St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-03

SHARP BULGE IN WHEAT.
The Market Surprise to Most Opera
tors, Being Very I'm
settled.
Heavy Trading in Corn, and Prices
Are a Full Point.
Higher.
Financial Operations Of the Money
Kings---The General Quo-
tatiOns.

CHICAGO, Aug. 2.-The bull campaign
in wheat was opened again this morn-
ing. All talk about better weather and
about 100, 1000. 900 bu yield in Minnesota
and the Dakotas was forgotten. When
September wheat touched 914 late yes
terday and turned up half cent before
the close, the decline of three days from
the 96c point of Monday and Tuesday
was at an end. The whole sentiment
was changed this morning. 1t was
largely the result of the hot wave, which
appeared to embrace the entire wheat
and corn belts from Texas to Manitoba.
Not only did dispatches come thick and
fast regarding the damage from cooking
one week ago, but the prediction was
freely made that another hot siege
must prove very serious. There are
many who believe the hot wealth
er damage was greatly magnified,
as it often is, but in this case the
weather dispatches were followed by
lively buying orders from the North
west. There was general buying by
commission houses for the country.
This could not be ignored. The OPEN
ing of the market was under great ex-
element, and the first prices were up
= to &c from last night. A fair pro-
portion of this trade started to sell OIL
the bulge. but they soon discovered a
big buying element. This alarmed
many shorts and the wild climbing OF
the market began. September sold at
9214c and stopped Oh its first advance
only when the price touched 925lc and
Mr.. Hutchinson became seller. There
was setback to 931ac and a second
wave of buying carried the price to 94c.
| There was also some miscellaneous
bull news. The export clearanceS
were: New York, 71,000 bu;
Philadelphia, 10000 bu; Baltimore.
$1,000. Four Atlantic ports for the week
cleared LIB, 600 bushels of wheat and
10000 barrels of flour. Bradstreets
| gave the injury to wheat in Kansas at
one-half the crop. An old item was re-
peated from New York, saying that the
Indian wheat shortage will be 100000
| bushels. Wheat was unusually strong
fer the deferred months late in the SEES
| sion. December touched $500. The
premium of December over May was in
creased at one time to Sc. Closing
prices were: August, 9136c; Septem-
Der, 9S1Sc; December, $3.50; May,
s1.OO5s. August touched 92c. Vessel
room was taken for 1000 bu at 11ac to
| Buffalo. Corn again gave the pace to
the grain market this morning. The
strength began Oh the curb, and
opened the market in the pit at
over 1c advance from the close yester-
day. There was further advance OF
over 1c before midday. most of the gain
taking place the first hour. Up to 1
o'clock the high point for September
was 4S5sc, or 21lc over the last price
yesterday. There was but one prime
reason for the sharp upturn-the dis
patches and the weather map showed
that Kansas. Nebraska, Iowa, parts OF
Illinois aud Missouri were still suffering
under hot sun, hot winds and a rain
less sky. This started the plungers.
They started the shorts. 1t became a
race between the longs getting more
corn and the shorts to save themselves.
The offerings were light, and prices
rose to a point where holders were
willing to take the profits. The out
side buying orders from the Southwest
ern states only added to the force of the
market. Oats closed &c higher for
August and September, and 1c higher
| for May. The advance was largely due
to the firmness developed in cereals.
The provision market was fairly active
and firm. Outsiders were the buyers,
and packers sold freely, more especially
of the September delivery. The prefer
ence of the commission house orders
were for the January delivery, which
was active for lard and ribs, the adj
vance in the former of which amounted
to zoe and in the latter 45c. Pork was
bid up in line with the other articles on
the list, but no one but the clique
houses appeared to want any OH either
| side the market.
The leading futures ranged as follows:
ARTICLES open High Low Clos