Daily globe., 1883-08-09
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 Mc
better, corn &c higher, oats 1s 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 38c higher than yesterday. The trade
is getting more confidence in values
and even the pronounced bears are willing
to admit that wheat has 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 a further decrease. Shorts were
buying against their outstanding contracts
and there was more demand from this
source. The market opened 58@Ac higher,
advanced to point 1870 above the closing
figures on change yesterday ,receied about
38c, again rallied, due partially to reports
of bad weather in Europe, and finally
closed about 1 78c higher than yesterday.
The 1irm1ssss sin corn no doubt aided to
streng gti1Sss ssee feeling in wheat. No. 2
wheat ossss ssss.zssarb was higher, September
closing sksE yEs5s s, October at 81. O64.
Corn lis being bulIdozed 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 a bear
raid here, and a 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 all
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 was
more unsettled than yesterday, and prices
ruling with considerable irregularify. The
receipts were again liberal, but showed
somewhat of falling off, 5O4 cars being
inspected into store against GA cars yes
terday. Foreign advices were encourag-
ing and New York reports indicated an
unsettled market. At the opening there
was on active demand for cash, shippers
buying, and shorts manifested an urgent
desire to provide for their outstanding
contracts. The market opened from 40
&c higher as the result of the early de-
mand, and advanced $8@@c more, but at
this advance the offerings we're largely in
creased, and prices declined lie for
august and 70 &c for the November de-
ferred futures. Considerable long corn, it
was understood. was closed out at the i'm
provement. New York reports also
showed a large decline from the early
market, and this helped to cause the de-
cline. Later the market rallied somewhat
from inside prices, fuctuated, and finally
closed about lc higher for cash, &c high
er for August, Bc higher for September,
15c higher for October, and ~ higher for
year than the closing yesterday.
For oats there wa a good demand. The
market ruled tolerably steady, and for
future deliveries prices averaged a trife
higher. Receipts moderate. New No. 2
was quiet at 28c, and old No. 2 in light re-
quest and quotable about 2015c. Rejected
nominal. Sample lots in good request.
The market closed dull. .
In winter wheat the receipts were small
Ter, the offerings only moderate, and the
feeling stronger, with prices p 1c higher.
Demand good on shipping account, and
some speculative demand also existed.
For -four there was some inquiry, but
trade was again limited and dull feeling
prevailed, local jobbers merely taking an
occasional lot. Exporters were enquiring
for low grades, and also looked for new
winter. but made no purchases.
In provisions under the Influence Of
lighter receipts of hogs and a substantial
advance in prices therefor and fair mum.