St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-07-07
WHEAT IS UNSTEADY.
A Low Opening, With Ups
and Downs During
Trading.
The Corn Market Furnished
Excitement for the
Day.
Brisk Competition, With Rap
id Selling, Scared the
Shorts.
Oats and Provisions Took
Their Shading From
Corn.

CHICAGO, July G. - The board of trade
opened at the usual hour this morning, after
having been closed since last Thursday after
noon. Wheat started in over 1c lower,
and for tine the indications all pointed to
weak market Cables were barely steady;
Beerbohm noticed a recession OF one penny
in prices at Liverpool since Thursday; the
weather in the harvest belt was favorable,
and receipts of new wheat at st. Louis, To-
ledo and other winter wheat markets were
reported heavy. The trading for the first
half-hour was without spirit, operators show
ing q disposition to await developments.
Then the reflex action of the strength in
corn began to make itself felt in the wheat
pit, and later life was infused into the deal
ings. The buying was led by s. V. White & Co.,
Kennett-Hopkins, ScharIz- Dupee and some
of the foreign houses. and as the offerings
were light the market went up easily. The
advance brought out considerable wheat.
on which there was some reaction. Late
cables reported a steadier feeling abroad.
Partridge was thought to be covering some
wheat around 90c for december, but sold
considerable line when the market turned at
9Cssc. July started at 9ll2@421sc. receded
some, advanced to CSC, weakened to G5sc,
slumped to 9ll8c and closed at 91l2c. De-
cember followed the same general course,
for the late break was not apparent. Corn
seemed weak at the opening, ana prices ana
sell off some. For a time the business was
dull, and scalpers began TO look for break.
The receipts were generous, but the ship
ments were found to have been larger. This
seemed to check the ardOr of sellers, and
as soon as this was discovered, shorts grew
nervous and wanted to cover Competition
became brisk and prices quickly advanced.
Partridge bought in his shorts freely and
Lamson and keam were good buyers. The
crop reports were not considered favorable
as far as corn was concerned; receipts are
falling below expectations and shipments
continue very unusual. The market became
quite excited after the noon hour. the com
petition was sharp and everything was taken
quickly, and shorts for all futures showed
some alarm. The advance, however did not
tempt holders to part with their grain to any
considerable extent. Prices eased off de-
cidedly toward the close, in sympathy with
wheat. July opened at 56140@6s4c, and with
some minor reactions, sold up 10 SOC, broke
near the close and closed at $3.50.
Oats were not inclined to follow corn in
its advance at first, owing to the phenom-
enally heavy crop promised; but the market
finally came around to the influence of the
other cereal and advanced. July had the
larger appreciation because of purchases by
shorts Provisions were frmer owing to
small receipts of hogs and higher prices at
the yards, and sympathy with the advance
in corn. The opening was at about Thurs
days closing price. and the tendency was
upward till the break in corn, near the close,
when a Lsrtial reaction resulted.
The leading futures ranged as follows: