St. Paul daily globe., 1888-07-09
THE COMMERCIAL RECORD.
The Action In Wheat Indicates That
Foreigners Are Working
the Market.
Nheat Strong and Fraction Up---Corn
and Oats Doing Consider
able Better.
financial Operations in the Money
Centers---The General
Quotations.
SpeciRl to the Globe.

CHICAGO, ILL.,, July 7.-Hutchinson, who
has been decidedly long on August Wheat,
gave the wheat pit a surprise this morning
by having his brokers on the floor selling
quietly before the market opened. 1t was
not long, however, before the dealers re-
covered from their surprise and began act
ing. Their first impulse was to jump upon
the market breaking it and bringing the
prices down from S134c to Sic. Reports
from France and England are still at wide
variance, but those of nature favorable TO
the crop rather predominant. Based on
yesterdays closing figures there was an
advance in August wheat of Ssc and in Sep
tember of Isc while December closed lsc off.
General trading was active and large vol
ume of business was transacted, though it
was mainly of a local scalping character.
There were again some foreign buying orders
received. Considerable changing over of
July to August was DONE 100000 bu being
exchanged in one lot; it was reported at 1c
difference Corn was firm on account Of The
light receipts, The receipts were twelve cars
short of the estimate. There are indications
that July wheat has gone to premium, run
ming 1c higher than August. This is on ac-
count of the disposition of the elevator people
to hold on to the stocks. They are afraid
that if they let go of the wheat in store they
will be caught with empty bins in case of
short crop. Provisions opened with bullish
prospect Another light run of hogs made
traders regard the market confidently, and
from the first hour prices showed an advanc-
ing tendency. Later, under unexpected free
speculative offerings. weaker feeling was
developed, and a severe decline occurred all
around. At the. close pork and short ribs
stood 5@7I2c lower than yesterday. Lard,
IL oh,
q Warren were free sellers of short ribs.
General trading was only moderate.
THE ROUTINE REPORT.
CHICAGO. July 7.-To-day's action in wheat
was the reverse of yesterdays. Prices
opened steady. and the first move was de-
cline of 1c. In selling for the reaction the
crowd evidently overdid the thing, and
there was an upturn in prices which re-
gained most of the lofs before noon. and on
a second bulge, after II o clock, prices went
several points above the closing quotations
last night. The early selling to-day was a
continuation of that late yesterday, when it
was thought that the foreigners were work
ing the market. Some regard the bulge of
Thursday as too violent, and the decline
which followed, natural one. Cables were
again quite favorable. while Is, 900 bu were
exported, besides half as much flour from
Atlantic ports. The way in which July
wheat is held caused it to sell at 7s
cent premium over August early to-day
up to S1Ac, back to S1ssc, up to Sl5sc and
on the later bulge advanced nearly 1c addi-
tional to S2Ac, returning to SIC as soon
as the little furry was over. One cause
for the strength was Bradshaw's estimate on
the visible and invisible supply of wheat,
which was of a bullish character Wheat
closed for the week strong and at outside
prices for the session: Jnly, S3c; August,
S24c; September, Sl7sc. Corn was quite
strong during the creates part of the session.
There was a little dip in prices from the
opening figures, when wheat sold off 1c, but
the feeling was bullish on the conditions,
and the closing prices were nearly 1c higher
than yesterday. The elements of strength
were the decrease of nearly 100000 bu in
the local stocks for the week, the light
receipts to-day and light estimate for Mon
day, the good cash demand, the light offer
ings and the persistent buying by large
local OPERATOR July ranged at 4S7sc and
5Ol2c closing at 501sc; August sold at 495sc
down to 49SsQ49l2c, up to 5O84c. closing at
50l2c. Oats attracted considerable attention
because of the little squeeze in July, very
similar to the one last month. The shorts
were obliged to buy and prices Tor the month
vent from 317Sc to 32s4, closing 32l2c.
Other futures were little changed. Provisions
we're traded in to moderate extent and an
easier feeling prevailed, closing sales being
at a decline of 50712c on pork, &c on short
ribs, but steady on lard. Offerings exceeded
the demand. Even shorts, who bought mod
erately yesterday, being indisposed to take
hold.
THE QUOTATIONS.
Wheat-No. 2, July opened at Sic, closed
at S27sc; August 7sc, closed at S2Ac; Sep
tember s1s4c, closed at S1sc; December
Sac. closed at S41sc. Corn-No. 2, July
opened at 4S7sc. closed at 50Isc; August 10
6sc closed at5Ol2c; September 5Uc, closed al
bic; October soc, closed at 505sc. Oats
No. 2, July opened at 317sc. closed at 32s4c;
August 26c, closed at 257sc; September
25l2c, closed at 25ssc: year opened at 251Sc,
closed at 251sc. Mess Pork, Per BbI-
July opened at $3.50. closed at S13. sole
August opened at S13 60 closed at $13.52l2
September S13.67I2, closed at S13.5712; Octo.
Per 100 Lbs-July closed at $500; August
opened at SS. 27l2, closed at SS27l2; Septem-
ber $3.50 closed at $3.50; October SS.37l2.
closed. at SS.35. Short Ribs, Per loo
Lbs-July closed at S7.55; August opened
at S7.65, closed at S7.57l2; September
opened at S7.72Ia, closed at S7.67l2
Cash quotations were as follows: Flour
firm and dealers inclined to hold to higher
prices. Wheat-No 2 spring, S2@S3c; No.
No. 2, 50@591Sc. Oats-No. 2. 3214@32l2c
Rye-No. ., 52c. Barley-No. =, CSC. Flax
Seed-No. l, Sl.19. Prime timothy seed
81 .40@2.45. Mess Pork-Per bbl. SIS. 500
1885 Lard Per 100 lbs-SS. .2O@S 22i2
Short Ribs-Sides Qoose), S7.53; dry salted
shoulders (boxed), S6.4G@G.50; short cleaI
sides (boXed). S8.G5@S. 10. Whisky-Distil-
ers' finished goods. per gal, Sl.20. Receipts
1000 bu. Shipments-FloUr, is, 900 bbls
wheat $4,000 bu; corn. 100000 bu; oats,
2O1,UG0 bu. On the produce exchange to-
day the butter market was easier; creamery
15@les4c; dairy, I4@17c. Eggs quiet
fresh, candled, 14@l412c.