St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-04
SHARP BULGE IN WHEAT.
The Market Surprise to Most Opera
tors, Being Very Tn
settled.
Heavy Trading in Corn, and Prices
Are Full Point.
Higher.
Financial Operations OF the Money
Kings---Fhe General Quo
tations.

CHICAGO, Aug. 2.-The bull campaign
In wheat was opened again this morn
ing. All talk about better weather ana
about 100000. 900 bu yield in Minnesota
and the Dakotas was forgotten. When
September wheat touched Size 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 ego, but the prediction was
freely made that another hot siege
must prove very serious. There are
many who believe the hot wealth
Ell 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 sc from last night. A fair pro-
portion of this trade started to sell on
the bulge. but they soon discovered
big buying element. This alarmed
many shorts and the wild climbing OF
the market began September sold at
D21lc and stopped on its first advance
Dnly when the price touched $3.50 and
Mr.. Hutchinson became seller. There
was setback to $500 and a second
wave of buying carried the price to 94c.
There was also some miscellaneous
bull news. The export clearances
we're: New York, 71,000 bu;
Philadelphia, 10000 bu; Baltimore.
$4,000. Four Atlantic ports for the week
cleared 1.121, 900 bushels of wheat and
10000 barrels of flour. Bradstreets
gave the injury to wheat in Kansas at
Dne-half the crop. An old item was re-
peated from New York, saying that the
Indian wheat shortage will be 46,000,000
bushels. Wheat was unusually strong
for the deferred months late in the ses-
sion. December touched 9656c. The
premium of December over May was in
creased at one time to &c. Closing
prices were: August, 913sc; Septem-
Der. $3.50; December, $3.50; May.
k1.0OX. August touched 92c. Vessel
room was taken for $4,000 bu at 114c to
Buffalo. Corn again gave the pace to
the grain market this morning. The
strength began on the curb, and
opened the market in the pit at
over lie 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
o'clock the high point for September
was 1870, or 2Ac 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 rain
Jess 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 point where holders were
willing to take the profits. The out
yide buying orders from the Southwest
krn states only added to the force of the
market. Oats closed &c higher for
August and September, and 1c higher
Tor May. The advance was largely due
10 the frmness 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
enee 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 on either
side the market.
The leading futures ranged as follows: