Daily globe., 1883-08-09
HEAT GAINS SEVERAL POINTS.
And Corn and Oats Follow With Sub
stantial improvements,
PROVISIONS CLOSING HIGHER.
The Bears Enjoy Picnic in Wall street
by Pounding Oregon TranscOn-
tinental.
CHICAGO.
Especial Telegram to the Globe. |

stronger and higher. Wheat was Bc
better, corn &c higher, oats 1sc better and
rye 1c higher. Pork scored an advance of
20c and lard 10c.
On change there was an active, excited
market for wheat during most of the ses-
sion, the fact that foreign markets were
higher and that New York opened strong,
with good export demand for both spring |
and winter wheat stimulated trade here, !
and although two leading bull houses sold
a round lot of wheat, prices only reacted |
for the moment, and then under good buy
ing advanced again sharply and closed
fully &c higher than yesterday. The trade
is getting more confidence in values
and even the pronounced bears are willing
to admit that wheat has a legitimate value
and that not far from present prices, if
indeed not higher. The general tone of
the market was very buoyant, and this
feeling is expected to continue for several
days. It transpires that receipts at all
points for the month of July are fully 49,
100000 of bushels less than for the CORES
ponding period last year and much less
than anticipated, and the run from the
southern states is reported as about over.
The crop is short, unquestionably, and
the farmers are not supposed to sell at
present prices. Cable reports received to-
day indicate that the wet weather in Eng
land has damaged the growing crops.
Private crop reports today show that
winter wheat is only yielding
about two-thirds as many bushels to the
acre as last year, so far as threshing has
been done,and our receipts are much light
er than last season. This caused much
anxiety among the shorts, and they be-
came free buyers, covering their outstand-
ing contracts for fear of further ad>
vance.
In the wheat pit there was quite an &C.
tive speculative demand during most of
the session and a stronger feeling was de-
veloped. Marke advices were more ia
vorable from other points and the receipts
here show further decrease. Shorts were
buying against their outstanding contracts
and there was more demand from this
source. The market opened 58 &c higher,
advanced to point 15sc above the closing
figures on change yesterday ,rece3ed about
&c, again rallied, due partially to reports
of bad weather in Europe, and finally
closed about 128c higher than yesterday.
The firm1ess in corn no doubt aided to
strengttx@s ssse.feeling in wheat. No.
wheat Cd assarb was higher, September
closing - 35, October at 81. .O64.
Corn lis being bulldozed in New York
and the early strength there put up our
prices fully cent, but news of Sc break
there in the August option started bear
raid here, and decline of 1c took place
However, the continued buying of cash
property had a strengthening effect and
some recovery was noted. The later
months were strong, owing to shorts cover.
ing, fearful of a squeeze. From al
sources it is learned that receipts will con
tinue large during this month, and if this
proves to be the case the present range ct
prices cannot be maintained. At the out
side there was free selling of cash and Au-
gust for country account. Shipments are
liberal. In the corn pit large business
was again transacted in this mar
ket, and the feeling developed wai
ruling with considerable irregularity. Tht
receipts were again liberal, but showed
somewhat of falling off, 504 cars being
inspected into store against GA cars yes
terday. Foreign advices were ercourag
ing and New York reports indicated al
unsettled market. At the opening ther
was an active demand for cash, shipper
faH on
desire TO provide for their outstanding
contracts. The market opened from 18@
sc higher as the result of the early de
mand, and advanced 38@5c more, but a
this advance the offerings we're largely in
creased, and prices declined 114c 70
August and 70 &c for the November de
ferred futures. Considerable long corn, i
was understood, was closed out at the i'm
provement. New York reports ais
showed large decline from the earl.
market, and this helped to cause the de
cline Later the market rallied somewha
from inside prices, fuctuated, and fnall,
closed about 4c higher for cash, &c high
er for August, 78c higher for September
15c higher for October, and 54c higher fo
year than the closing yesterday.
For oats there was good demand. Th
market ruled tolerably steady, and fo
future deliveries prices averaged trifi
higher. Receipts moderate. New No.
was quiet at 28c, and old No. 2 in light re
quest and quotable about 2S11ac. Rejecte
nominal Sample lots in good reques
The market closed dull.
In winter wheat the receipts were sma
ler, the offerings only moderate, and tn
feeling stronger, with prices q 1c highe
Demand good on shipping account, an
some speculative demand also existed.
For flour there was some inquiry, bU
trade was again limited and dull feelin
prevailed, local iobbers merely taking q
occasional lot. Exporters were enquirin
for low grades, and also looked for ne
winter, but made no purchases.
In provisions under the iniiGence c
lighter receipts of hogs and substanti'
advance in prices therefor and fair nun