St. Paul daily globe., 1891-06-07
CORNWAS STRONGEST
Dealings in Wheat We're Of
Secondary Importance
Yesterday.
Good Prospects for the Prin-
cipal Cereal Encouraged
Depression.
Wet Weather and Light Re-
ceipts Induced Buying
Of Corn.
Wall Street Market Dull and
Steady, But a Firm
Tone.

CHICAGO, June 6.-Tradng in wheat was
again only of secondary importance in the
speculative business. corn being by far the
strongest market on the floor. The bulls in
wheat were greatly discouraged, the market
responding very freely to any bearish news
that was set a1oat, but utterly refused
TO respond to influences of the opposite sort
Despite the strength of corn and the liberal
purchases for shipments, it dragged steadily
Dispatches from Texas said that the harvest
ing was in full blast and shipments from
that country would probably begin in ten
days. Cooke county, the banner wheat
county of the state, reports that it will
raise as much wheat this year as for
merly. A sample of fine wheat from
Charleston, Mo-, some of which
was cut early in the week and the balance to
be cut next week, was shown on the floor,
and the effect was depressing. The crop re-
ports received late in the session were unfa-
vorable, but came too late to affect the
market A private dispatch from Paris
quoted the weather hot and reports from
New York said that wheat bought for the
first half OF June shipmentwas being resold
at loss. The trade disregarded the fact that
New York had cleared 475,000 bu to-day, Of
which only 12i. 600 bu was officially reported
and also attached little weight to export
sales OF 100000 bu by Dunn and by Thomp-
of 100000 bu by Pillsbury. An active
cash business was reported at this
and other Western and Northwestern
points. Bradstreet reported clearings OF
wheat and flour from both coasts for the
week equal to 2, 697. 900 bushels wheat against
2,343,OOO bushels last week. The indications
are Tor exports, the year ending July 1, of
lOO0jO.0o0 bushels, against 104. 5S4, 600 bushels
Tor the previous year. Deliveries of wheat
by English farmers last week reached 62,677
quarters. against 52.S13 quarters for the pre-
ceding week. The price of July wheat at the
opening was 9SsSc, and the extreme range to
within short time of the close was 9Sssc and
91%c;. The strength in corn then began to
lower at Berlin and Paris 10
to 20 centimes lower for flour and
Is centimes lower for July wheat Corn dis
played considerable activity during the first
hour OF the session. The wet weather and
the light receipts induced the shorts to do
great deal of buying, and also stimulated
great deal of buying for investment. The
vance had been scored, when it sold more
heavily. July started at 5s7sc, sold up to
59ssc, fell back to 5Ss4c, and became steady
around 59c; again sold off and closed at
5essc. The estimates for Monday were light
and the indications were for light loadings at
country stations next week Oats were
strong, with corn early, but did not hold
all OF the advance. Bartlett-Frazier led the
seIllng on the early bulge. July started at
44l2c touched top and bottom at 45c and
44lsc. respectively, and closed at 44Ac bid,
Provisions started easy, because of large re-
ceipts Of hogs, but improved sharply, with
corn; Offerings by packers and the break
In wheat carried them off to the lowest figure
of the day. temporary advance of about
7l2c in pork, sc in lard and 2I2c in ribs took
place; but the advance, however, was all
lost and pork at the close showed decline
Of 7l2@g 10c, lard of sc and ribs of 507I2c
The estimated receipts of hogs for next week
were for a liberal movement and the selling
out of July and buying of September at an
increase of the carrying charges were weak
ening influences at the close
The leading futures ranged as TO Ilows: