St. Paul daily globe., 1889-06-09
MINNEAPOLIS IS SELLING.
The Advance in Wheat Checked by
Selling Orders From Minneapolis.
DECREASE IN THE VISIBLE.
Stocks Dull and Weak With Lower
Prices Ruling at the
Close.

CHICAGO, June S.-The wheat trade had
something to talk about to-day and the result,
an interesting market. The advance which
set in Just before the close yesterday, and
which left July wheat 1sSe higher, at 11lsc,
was continued this morning for a time. July
started at 77l4c, touched 77lS, went to 71s4c
rs if there was Il regular bull market on hand
The cause of it all was the action OF the
shorts and buying by a few bulls who felt
that wheat must advance. They were ell
rouraged IN buying by the reports of too
much rain in Kansas where harvest has COM
menced. The government crop report due
next Monday is, for some reason. expected to
be bullish. and that influence has been dis
counted by buyers. The decrease i'll the
visible supply is estimated all the way from
1850. 900 TO 100000 bushelS-the inside
estimate being double the decrease the same
week last year. These were the bull argu-
ments. On these the top prices OF
the morning were reached. Then
came dispatches giving good rains i'll the
Jim River valley. where wheat was in danger
from drouth. This turned the feeling and
the trade. Minneapolis sent selling orders
on the rains The price of July went off
from 77s4 TO 767sc. This was the bottom for
the forenoon. There was slow rally to
FS4c, dip to nc, another rally to 77Ssc,
followed by yielding to &c at l o'clock.
December sold almost identical with July
during the morning hours. The volume of
the trading was unusually large for Saturday.
Schwartz, Dupee and Mccormack Il Co were
conspicuous buyers early, with Mitchell and
Poole prominent sellers. Before the close
prices yielded still more and July closed at
the bottom of the session. Receipts were 3S
cars There was nothing but a dull. Scalplng
trade in corn. and prices were but little AZ
fected Receipts were 635 cars by rail and
1900 bushels by canal. Oats were quiet and
a trfie higher Receipts 1S5 cars. There
was but a moderate trade in provisions, and
price changes were few and unimportant.
ROUTINE REPORT.
CHICAGO. June S.-There was good trading
IN wheat. though the feeling was unsettled
early in tie session; the market was strong.
influenced by the continued wet weather,and
with shorts covering and some investment
buying prices were carried up 5sc for July
above Yesterdays closing, then receded as
clined 1c and closed about Ssc lower than
Yesterday June closed 114c higher and
offerings light. The weather bulletin again
showed rain or threatening weather over
most of the United States. There is complaint
of too much rain, except in the Jim river
valley. Harvesting is in progress South
and Southwest. and in fact in all of the win
ter wheat growing districts. 1t is estimated
that the visible supply will show decrease
of from 1.250000 to 1,500, 600 hu. The
weakness late in the season was attributed
to increased offerings and the fact that the
most urgent demands from shorts was sup
piled. fair business was transacted III
corn early in the day, but as the session ad-
vanced the market became quiet and inact-
i've The feeling developed was firm early,
influenced largely by the wet weather and
strength III wheat, local shorts covering and
there was Il temporary furry. A large
local operator sold freely and market
receded to the inside prices of the day. The
market opened 1sc higher than the closing
price of yesterday was firm for time but
soon ruled easier declining Ac. became
quiet, and final quotations were about the
same as yesterday. Oats were quiet. There
was fair selling by large OPERATOR but the
miseellaneous buying, although not large,
manifested in hog products, and there were
no particular changes to note. Speculative
offerings were moderate, and demand from
all sources was comparatively light. Prices
rather favored buyers.
GENERAL QUOTATIONS.
The leading futures ranged as follows:
Wheat-No July opened at 7.14c, closing
at 76S4c: August opened at 13Ac, closing at
74c; September opened at 757sc, closing at
75c; December opened at 7714c, closing at
T634c. Cern-No. 2 July opened at 34ssc,
closing at 3414e: August opened at 347sc,
closing at 34S4c: September opened at3514c,
closing at 3514c. Oats-No. 2 July opened
at 22Ssc. closing at 22s8o; August closed at
22l2c; September opened at 225Sc, closing at
225sc. Mess Pork (per bbD--July opened at
S1l.S5, closing at $11.S0; August opened at
92l2 closing, 511S7l2 September
opened at S12. closing at Sl1.92Ia. Lard,
(per 100 lbs)--July opened at Sc 72Ia
closing at 500; August opeued at S6.77ls,
closing at $677l2; September opened at
S6.S7l2, closing at S6.S2l2. Short Ribs (per
100 lbs)-July opened at S.. 92l2, clos
ing at S5.s7l2; August opened at
S5.97l2, closing at S5.92l2; Septem
Der opened at S6o7la, closing at Sc.
Cash quotations were as follows:s Flour
steady and unchanged Wheat-No. spring,
19c; No. 3 spring. nominal; No. 2 red,
79c Corn--No. 2, 3384@337se bid. Oats
No. 2, 22@322lsc. Rye-No. 2, 3S34c Bar
ley-No. 2. Nominal. Flax Seed-No. l,
Sl.54 Prime timothy seed, 81 .2I@I.22
lbs S6.62l2, Short ribs sides Qoosel, S5. s5
S5.l2i2@5 25. Short clear sides (boxed):
Receipts-FlOur, l1.OGO bbls wheat &c.
600 bu: corn, BIG, 900 bu: oats. POI COO bu;
rye, 5000 bu; barley, 1000 bu. Ship
ments-Flour, 1000 bbls; wheat, $4,000 bu;
corn, $780, COO bu; oats, $4,000 bu; rye,
5000 bu; barley, 5000 bu. On the produce
exchange today the butter market was
firm: fancy creamery. 11l2@16I2c; fine,
1512c; finest dairy 10@13c. Eggs firm at
10l2c.