St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-09
4 SENSATIONAL BULGE.
May Wheat Opens at SO 5-8c, and Is
Speedily Rushed Up to IS $50.
JUNE AND JULY ALSO RISE.
The Crowd Keep Buying July and Many
Hold the Bag---Pr0duce and
Provisions.

CHIcAGo, H., May S-There were good
rains all over the spring wheat country,
enough, il was thought, to effectually break
the drought This was of course a bearish
influence. On the other hand were the large
export purchases reported from New York
late Yesterday afternoon and the large de-
crease, 2,24o 900 bushels, in the quantity of
wheat and flou: on ocean passage as per the
official cable to the board. Opening prices
were lower for the nearer futures, but prices
quickly recovered and there was a sharp
bulge in May wheat 1t opened at S2ssc
against S3c as the close last night. Hutch
sou and Schwartz Dupee started bidding for
il and speedily rushed it up to S6ssc. June
in the meantime advanced from S2Ac to Sic
and July advanced to !9lsc. When July
touched zoe HutehinSOn's men began to sell
it ont. The crowd kept buying 1t for some
little time, but at the end of the first hour
July broke TO 7SIse, and there were soon
some signs of weakness. The early
action of the old crop futures in
jumping TO S6Ssc for May and
sic for June was not particularly significant,
only as it indicated the readiness of the mar
ket TO respond to buying, and had its effect
on July. While the high prices in early flu
lures were early, tllG Icitl otICuStii
of the day was felt about o'clock, when on
buying from New York and by local crowd
July crossed zoe the second time and moved
up to 79l2c in a few minutes, thus securing
an advance over last night of lie. There was
no great amount of outside news. Export
clearances at New York and Philadelphia
were but 81, 900 bu. The early bulge was
followed by decline in all futures, but be-
fore ] o'clock there was another recovery
and prices closed strong at the figures quoted.
Receipts were Is ears. Receipts-Corn, 200
cars: oats, 1872 cars. Corn and oats sympa-
thized with wheat and sold at higher prices,
with good demand from shorts and for
cash stuff. Provisions also were strong and
higher Small receipts of hogs at better
prices and the anxiety of shorts to cover
forced prices up. Pork gained t@25c, lard
Sc and short ribs DC.
PRICES FOR THE DAY.
CHICAGO, Nav S.-Wheat was moderately
active and firm. May was advanced 3ssc
under a demand from shorts and closed
about ll2c higher than yesterday. and June
sympathlZed TO some extent, advancing l2c
and closing about lac higher than yesterday.
There were reports of pretty good rains
throughout the Northwest rains last night
and this morning, and while perhaps the
Northwest could stand more rain, the present
fall will do some good and in some sections
relieve the fear of drouth. But the firmness,
which developed was due to the rather ac-
tive buying at the seabOard. some thirty-siX
boat loads in ali being taken at New York
yesterday and purchases today were in
creased from four loads early to fourteen
loads late. This would indicate that foreign
buyers want our wheat and had decidedly
strengthening effect upon the. market.
There was pretty free selling on
reaction from top prices, then reached, some
of the prominent large traders being credited
with being free sellers but the wheat was alb
sorbed by some one and withal strong I'M
freely, taking fright at the action of the mar
ket and assisted the turn in prices above zoe
for July. Quite an active trade was reported
In corn transactions were at the higher prices.
The feeling developed was stronger which
was attributed largely to the active shipping
demand, smaller receipts than anticipated
and covering by local shorts. The market
opened shade above the closing prices of
yesterday,was firm and sold up sst0l2c eased
off 1s@Ac, again ruled stronger and advanced
l2c, ruled steady and closed a4c higher than
yesterday. Oats were fairly active, stronger
and higher. The decline noted yes
terday being more than regained as
prices advanced s@1c, and the appreciation
was well maintained to the close. The
strength was attributable to the advance in
corn and wheat continued dry weather in
his vicinity and better demand from
"shorts." who sold yesterday on prospects of
rain. Speculative trading was moderately
active in mess pork, and the feeling was
stronger. Early the feeling was firm, and
prices were advanced 5@7l2c- Later weaker
feeling was developed. and prices receded 10
al2lSc. At the decline the demand i'm
proved, and prices were advanced zoe.
About the middle of the session a decline of
l0@l 2l2c was again submitted to, but near
The close the market was quite strong and
prices suddenly advanced 25@30c, and
closed rather steady. A comparatively light
trade was reported in lard and the market
wss stronger Prices were advanced 7l2@
Toe. and the market closed steady. Quite
good trade was reported i'll short ribs. Prices
were advanced 2l2@5c, and moderately well
supported to the close.
The leading futures ranged as follows:
Wheat-No. 2 June opened at sec, closing at
&c, closing at 77a4e; year. 76c, closing at
763sc. Corn-No. 2, June opened at 34s4c
closing at 35asc; July, 35Ac, closing at SIC;
August, 36lsc, closing at 36l2c. Oats-No.
23ssc closing at 241se; September, 23Ac.
Mess Pork (per bbD-June opened at
BIZ. 77l2, closing at Sl2.05; July, S11.95,
closing at $l215; August, $12.O7la,
closing at sl = o. Lard per 100 lbsl.yune
s695, closing at 81; August, 81, closing at
opened at $6.O5, closing at So. 72l2; July,
6Senea at st0Ss $500 at closing at s9s s
firm and unchanged. Wheat-No. spring;
9534c: No 3 spring, none; No. 2 red, S584c
Corn-No. 2, 35Ac. Oats-No. 2. 22Esc;
Rye-No. 2, Ale. Barley-No 2, none. Flax
Seed-No. 1, $1.55. Pure timothy seed
81. 34@1. 36. Mess Pork-Per Dbl, 81. y5@l2
Lard-Per 100 lbs, Sc. 92l2@6. 95. Short
ribs sides loose), .S6.O5@1O. Dry sailed
shoulders (boxed), So. 25@5 so Short clear
sides (boxed), $6.25@6. 37l2 Whisky-Dis-
hllers' finished goods, per gal, $1.O3. Sugars
unchanged. Receipts-Flour. 10000 bbls;
wheat 10000 bu; corn, 1914, 600 bu; oats,
IA, 900 bu: rye, 1000 bu; barley, "a
900 Blu: Shipments-Flour, 1000 bbls;
wheat $4,000 bu; corn, 100000 bu; oats
$4,000 bu; rye, 10000 bu; barley, 1000
bu.