Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-02-09
LIE GhAlN MAnAElO.
Continued Firmness the Principal Feat
ure Yesterday.
SOME BULL WHEAT ESTIMATES.
Last Years Wheat Crop Now Pat at
45O,0OO,0O0 Bushels.
CORN CLOSED 1-Sc HIGHER.
The Crop Of this Cereal Thought to Be
Overestimated.
SOME BULL WHEAT ESTIMATES.
CORN CLOSED 1.sc HIGHER.
CHICAGO.
Especial T.legramto the Globe. !


for time on change to-day, and after
| eleven o'clock the tendency was upward.
At one time Yesterdays decline had been
recovered but when legitimate buying or
| ders had been filled, not enough strength
| remained to sustain prices, hence reacUion
ensued and most of the days advance was
lost before tho regular board adjourned.
There was no improvement during the
afternoon and wheat ended the day
about where if closed on the board yes
tsrday. Corn trife better. Provisions
continue on a gradually declining scale.
There is good deal of doubt expressed as
to the immediate future of the wheat
market. 1t is reported that the farmers
in New York state are now marketing their
wheat little more freely than they did in
carly winter. Prices are more attractive,
and as the farmers near the seaboard are
generally able to wait till quotations are
wheat fed out yet from the last crop. Some
sent them, there has not been muchNewYork
people think it probable that the delivery
from that source will be large enough
AOW W LbdhO oOl1C OlnSIcACS III rlC6S
On the other hand, some usually we'll in
formed people have recently come to the
conclusion that the wheat crop of the Uni
ted States last year was nearer to 100000
900 than to 51O,0OO,O00 bushels, and was
probably less even than the inside figure.
The crowd still seems to be bullishly in
clined, but the big operators for the time
favor lower prices, as encouraging east
ern shipments and the export trade.
Still, even when prices are off, traders
have to seem chary of selling short to any
great extent, recent experiences making
most people afraid of bear raids, and the
opening the doors for squeeze if the big
fellows are so inclined. The spectators
are taking hold of corn again and the
greater share of the trading done is by
them. 1t is estimated that their deals will
average not far from 100000 bushels
day. The intense cold of this winter is
largely increasing the consumption of
corn in the West. More is needed
to feed on the farm, and
it is probable that big quantities have been
used as fuel during the recent cofd snap
for want OF wood or COAL Advices are re-
ceived from some sections that corn is be-
ing taken back from the country stations
to feed stock; and is likely to be used free
IL for that purpose during the remainder
of the winter. Some uneasiness has been
caused by the large long purchases of
few large brokers, notably Egglestone's
Sons and Poole, Kent & Co., who have ab-
sorbed large quantities of February corn;
but this is Offset by equally
large sales by Llndblum and others. Reg
ular corn for this month is selling at very
nearly the same prices as for March, there
being a good speculative demand on be-
half of parties who fear a squeeze for
it. Their purchases are mostly of the
long order. and indeed the deal seems to
be so nearly evened up that a squeeze is
improbable. The other futhers were rela-
lively heavy, but partly sustained
by the spot demand. There
are fewer. buying orders from
outside, and the sentiment of home talent
is to the effect that the market is reac ting
from the recent advance and has not yet
reached its limit.
In the wheat pit on the board the feeling
was dull and easy early in the day, with
but little demand and the trading was
chiefly of local character, prices ruling
weak and declining some, but little be-
fore noon outside orders began to ar
rive, and there was quite a brisk
competition to fill them, under
which prices Immediately began to ad-
vance and sold up gradually about 33Sc.
weakened later and fell q ole and at the
close February was quarter higher than
at close at o'clock yesterday, March 1sc
higher, April 14c higher and May about
&c higher. During the afternoon offer
ings were somewhat more free and prices
ranged 1s@4c lower, wiping out the net
gain made on the regular board. No sales
of No. winter were reported to-day; $1.OS
was offered. Some little rejected changed
hands. Spring was active early with
fair demand for No. 2, but closed dull.
Flour was held firm with quite light
stocks on hand and to work from, and the
tendency is to higher prices rather than
otherwise, and particularly for the finer
family and baker brands. The call has
been light at the high asking prices but
buyers are looking about and making bet
ter bids than heretofore. Rye flour was
firm. Buckwheat -four slow sale. Bran
and all millstuffs were doing we'll.
The advancing tendency of wheat makes
millers firm in their views, and caused
strong feeling to prevail to-day. In the
corn pit trading was quite active, and the
feeling developed was generally quite
strong. The receipts were again small,
and the tenor of the market advices from
abroad were generally favorable to holders.
Trading was chiefly on speculative account
and the frmness was attributed mainly to
speculative influences. The shipping de-
mand for the lower grades was light. The
market opened irtle better, but under
good demand prices took an upward course
and advanced B@11sc above inside fig
ures, fuctuated and finally closed only 1sc
higher for February, 1sc higher for March,
and 15c higher for May than the closing
figures on change yesterday. No. 2 and
L Io&e