St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-20
SEE-SAWING WHEAT.
The Leading Cereal Bobs Up
and Down in Exasperat-
ing Style.
A Crop Expert Reports Winter
+ Wheat Turning Brown
From Freezing.
The Provision Trade FIuctu-
ates at the Mercy Of the
Packers.
No Life in the Stock Market
Except in Milwaukee and
e st. Paul.

CHICAGO, March 19.-The strength and Ell
thusasm IN the buying of wheat us the
market closed yesterday had given place to
the opposite extreme when the traders
clustered together in the trading pit this
morning. They lifted up their voices with
one accord to sell, and they were willing to
discount the preceding days closing prices
III some cases as much as s4c, but quite gen
orally by lee per bushel. The opening trades
III the May delivery were at from Sl0lia TO
Sl.0is4 with one or two lots dropped at
SL0lss. The buying toward the end yester-
day had been based on the firmer closing
cables and the indicated cold weather for TO-
day. Both OF those supporting features were
wanting this morning. The cables were the
weakest received here since theFrench started
to bewail the loss of their crops. No change
had occurred i'll the weather i'll the winter
wheat country here 10 disturb the most sensi-
tive of the local agricultursts. The Cincin-
natl Price Current was in possession of iu-
formation regarding the damage 10 the con
tinental wheat crops the reports concerning
which. il is said were exaggerated, and no
impairment 10 the former excellent promise
of the winter wheat of this country had
taken place. Another bearish feature was
the Northwestern receipts. Minneapolis and
Duluth received 337 cars. compared with l9S
cars on the corresponding day of last year.
The other side was represented i'll the news
Of the day by the clearances from the Atlantic
seaDoard. which were liberal; the rumors of
export inquiry and the taking of ten boat
loads for export at New York, and
news OF similar character from st.
Louis A crop expert was reported as
saying that winter wheat was turning brown
from freezing and thawlng, The price dur
ing the greater part of the days trading was
done at from 81 .0!6tL0lI2. 1t sold down 10
Si.0J7s, and looked for Il few minutes like go
oil hrTf lt,-- rod D
spring up on all sides at the decline, and its
course was arrested and-after about half
an hours struggle-faced about in the op.
posite direction. ST. Louis supplied the fuel
TO keep the steam up on the buying side to-
ward the end. According to the latest ad-
wees from there 100000 bushels of Kan
sas hard wheat at &c under the May price OF
No. red were taken for export to-day. and
two-thrds of the 100000 bushels in stock
there was under orders to go out within the
next twenty days. The market was firm dur
ing the last hour of the session with May up
| to Si.01l2.
The bulls in corn once more impressed
upon the bears the utter futiiity of engaging
| in a contest with the odds SO heavily against
| them. 1t is only necessary to point 10 the
excellent demand for No. corn atvery close
| TO the price of No. > for May delivery. and TO
the fact of 1872 900 bushels belDg all that IS at
present available to deliver on speculative
| contracts i'll this market 10 give emphasis TO
| the relative positions OF bulls and bears III
| modest III the use of their superior advan-
! tages The price of the May delivery was adj
vanced about Sac TO day. May opened at
| 63IS@64c with few sales as high as 64l4c
| soon after the start. There was no great de-
mand at the advance during the first half of
| the session and declining tendency sue
| ceeded until toward midday when it began
| TO pick up again and afterward it made its
! highest mark, selling up to 64l2c. having in
! the meantime sold down TO 63l2c.
There was light trade i'll oats, with free
selling by the longs, led by Bierlein, who put
! out over 100000 bushels for May delivery.
He was generally credited with acting for
! Patten Brothers, who have been persistent
! bulls. May started at 53iac, sold TO 535sc and
| declined to 52s4c under the selling noted
above. Thence the price recovered to 53l4c.
! The provision trade fluctuated at the mercy
| of the buyers The opening was strong on
| account Of the receipts of hogs being lighter
| than the estimates, and the quality poorer.
| Lard and ribs were relatively frmer than
! pork. The first trades were at S1l35 for
May, with few sales at SlI.32l2; after an
| advance from the latter point to S11.4il2 it
declined to S1l.30, afterward rallied aud
! closed at Sl1.37I2 bid. Lard for May opened
! ut So. 42I2 advanced to S6.45. sold there for Il
| time advanced to and closed at $3.50. Ribs
| started at $3.50 for May. advanced to $3.50,
! and closed at S5.51l2. Cudahy was a heavy
| buyer of ribs.
The leading futures ranged as follows.
|