St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-07-03
SURPRISES IN The PIT.
A Rafting Wheat Market, With a
Slight Decline at the
Close.
Hutchinson Is Milking the Trade, Sell
ing December and Buying
July.
Financial Operations in the Monetary
Centers-.-The General Quo
tati0nS.

CHICAGO, July 2.-There was fattling,
lively market in wheat all day with some sur
prises. The market started weak and during
the first thirty minutes prices declined
slightly till all futures were about 1c under
closing figures last night. This was the bot
tom for the day. There was slight upward
turn before IL o'clock which developed won
derful strength about midday, and carried
prices for all futures 1B@3sc over last night,
and July shot up over Sc from the low point
early and touched the highest point reached
on the bull wave last week, S234c. Before 1
o'clock prices reacted a little and the pit be-
came more quiet. The action in leading fut-
ures was: July, soc to 1859, to 81, to SOl2c.
to S2s4c to sec; September, 7sl2c, to 191sc,
to 73Ac, TO 7Ss4c; December S018 to 1850,
to 91c to S0l2c. There was no decidedly
fresh news, but old facts were worked over to
advantage on both sides. Cables were firm
to start with. To offset these the early re-
ports, backed by the weather map, indicated
a better condition of things in the North
west. The temperature in Dakota dropped
% or 80 deg, and rains were reported at
many points were most needed. London
cables were led dearer. Orders were herefo
wheat for export, but very little below the
market. New York cleared but 1000 blu
wheat and about 5000 bbls of flour. The
trade at New York was bearish but afraid to
sell. The sensational trading of the day here
was i'll July. Tw o points were held by the
trade regarding this. One was that the crowd
headed by Schwartz, who raided this future
yesterday by selling about 600, 900 blu want
ed the wheat back to-day, and there was no
one to sell it to them. The other was that
Hutchinson is milking the trade, selling
December and buying the July,
and when the market balances he will
buy in his December and sell them the July.
The advices regarding Russian crops were
again very bullish, giving strength to foreign
markets. There was no No. 2 wheat re-
ceived here, and the out inspection was for
about $4,000 blu. There was little change in
prices in wheat during the closing hour.
There was some declines IN all futures eX-
cept July. Receipts were 10 cars. The re-
cent large receipts of corn were supposed by
the professionals to be to fill June and July
contracts and it was also generally supposed
that the movement was over for time.
Shorts in July were buying it rather freely
all the morning, and Hutchinson was also
helping the advance along. The sellers OF
the July futures were generally buying the
September, and the result was better prices
all around. The demand for cash corn was
down to 100000 bu. Receipts. 955 cars.
Oats were quiet and steady; receipts, 240
cars. Withdrawals from store were 24.52O
bu winter wheat, 23.700 blu spring wheat,
314925 blu corn and 1862 bu oats The
provision market opened weak, became firm
and higher about noon and weakened before
the close. Last sales we're 212@7l2c lower
than Yesterdays. The monthly statement OF
stocks of provisions in Chicago showed
much larger supply of ribs than was looked
for. The effect on the market was temporar-
lily depressing in spite OF the fact that prices
for hogs at the yards were up Toe, and the re-
ceipts were light.
GENERAL QUOTATIONS.
The leading futures ranged as follows:
August, 7784c closing at 7Sssc; September,
7Sl2c, closing at 7S5sc; December, SO1sc.
closing at 90Ac. Corn-No. 2 August.
35Ac, closing at 35s4c; September, 35&c,
closing at Soc; October see, closing at
364c Oats-No. 2 August 224Sc closing
at 225sc: September, 225sc, closing at 22$4c.
Mess Pork per bD-August. SLID, clos.
ing at s11.z5; September s11.ss5 closing at
$3.50, closing at Sc 5212 September, S6.67l2.
closing at S6.62I2. Short Ribs (per 100
lbs)-August, s.. 97l2,, closing at $3.50;
September. S6-05, closing at $500.
and unchanged. Wheat-No. 9 spring, so4
@l3c: No 8 spring. 76@sOc: No. 2 red,
S2A@93c Corn-No. 2, 353sc bid. Oats
No. 2, 22a4@227se. Rye--No. 2, 42s4: Bar
ley-No. 2 nominal. Flax Seed-No. l,
pork per Dbl, S11 65@11.7O. Lard, per 100
TBS, S6.47l2; short ribs sides Qoosel, S. 80
@5.95. Dry salted shoulders (boxedl, 5:25
@53712. Short clear sides 0boxed), $6.25@
per gal, 81 O2. Sugar unchanged Receipts
Flour, Ia, 600 bbls; wheat 1000 blu; corn,
$4,000 bu; oats, $4,000 blu. Shipments
Flour, 1000 bbls: wheat, $1,000 bu; corn,
$4,000 blu; oats, 49, 00Obu. On the produce
exchange to-day the butter market was firm
and unchanged. Eggs firm at 12M12l2c.