St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-06-27
HIGH and LOW PRICES
Chicago Opening in Wheat
Was Bullish, but a Re-
verse Came.
Che Recent Storms Had Some
thing to do With the
Rise.
Corn, Oats and Provisions
Were in Sympathy With
Wheat.
More Animation in Stocks on
Wall Street Results
Queerly.

CHICAGO. June 26.-The feeling was bullish
in The wheat pit at the opening to-day, and
for the first minute or so July was taken at "a
ale advance over the closing prices of yester-
day, though the deferred futures were not SO
strong. but the situation was quickly re-
Versed; the early buyers turned sellers and
pronounced break in prices was the result,
July closing lac lower than yesterday. The
higher opening was due to the published re-
ports of the widespread and destructive
storms in Iowa and elsewhere yesterday and
the day before, and was continuation
of the strength developed late in yester-
days session. An early cable from Beerpohm
reported the drought in Russiastill prevailed.
Bullishly inclined. however. were met at the
outset with flood of selling orders from
New York and st. Louis. indicating that
traders there were not scared by the flood
news, and, cables coming lower, the early
bulls made rapid change of front and
turned sellers; shorts, also, began to pound
the market. Dispatches from the interior
not only reported clear and fine weather
to-day III most parts of the winter
wheat region but said that the
storms had been greatly exaggerated.
July opened at 93s4@94c, against 93c at the
close yesterday. broke to 92l2c, reacted TO
93hc, back to 92l2c, up TO 92s4c, off to GEE
and finally 10 9ls4c at the close. The late adj
vices from abroad were very depressing.
Beerbohm quoted Liverpool Id lower and
London cablesx6d lower. Counselman d
Days dispatch from Antwerp said: Market
demoraliZed: almost impossible to get bids
Their French advices said that while Paris
was quoted firm, quotations were 10@2O
centimes lower. Another cause for the de-
preston was dispatches received from the
other side by Schwartz-Dupee AMI Milmine-
Bodman, saying foreign wants seemed to be
amply provided for, and that it was very
difficult to sell wheat TO arrive. Corn started
firm, partly from the storms reported to have
prevailed yesterday and partly in sympathy
with wheat July sold during the first few
minutes al l334@l54c. But these prices proved
so attractive that a food of long corn came on
the market, and short sellers became active.
The posting showed the receipts about sew
enty cars in excess of the estimates, and
was quick TO follow. July soon went TO 53c.
There was then some reaction. tut when the
estimated heavy receipts for tomorrow were
made known there was another weak spots and
July sold sto 52s4c, rallied to 53c but broke
again to 52Ssc and closed u shade higher
Baldwin d Farrum were free seller most
of the day, presumably on st. Louis account
Bartlett Frazier bought moderately. and j. j.
Bryant took good deal on the break, sup
posed to be to cover shorts. Oats followed
the course of corn pretty closely, and was
also influenced some by wheat. There was
good trade in provisions and fluctuations
were confined to narrow limits. Mess pork
opened at $40 10 for September, against
Sl007l2 as the last figures yesterday, sold up
TO Sl.15, then, on rumor that yellow fever
had appeared in New Orleans sold off to So
but recovered to SOLO at the close
The leading futures ranged as follows: