive pressure, and foreign and commodity quotes offered limited directional clarity.
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Hogs and cattle markets from Chicago and across Midwest
Chicago hogs receipts 22 000 ease 10 to 15 lower with choice 140 170 lb at 13.80. Cattle receipts 12 000 slow to steady. top cows 7.50 9.50, vealers 12 to 13, calves mixed. Sheep receipts 17 000 fat lambs up to 25 cents higher. breeding lambs and sheep steady. St Paul reports cattle slow steady. hogs slower with lights 12 to 13, top 13. Meat prices mixed across Omaha and Spokane markets. Portland and Los Angeles show steady to weak trends with small receipts.
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