St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-03-23
TROUBLE IN THE PITS.
The Squeeze in Corn Produces
a Disturbance in Other
Grains.
The Wheat Market Very Act
i've From the Start and
Strong in Tone.
Heavy Buying All Around by
Prominent Operators on
the Board.
The Result OF the Days Deal
ings Simply a Panic
Among the Shorts.

CHICAGO March 21.-EverythiDg went hop
ping when the bell tapped for the opening
on the board OF trade this morning. The
squeeze in corn was mainly RESPONSIBLE for
the early troubles in the other pits. The
wheat market was very active at the start.
First prices for May wheat were from Sl.02 TO
s1.02IS. and the demand was such as 10 carry
t quickly to SLOPE. Realizing sales on this
rapid advance caused reaction to Sl.02, and
t fuctuated nervously for short time be-
tween SI.02A and Sl02Ia before again start
ing to climb. The second splurge carried up
TO Sl.03. July wheat was even less Irregular
and stronger than the March delivery.
1t started at from around 09A@03ss,
and before it stopped it sold up
10 St01, gaining nearly 1c upon May.
All this was in the face Of heavy receipts al
Minneapolis and Duluth, besides Bradstreets
statement that the available stocks of the
world are now 100000 blu more Than they
were at the corresponding time last year. in
spite of the further fact that, firm as spot
wheat and near eight cargoeS are quoted in
England the farther off shipments were lac
lower, and New York reported the flow OF
gold TO Europe still in progress. Hutchinson
was heavy buyer of July. The buying by
prominent operators is based on convic-
ZION that Europe must take a lot of wheat
from Us, and they are preparing for the
higher prices which they think the statistical
situation justifes. Later in the day. under
free selling by longs 10 realize the
handsome profits in sight, broke the
market 10 Si.02ti for May and 997Sc for July.
The widest kind of a scramble for corn took
place among the shorts when trading COM
menced, and first transactions were stimuli
taneously made in the May delivery at from
&c 10 6SI2c, and even 69c was paid by an ex
cited trader for one 5000 bu lot. General
trading did not get above 6Sl2c. 1t was sim
ply matter of panic among the shorts. The
highest prices were paid at the first rush. but
sudden and material changes were the order
of the day up to the close. The closing
prices gave very little indication of the day
turmoil, but a range of 2s4c or Whereabouts in
the days fluctuations means unusual agita-
ton in the corn crowd. The latest trading
which is a mere hs@34c advance re-
spectiyely on yesterdays closing figures.
The highest price on the oats crop was made
to-day when May wheat sold at SOC, thereby
showing an advance of 1c on the previous
high point, and the squeeze still goes on.
The market was active early and rather quiet
toward the close. The opening for May was
at SIC; then to SOC, to sac, to 7l7sc, to 54l2c,
the close being So higher than Yesterdays
fury of the storm which was raging in corn
and for time The traders in the hog products
were only trifie behind the corn spectators
in their efforts to come off the short side
For May pork the opening price was S11.5S,
and it shot up smartly to Sl1.75, but reacted
again to around S11.6il2. Another excited
advance sent prices booming once more and
Sl2.10 was paid before enough offerings
came out to arrest its upheaval. Lard was
In strong request but less excited than pork.
The leading futures ranged as follows: