St. Paul daily globe., 1888-05-11
The Government Crop Bulletin Gre
ates Panic Among the Buyers
of Wheat.
4 Large Decrease Estimated in the
Winter Wheat Crops, Both in
Acreage and Yield.
Other Markets Lost Sight of in the
Scenes of Wild Confusion
Routine Report.
Special to the Globe.

las USSu SuSSEty dWditC0 Dy hAiS ">ASNs s-,
of both hemispheres. 1t came to-day ana
upon the tenor of the official report specula-
tive wheat values may hinge to greater or
less degree. The postal line received the fol-
lowing summary of the crop bulletin four
minutes ahead Of all competitors: Low
temperature and deficient rainfall, with dry
ing winds and some frost. have reduced the
condition of winter wheat in the central
states 1t has also been cool on the Atlantlc
coast and not favorable 10 Improvement,
and vet the plant has nearly held
its own in this region. On the
Pacific coast only medium development is
reported. In the Southern states changes
are slight, the several averages being the
same as last month. Pennsylvania shows
decline of points; New York, 16; ONO,
-; Michigan, II; Indiana, 20; Illinois, II;
Missouri, 2; Kansas, 3. The general aver
age is reduced 9 points-trom 81 to 70.
Last year the condition was reduced 8 points
from SS.1 in April, to s5.s in May. The
state averages of winter wheat in the princi-
pal states are as follows: New York, rs;
Pennsylvania, 81; Virginia, 80; Ohio. 90;
Michigan. Ga; Indiana SO; Illinois, 81;
Missouri, so; Kansas, "a; Texas, go. Spring
plowing is quite well advanced, as usual.
1t is relatively later in the more northern
states of the Atlantic coast, slightly later
than usual in the middle states, and scarcely
up to full average in the Ohio valley, but
late in the northwest, especially in Dakota.
The wheat market was nervous, but not es-
pecislly active around the opening. Every
body was waiting for the government report,
which is due on the floor between IL and II
o'clock, and until its arrival there was gen.
eral indisposition to trade largely. Trans
actions were principally among the scalpers,
-knNf - r-Nrl- rArIHn nm q
down within 121s4c limits. The statement
that the Cincinnati Price Current had pub
lished general average of 75 as the prob
able condition Of winter wheat was
bearishly construed, and the price
broke to S4s4c for June and s57sc
for Jnly. In a few minutes it reacted
sharply l2c, and there was a scramble for
stuff at the advance. The market and the
crowd were nervous and excited. The
tension was great. Receipts Of corn were
100 cars less than the estimate, and the
market was strong and higher July going to
56c with an active demand for the limited
offerings. Provisions were weak. Receipts
of hogs at the yards are heavy, and the pro-
duce market is feeling the effects. Steever
and others were free sellers of July pork and
ribs. breaking July pork from S14.35 to
$14.10 early, and July ribs from S7.65 to $7.55
The wheat pit was scene of wild excite
ment That is time honored phrase,
but il is also expressive. The crowd
yelled itself into Mysteries. A more
sudden upheaval has not been witnessed for
months. The only parallel to the scene was
when the bottom fell out of the Harper deal
last year, nearly year ago. From S7Ac the
market travele1 / back to SIC in jiffy. Trans
actions around that figure were OH a huge
scale. A great deal of long wheat taken on
at lower prices was unloaded on a new set of
buyers, and the market reacted sharply to
SEC. The break was not SO sharp at the ad-
vance, but it was sharp enough, and before l
O'Clock the price of July was S5I2c, shrink
age of lac from the extreme out
side range of the morning. Dealings
after IL o'clock were vast in the
aggregate. The pit was thronged and the
turmoil was increased. There was not let
up for minute. The tendency to realize
profits proves to be irresistible. Neverthe
less, the government estimate is practical
confirmation of the worst that has been said.
Various interpretations are put on the aver
age given, statistician figuring out the short
age. from that basis of anywhere from
25,000,000 TO SO,0O0,000. Leabloom and
Fred Strong reaching the latter conclusions
and extreme bears the other. The general
view taken is about 100000 bu shortage
on the condition Of the growing crop, max
ing no allowance for the area plowed up,
which must be several millions. Some put the
wheat plowed up at 100000 acres. If it
is half as great the shortage will be further
increased 10000, 900 bu, bringing the grand
total up to about 65, ,0OO,O bu on very
conservative estimate. Allowing for a full
average spring wheat crop, the total crop of
winter and spring is. therefore, likely to be
,lo, h,,
thing doing in corn, oats and provisions, of
course, but interest centered in wheat. The
story of the other markets can be read In the
market range table. There were really no ex-
citing features any where upon the floor out
side the wheat pit. At the afternoon session
there was fair activity in all pits, but the
closing prices were but little changed from
Pm.
THE QUOTATIONS.
The leading futures ranged as follows:
Wheat-No.2 May, opened at S4ssc, closing
ct 634sc: June, S57sc, closing at S4I2c; July,
S6l2c closing at S5l2c; December, SSI2c,
closing at s7lsc. Corn-No. May opened
at SIC, closing at SIC; June, 557sc, clos
ing at 55Ac; July, 557sc, closing at 55&c;
August 557sc, closing at 557Sc Oats-No.
2 May opened at "a {, closing at 337sc June
3SAc, closing at $3.50; July, 33c closing
a. 32se; August 2sssc, closing. at 2s52c.
closing at S14.07l2; July, $14. .22l2, closing
at SALTY; August $14.30, closing at
$142112. Lard, per 100 lbs-June opened
at s.. 17l2, closing at .17l2; July, ss. 22l2
at SIS. 22l2; October, $3.50, closing at
Se.30. Short Ribs. per 100 lts-June opened
at $3.50. closing at $3.50: July, S7.57l2,
s7.67I2; September, s7.75, closing at s7.75.
Cash quotations were as follows: Flour
Better feeling prevailed; prices firm and an
advance of 5910c wgasl generally asked.
sos 9ie SPpng s'!ss3sc 0o rsd
9. 33s4c. Rye-No ., 63i2c. Barley-No. 2,
77@7sc. Flax seed-No. l, 81. .45. Timothy
Prime seed, $26o@2.66. Mess pork, per
@s as sSors RIBS AsES sides pe1 oose5 aoe Os
Shoulders, dry salted (boxed), S6@6. %;
sides, short clear (boxed), Ss.O5@S. 10
MhiskyaoDistillers' finished goods, per gal
$1.17. Sugars-Cut loaf, 7ss@Sssc; granu.
lated, &c; standard a. 6l2c. Receipts
Flour, 10000 bbls: wheat, $4,000 bu: corn,
$4,000 6u; , oats, l74, 600 bu; rye, 5000 bu;
barley, $4,000 bu: Shipments-Flour, 1000
oats. 152 bu. On the produce exchange to-
day the butter market stocks were light;
prices firm; creamery, 21@25c; dairy, I69
70. Eggsin light supply and firm.
THE ROUTINE REPORT.
CHICAGO, May 10.-There was a nervous
activity on change during the morning The
government crop. report was expected, and
II was, in the minds of trade. to cut a big
figure in the price of wheat before the close
of the day. twas shortly after IL o'clock
when the government estimate on the wheat
crop was made public here. There had been
some selling to realize OH yesterdays big
buying, and prices were about lac under the
close last night. The moment the wires gave
the figures there was furry on the floor
and every one turned to the wheat pit On
the instant there was craze to buy July
jumped at once from S64c TO S6Iac This
was the top, and it was 1c up and turn in
three minutes. June sold Up to S54c, and
December To S9ssc. At II o'clock June was
back to last nights price. S5ssc; July was
down 10 S6Ac, lc off from the top on the
bulge and Ac lower than last night, and De-
pember was back to where il onnnod OF