St. Paul daily globe., 1891-03-12
THEY ALL WANT CORN

CHICAGO March 11,-There was general
desire TO sell wheat at the opening, and a
loudly expressed wish to get some corn.
The wheat traders changed their minds i'll
a short time, and many times thereafter il
The cours9 Of the days proceedings. but
those who wanted corn were so ilI-suDpied
that their plants became louder and louder
until after bidding UP 10 62l2c for the May
delivery, the more pressing requirements OF
the greater number were satisfied Tor the
time. Wheat opened 7sc lower ana closed
fSc higher than yesterdays latest trading
prices. Corn started with buyers but no
sellers at the last quoted prices of the day
before and closed at an advance OF 2c.
The government report on the amount OF
these cereals still III farmer hands Issued
after the close of trading yesterday afternoon
had much 10 do with the course of prices
The arithmeticianS of the board OF trade had
been busy over night penciling out its bear
ing upon future prices. and 10 judge from
the rush TO sell wheat at the opening the
majority had concluded that the figures
favored lower prices. The first sales OF May
were at 81 0Gt2. The cables came firm. but
indicated by their tone that the continental
buying fever was abatlng and the weather
was fine in the neghborhood OF the board of
trade. The course of the market very soon
developed the fact that the figures were
capable of more than one Interpretation. An
attempt by prominent house 10 buy III Il
lire of short wheat revealed the fact of
sellers at the decline being scarce
Us low as SI.0Cl4 but The offerings DRIED up
AT around those prices. The longs. upon lh:S
hint, assumed control. and for an hour fol-
lowing prices were on the rise. with the eli
max OF the bulge referred To arriving about
10:40 a. m. when the price for May touched
Sl0lsl. The influences upon the market
were varied. apart ftom what has already
been named Receipts in The Northwest
were heavy. From Duluth ii was reported
thai a cars Of wheat were being loaded Tor
Tal shipment 10 New Nork-rather an uu.
usual proceeding. ! he market acted fever
Ish and Irregular in The last half hour vltn
both buyers ana sellers apparently
Iimd, and needing bUt slight influences 10
cause them 10 change their opinion. There
was another advance to Sl.0i$4 for May and
9>l2 for July. The government report
brought no relief 10 the shorts i'm corn: go
OU000J bu in farmers hands was evidently
lot regarded as enough without the enforced
economy to come from higher prices. The
government report did rot change The rel&-
i've positions OF The shorts and longs: with
only 10000 bu of contract corn, and only
one ear OF That grade in the days receipts. Il
is not 10 be wondered al if the shorts become
occasionally alarmed, as they did to-day.
sale until Gle was paid; the price
rose TO 6lisc. at which considerable
business was done. Later it sold OF
10 u 5sc, and after that il could not be SUP
llied fast enough until il struck 6!i2c be-
tween 6il2c and which price very little
could be picked up. There was a reaction 10
Gls4c and firm closing 1t 62SSc. There WAS
q sharp bulge in oats that carried the Dtice
up To ~ PC for May delivery. thereby scoring
an advance Ct 1l2c on the highest puce pre-
vously attained. The market was active and
excited with good buying by the shorts and
comparatively few sellers. The great
strength in the corn market created a de
mand for hog products, which could only be
satisfied al a considerable advance in prices.
and that occurred in the course of the day.
such Of the packers as were short bought
rather freely, and the offerings became light.
The opening OF the market was easier
lIatey bought ribs SO did the Cudahy Pack
ing company. while Armour and Cudahy sold
some pork early.
The leading futures range1 as follows