St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-06-27
The COMMERCIAL RECORD.
Sudden Bulge in the Prices of Cereals,
Eli Futures Advancing a
Peg.
It Appears From the Tone That the
Turn Has Been Made in
Wheat.
Financial Operations in the Great Money
Centers---The General Quo
tati0ns.

CHICAGO, ILL.,, June 26.-Within thirty min
ntes of the opening July wheat was selling at
S1lsc. an advance of 1esc from yesterday.
The highest point touched by August was
H0Iac, and by December S3lac, gain of s4c
for August and lie for December. The furry
was largely in July, and was caused by the
fears of the shorts that there might be a deal
In that optional after all. The heavy buying
for July by Jones, Kennett & Co. yesterday
made them very uneasy, and they proceeded
to climb for stuff The advance was
not attended by special excitement or
wild trading. The shorts wanted wheat
and finding none for sale at bid prices they
offered more and finally struck point at
which holders of contracts were willing to
accommodate them. That was all there was
in it. After while July eased off, but later
months held fairly firm with August quoted
around S0s4c and December around S3Ac
Corn had a steady and rather strong opening.
Two days receipts footed up 400 cars. The
large shipments yesterday produced feel
Ing of confidence. July sold up to
49c, August, 497sc, and September 50aSc
Provisions were dull at rather better prices,
August pork going at S13.S2lal13. So. Au-
gust lard at $40, and August ribs at S7.7C@
7.72l2. The wheat market broke back to
within S6c of yesterdays closing range July
selling at 1880. August at 1850, and Deem
Der at S2Ssc. 1t then got its second wind
and advanced 1c, receding fractionally from
the best prices established on the second
rally, but maintaining steadiness of tone
throughout. July was the strongest month,
the premium over August widening to Use at
one time, and averaging sS@1ac above
August the session through. Jones, Kenneth
d Co. were the largest buyers of July and
q for
August and December delivery. Corn ruled
steady, and further gain of SEQ 34c was es-
tablished. Estimated receipts for tomorrow,
1876 cars. Inquiry for freight room was
active. Provisions were alternately strong
and weak. The advance in product brought
lot OF property Oh the market and values
Eoftened under the pressure. Prices got be-
low yesterdays closing, and although rally
followed recovery was only partial. The
offerings of vessel room were only moderate
and the demand fair at 1l2c for corn and
114c for oats to Buffalo and Georgian bay
ports. Charters were made to-day for $780,
900 bushels of corn and $4,000 bushels of
oats.
THE ROUTINE REPORT.
CHICAGO. June 26.-The opening on change
to-day was marked by better activity and a
firmer tone for cereals than has prevailed for
some time. July wheat took q squirt up to
S1lsc shortly after the opening, an advance
over the close last night of Issc August adj
yanced &c over last night, and this made
July &c premium. Prices lost about half the
early advance before noon, but the market
remained quite firm. Corn was remarkably
firm also, and July touched 49c early. re.
acted to 4Slsc and again sold above 4SAc.
Provisions opened slightly higher all round,
but weakened before noon. The turn ap-
pears to have been made in wheat and the
market had a firm tone to-day without any
inf hnir
local nature. The market here received
an unusual upward impetus early
because of the oversold condition of july
and the discovery that the holdings of q few
parties were such that squeeze for that
month was among the probabilities. While
the futures all advanced about lie over last
nights close, yet the facts referred TO sent
July up SEC over last night, and put it at SEC
premium over August. Receipts were III
cars, with but % cars expected for Wednes-
day. The range of prices until near the
close of the regular session, was as follows:
July opened at soc, sold up to S1l2c, back to
again and became steady at about SO5sc.
August also started at soc, sold up to sOlec,
back to soc and again to 904c. December
opened at S27sc and closed between s294c
and S3I2c. The closing price for July was
S0sec. 1t was good day in corn. Prices on
the whole. advanced about the same as in
wheat, without the help of any special buy
ing in July. Prices were a shade higher on
for August The close yesterday was
a bulge on big charters and other
influences, and little reaction would not
have looked strange, Instead there was an
advance right from the start. July went up
to 49c with good buying. August went to
497sc. Then came reaction of l2c followed
by second bulge after the estimate of 1876
ears for Wednesday was made known. On
this July went still higher and touched 49I2c,
closing at 1850. August touched 5OAc,
closing at 4975c. There was only a moder-
ately speculative trade in oats, but the market
was strong and advanced a little for the
nearer months There was no special feature
and the strength seemed to be due to sym
pathy with other grain markets July oats
opened at 3lIsc, sold at 307sc up to and
closing at 31Ac. Provisions attracted little
more than ordinary attention. Not much
increase was noticeable in the outside trad
ing, yet more general interest was manifested
and between professionals transactions
reached rather fair aggregate. Product
was also quite strong, and at the opening
prices were higher, being influenced by a
moderate run OF hogs. Later, however, the
movement followed an easier turn and in
lard and pork the morning improvement was
more than lost July pork closed at Sl3 6712
Lard, July at SIS. 22l2, and July short ribs at
SS.52l2.
THE QUOTATIONS.
The leading futures ranged as follows:
July, soc, closing at sossc; August, Soc
closing at soc; September S05sc closing
at 90l2c. Corn-No. =, June, 4SAc, closing at
1880; July, 4s12c, closing at 4s7sc; August
49l2c, closing at 497sc: September, soc
closing at 50l2c. Oats-No. 2, June, 32c
closing at 31s4c; July, 31lsc, closing
at 3lAc; August, 26I2c, closing at 26l2c;
September, 26c. closing at 26c. Pork,
Mess, Per Bbl-July opened at S1372Is
closing at S13.67l2; August. S13.s2Ia closing
at S1377I2; September, SI395, closing At
$13.S712. Lard, Per 1G0 Lbs-July opened
assoc, closing at Ss.22I2; August, SIS. 40
closing at SS.33l2; September, $40, closing
at S.3712. Short Ribs, Per 100 Lbs--June
closed at 81 52i2; July. S7.52I2, closing at
ST.52l2; August, 81 62l2, closing at S7.6O
September $77o. closing at $7.66Ia
Cash quotations were as follows: Flour
quiet and unchanged. Wheat-No Q spring,
soc; No 2 red, S2Ac. Corn-No. 2, 4S4c;
oats-No. 2, 31l2c. Rye-No. 2, 53c. Barley
No. 2, 63c. Flax Seed-No.I, 81. 80.
Prime timothy seed, 50. 95@23 80. Mess Pork
Per Dbl, S1367l2. Lard-Per 100 lbs, IS 20.
Short Ribs;,,sides, Qoose). S7.53l2; dry
sailed shoulders (boxed), S6@6.25; short
clear sides (boxed), S7.95@S. Whisky
Distillers' Finished Goods-Per gal, 81 90.
Receipts-Flour, 10000 bbls: wheat, Is, 900
bu: corn, 194 900 bu; oats, l42, 900 blu: rye
1000 bu; barley, 5000 blu. Shipments
Flour, 5000 bbls; wheat, II, 900 bu; corn,
100000 bu; oats. 1890 bu; rye, 2,0GO bu
On the produce exchange to-day the butter
market was steady; creamery, 15l2@lSI2c;
dairy, 15c. Eggs, steady: fresh, 14@I4Ac
n A NrxAno1- ~@a,