St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-05-09
WHEAT ON THE up GRADE /
A Large Business Transacted aud a
Sharp Reaction in the
Prices.
Bad Crop News From the Winter Wheat
Districts Brace the Days
Market.
Financial Operations Of the Money
Kings---The General Quota
tions.

CHICAGO, May D. Inc LrdQ0 III wheat
fooled itself again to-day. Following
the selling and raiding before the close
yesterday the same tactics were re-
sumed the first few minutes this morn
ing. The result was that the price of
July was forced down to point nc I'M
der the low figure yesterday. This
proved the turning point, and in less
than three hours the price was up &c,
aud the trade eager buyers. Like all
other strong advances in this and other
markets lately, this was not on manipu-
latior, but the rebound of an over-sold
market and a natural upward movement
on crop news and other natural infiu
ences. The first sales in July were
scattered from 9015(09Oslc, with sales
Immediately safter at 9O5s(0905sc, and a
decline to 90ssc. the bottom price of the
day. A fairly good buying demand
was felt, and the offerings
ceased SO suddenly that there
was hasty effort to recover the
wheat sold at the opening. This hard
ened the market at once. and the price
moved up 1c before the end of the first
hour. This would probably have been
the end of the activity for the day but
for the news which followed. New
York cleared $4,000 blu of wheat and
about 90, 900 bbls of flour. St. Louis be-
gan buying wheat here on bad crop
news from the South and the far South
west. The government crop report is
due Saturday afternoon, and the i'm
preston that Statistician Dodge will not
report any material improvement in
winter wheat conditions caused many
to turn buyers on the break. The dis
patch from the Price Current was to the
effect that Ohio, Indiana and Illinois
will not be so good as April l, while
Michigan may show an improvement.
All this news was almost sensational,
and from an oversold market early the
trade rushed to the other extreme and
bought again until July, which was
at 9G3sc at 9:30 a. m. was up to
95115c at 1880 p. m. The highest prices
of the day were reached the last half
hour. May went up to csc. and closed
with that bid, and none to be had. June
touched 94lIc, closing at $3.50; July
reached $3.50. or Sc over the opening
figure, and closed at $500, &c over the
bottom for the day. Corn opened either
steady or little lower for most months.
on the bright and promising weather
The bottom prices of the day were
touched during the first nalf-hour, how
ever, and at the close there was an adj
vance for the day of 1c straight, for all
months from May to September. There
was some covering Of short corn, by
Baxter, and with the change of Senti-
ment in wheat the buying in corn be-
came very general. There was very
little setback in prices at any time, and
the closing prices were at the very top
for the day. Oats were very strong to-
| day, shorts being anxious to get cut of
the May deal. The close was nearly a
cent higher. Lard and ribs attracted
all the attention of the provision crowd,
closing slightly higher. Pork was prae-
tically neglected. a 1a
| The leading futures ranged at follows: