St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-08-07
WHEAT OPENS LOWER
Action Was Irregular, but the
Fluctuations in Prices
Narrow.
Late Reports Hardened the
Market and Helped the
Bulls.
Corn and Oats Were Lacking
in Feature and Pork
Wabbly.
A Firm Tone, With Spells Of
Weakness, in Wall
Street.

CHICAGO, Aug. 6-Wheat was fairly active
to-day, and, while the market was somewhat
Irregular, it fuctuated within q compare
lively narrow range of prices. The opening
figures were lower than those at the close
yesterday afternoon on run of early bear
ish news. All of the foreign markets were
reported weak and lower; it was reported
from London and Paris that the general i'm
preston was that Europe had over-bought
and there was small chance for an advance
in price till the stocks in hand had gone
into consumption. The British govern
ments Indian crop report was to the effect
that late rains had improved the wheat pros
pect there, and that there no longer seemed
to be any danger of famine The Cincin-
natl Price Current estimated the wheat crop
of the United States at $50, 100000 Blu, and the
exportable surplus at 200, 100000 blu. This was
probably the most potent factor in the early
weakness here. An estimate. putting the
crop of Minnesota and the Dakotas at $780,
100000 bushels. against 79,OOO.000 bushels
last year and t5,000,000 the year before. was
also quoted. Commission houses here had
large selling orders from New York and ST.
Louis around the opening, and this fact
added to the weak feeling, especially as
most of the big local traders were inclined to
the bear side.
Later in the day, however, the bulls had
tnclr lU0lUSS anu SCOrcu several pOlIiS. DIS
patches began to come in reporting all active
resumption of export business at the sea-
board and especially at New York, where
sixty boat loads were reported as taken
before noon. This hardened the market
little; shorts began TO cover,
and the bulls took courage and picked up a
good deal of wheat. Then followed the re-
port of the large export clearances-59i,O 600
bushels at New York, 100000 bushels at Balt
more and 10000 bushels at philadelphia, be-
cid al nf md hn f11o-
ket quickly developed strength, december,
which had opened at S94c and sold off to
S91Sc, Iallying to S9S4c. At that point Farnum
Logan and S. V. White began to sell heavily,
presumably for New York account and the
price broke to S94c. During the last hour
the market was comparatively steady, rang
ing between S94c and Syl2c. and it closed at
S94c. against SGS4c at the close yesterday. A
good inquiry was reported for cash wheat
and some large foreign orders were here, but
the limit was slightly below the market
Corn was without any marked features; it
started weak ana lower on warmer weather.
the weakness in the other pits and the Gin
cinnati Price Currents report that the crop
had made a good improvement during the
week. There was very little snap 10 it, how
ever, and It's fluctuations were largely gov
erned by those i'll wheat; September opened
| at 55I2c broke to 551sc. reacted to 5554c. held
around 55l2c for some time, eased off 10 55l4c,
/ grew dull during the last hour, but advanced
! to and closed at 5j5Sc, against 36Ac at the
! close yesterday. Oats were quiet and easy
early bat improved some later, following
! wheat and corn to Il slight extent, the fiuctu-
| atoms for the day being a range of only Ac.
Pork started wild with sales of September
! around the opening at SO. 256111.35 in diff
| ferent parts of the pit against 5000 at the
! close yesterday. The market was weak on
free selling and reeeded to 5000, but at that
! point Ream aud other shorts began to cover
and grains grew strong with the result that
! September rallied TO Sl0.42I2. 1t broke later
| to S10.35. Outing the last hour ii fuctuated
between SlO.35 and S1042A and closed at the
bottom price Lard was slow and weak,
September selling Of to S6.42l2 from $3.50
| at the close yesterday and closing at S.
day at S657l2 The markets opened to-day
at $3.50; sold up to $j.62l2 ana closed at
$500
The leading futures ranged as follows: