St. Paul daily globe., 1889-06-10
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.

Cu1cAco. June S.-The wheat trade hau
komething to talk about to-day ana tae resui,'
an interesting market. The advance "hioi
set in lust before the close yesterday, anu
which left July wheat 1Ssc higher at Tisc'
was continued this morning Tor tllhe' Jul!
started at 774c. touched 77Is, went to 7Is4c
as if there was regular bull market on MANU-.
The cause of it all was the action OF the
shorts and buying by few bulls VINO iel1
that wheat must advance. They were en-
couraged in buying by the reports Oh 100
much rain in Kansas where harvest mas coii-
menced. The government crop report que
next Monday is. for some reason. expected 10
be bullish. and that influence has been dis
counted by buyers The decrease Ill lhe
visible supply is estimated all the way from
1850. 900 to 100000 bushels-the inside
estimate being double the decrease the same
week last wear. These were the bull argu-
meuts. On thes rthe 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 ana
the trade. Minneapolis sent selling orders
on the rains. The price of July went %..ff
from 77s4 to 76Tsc. This was the bottom for
the forenoon. There was a slow rally to
77Ac, dip to 77c, another rally to 77Ssc,
followed by a yielding to nc 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 Mltchell ana
Poole prominent sellers. Before the close
prices welded still more and July closed at
the bottom of the session. Receipts were 80
cars. There was nothing but dull. scalping
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 tri1e higher Receipts 1S5 cars. There
was but moderate trade i'll provisions, and
price changes were few and unimportant.
ROUTINE REPORT.
Chicago June S-There was good trading
= m wheat though the feeling was unsettled
early in the 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
the buying pressure eased up. and prices de-
clined lc and closed about Ssc lower than
Yesterday June closed 1Ac 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 UlStTlctS. IL 10 estlultteu
that the visible supply will show a decrease
of from 1.25O0OO to 100000 hu. The
weakness late in the season was attributed
to increa sed offerings and the fact that the
most urgent demands from shorts was sup
piled. a fair business was transacted in
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 a temporary furry. 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 a large operator, but the
miscellaneous buying, although not large,
held prices steady. Very little interest was
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 7.4c, closing
ct 76s4c; August opened at 72Ac, closing at
74c; September opened at 757sc closing at
75c; December opened at 7714c, closing at
76Sc. Corn-No. 2 July opened at 34ssc,
closing at 3414c: August opened at 347sc,
closing at 34&c; September opened at 354c,
CiuoilS ut f4C. OttS-A>o. ouls opSiCu
at 22$sc. closing at 22ssc; August closed at
22l2c; September opened at 225sc, closing at
225sc Mess Pork (per bbD-July opened at
S11.S5, closing at Sill so; August opened at
Bl1.92Is, closing, S11.S7l2; September
opened at SIP, closing at S11.92la. Lard,
(per 100 lbs)-July opened at S6.72H2,
closing at S6.7O: August opened at $6.77l2,
closing at S677l2; September opened at
e6.S712, closing at S6.S2l2. Short Ribs (per
100 lbs)-July opened at $5.92lA, clos
ing at S5.s7I2; August opened at
5.97l2, closing at So. 92l2; Septem-
Der opened at s6.o7ls, closing at S.
Cash quotations were as follows: Flour
steady and unchanged. Wheat-No. 2 spring,
zoe; No. 3 spring, nominal; No. 2 red,
No. 2, 22@22lsc. Rye-No. 2. 3Sa4c. Bar
1ey-No 2. Nominal. Flax Seed-No. 1,
$1.54. Prime timothy seed, 81 2l@1 %.
Mess Pork, per bbl, Sl1.75. Lard, per 100
lbs. $6.62I2. Short ribs. sides Qoose), 5.S5
$3.50. Dry salted shoulders (boxed),
S5.l2l2@5.25. Short clear sides (boxed)
S6.12I2@6.25. Whisky-Distilers' finished
goods, per gal, S1O2. Sugars-Unchanged
Receipts Flour, 1000 bbls; wheat &c.
900 bu: corn, SIG, 900 bu; oats. POI 1000 bu;
rye, 5000 bu; barley, 1000 bu. Ship
ments-Flour, Z, 900 bbis; wheat, 1000 bu;
corn, $50, GOO bn; oats, 500, 600 bu; rye,
5000 bu; barley, 5000 bu. On the produce
exchange today the butter market was
firm; fancy creamery, 11l2@1612c; fine,
15l2c; finest dairy, 1C@13c. Eggs firm at
lOl2c.