St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-09-11
The Corn Deal at Chicago Growing
Weak Over the Coming of the
New Crop.
The Wheat Market Dull and Bears Predicting
Still Lower Prices Fer the Winter
Months.
Provisions Steady With Moderate Deals
Aud the Market all Round Very
Dull
CHICAGO.
Especial Telegram to the Globo.l

was somewhat of a surprise even TO the bulls
ON the morning, session and to the bears in the
afternoon. In the morning prices went up
&c in spite of liberal receipts and cables
which reported foreign markets every heavy,
slow, dull and neglected." In the after
noon with no further reason than still worse
cables there was drop of lie from the clos
ing figures at 1 O'Clock and the market was
abandoned to the trade Of scalpers. Corn
continues week and feverish with quite a
sharp decline while provisions were active
and ranged generally higher with tho excep-
ton of pork, which was, however, merely
nominal. Closing quotations of October
options were as follows: Wheat 765sc, a
drop off of &c, from last sales yesterday;
corn 53c, decline of &c;
oats 254c, unchanged; pork $3.50,
decline of soc; lard s7.271z, and ad-
vance OF 1711c and ribs, 1906, an advance
OF &c.
Wheat ruled weak early, opening 5S@4c
below last sales yesterday, and selling off for
the first hour or so &c. The increased ship
ments to the wheat districts indicated freer
movement of the crop to market at an early
fed the expectations of even bigger crops
than early estimates, and foreign markets
were fiat. But it soon became apparent that
the market was largely oversold, and the ap-
pearance Of few heavy buyers, who gener-
ally work on the long side, was the signal for
the bears to cover, and the temporary open
ing weakness wasrecoyered, the offerings not
being equal to the demand, which rapidly
increased as the day advanced-the shorts
showing unusual anxiety to cover their con-
tracts, thus forcing prices up to a close
on the morning board of 1@2Hc over the
bottom prices Of the day, But On the after
noon board all this was changed, and wheat
began breaking from the first sales and
didn' stop until it was full cent below the
mornings close. In the morning session
the leading buyers were Baker, Geo. G.
Walker, and Poole s. Sherman. What few
outside orders there were were mainly to sell
at point fraction above that reached by
the market, and in consequence were not
executed. October opened at IKE, sold
down to 1890, and then Immediately started
upon the free buying noted, and after rapid
fluctuations sold up to 767sc, at about which
point 1t closed on the morning board. But
from this point it rapidly declined when OPP
erations were resumed after lunch, and
closed finally at 76Xc. November opened
at 79c, sold at 7s14@79s< on the morning
board, closing at 795sc, and then dropped to
7S%c in the afternoon.
Private cables say we need not look for
any improvement in the foreign demand for
/, - Il.
farmers are marketing their crops freely at
the low prices and wheat is now in fine mill
ing condition, being earlier in this respect
than was ever known before. The idea that
our farmers viii not sell freely at present
low prices is being rapidly exploded, as the
stuff continues to come in, and one broker
remarked to-day that the lower it goes the
faster they will sell.
A. NJ. Wright said to-day: ''Despite the
liberal buying, l see nothing on which to
base the opinion that a healthy reaction can
occur until an outlet is found for the spring
wheat which is now accommodating here, and
feel conservative about advising short sales
unless made on the upward bulges.'
j. w. Rumsey observed this afternoon:
| II believe the bottom has been reached and
look for better foreign markets and liberal
business so soon as the world at large real
ICES that our am ateur statisticians have over
estimated our crop. These latter are the fell
lows who cause the depressed cables by max
ing Europe believe that our grain is to be
given away, but some day they may have a
rush of brains to the head, which would make
them realize that it is much easier 10 raise
crop with pencil and paper than to cover
shorts when no wheat is for sale.''
| To-day was a continuation of yesterday in
the corn pit, SO far as feverishness
and q feeling Of weakness are con-
cerned, and, notwithstanding the heavy
shrlnkage in receipts as compared with that
of the two previous days, coupled with free
Withdrawals from store and further addi-
tional contracts to ship Immediately, the
pressure to realize was more urgent and the
feeling throughout the day was nervous and
weak, the anxiety of the timid holders being
increased by the continued hot weather,
which is maturing the crop with almost I'M
precedented rapidity. Trading was largely
in q scalping way, and though fluctuations
were rapid they were within narrow limits.
|
that there is still large short interest, and
that those who so successfully started the
squeeze last week have not yet gone out of
the deal Withdrawals from store aggrega-
ted 232, 900 bushels and contracts were made
for the shipment of "a. 5000 bushels. There
was fair shipping demand for all grades
and offerings for prompt delivery, though
| md itc do 81 ri
ton among the elevators renders the wor k
of making up large cargoes tedious and at
times vexatious-vessels frequently being
obliged to go to several houses to get a load
of No. q At the opening the market was
easier and prices declined 5S@sIc for the
near futures, but rallied later, and under a
good demand with free buying by Kent,
Eldredge, Milmine 81 Bodman and others,
prices improved &c, but fell off later with
numerous fluctuations of &c. October
opened at 53115 sold at &c and closed at 53c
November sold at 45X@46c and closed a;
the inside figure.
Said Frank Kennett: ''The best local
operators are selling May and year options
freely. Even the near options are very
weak and bold operators may get large profits
selling them, but there is still danger OF
manipulation"
G. S. Everingham says: MANY who have
had faith in the near futures are now Of the
opinion that most of the large holders hav'
sold out, and that the September snd Octobe
options have sold higher than they will sci
again. Whether this view be correct or not
it is dangerous to hold the near futures D
corn any longer. The weather has been 81