St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-08
The Situation in the Wheat
Pit at Chicago Was Ex-
tremely Bullish.
May Option Is Up Over One
Cent on the Trading of
the Day.
More or Less Improvement in
Corn, Oats, Lard and Pork
Quotations.
Increased Activity and More
Progress Toward High
Prices at New York.

CHICAGO, April THE wheat market
seemed to wear horns today, SO bullish waists
appearance. Tonight the May price is up
1ssc mpared with yesterdays close. Corn,
oats. pork and lard all show some improve
ment From the outset wheat exhibited de-
cided strength, and though rather nervous
and having frequent minor reactions held
the advance very stubborny, even in the face
of a residue fight made by Partridge. He is
supposed to be short big line under Soc,
much of it said to be under 79c, and he at
tempted to slug the market and keep itdown.
But his tactics had little influence: the
market started bullish and held to its position
with much tenacity.
The public cables gave stronger tone to
Liverpool, and quoted an advance of 12d.
There were also indications of a cold wave
which, it was feared, might prove injurious
to the winter wheat. Dispatches from Min
neapOlis said that the late storms had de-
stroyed the last hope for the wheat in shock
and stack in the Northwest; that the ground
was in no condition for working: that late
spring seemed certain, and that the late SOW
ing was always regarded as unfavorable for
the outcome of the crop.
May opened Lc higher at 79s4c. The act
i've demand for cash wheat the lower
freights and the large short interest here,
together with the situation in the Northwest,
started the market, and shorts made dash
to mover, resulting IN an advance of lac
from the starting point, went Off some on
realizing sales and the liberal offerings, but
kept nervous and mainly strong. The fact
that New York did not clear a bushel Of
wheat yesterday was a weak factor for q
time, but was soon discounted by the report
that large purchases had been made today
for export. May became excited and sold
up to Sl1sc. off to S0l2c, back to Sic. down to
S012c, and at IL clock was s0I2c.
The feature Of The late trading in wheat
was the buying of May and selling of July,
causing July 10 close at discount Of
nearly lee During the last hour May sold
back to S0HQS0ssc. but recovered to SO75c
and closed at 8OS4@SO7Sc, or 1sSc over last
night. While the market acted as II fed with
long wheat for a time, the bulge at the close
indicated an uneasy feeling among the May
shorts. Freights are very weak, both lake
ana rail. 1t is reported that charters have
been made in New York at 2Sc per 100 from
Chicago to Liverpool.
Partridge sold heavily. He was not among
the list of the scared shorts; he did not even
take the precaution of selling July, but
poured out May as before to the extent of
oils and Duluth amounted to only 44S cars.
ST. Louis, Toledo and Detroit got only 1898
bu, compared with 56,8l6 blu on the cor
responding day of last year. 1t is said that
T.. u, Murray Oh the CllClQnaLl trlCe Cur
rent, does not expect the forthcoming gov
eminent report to show the condition of
wheat to be over IS per cent of the full av
erage.
The opening in corn was Influenced by the
bullishness Of the wheat crowd, and it was
wanted at about I2c advance over Yesterdays
closing price. MAY sold sparingIy at 40k2c,
and more generally at 4014c. 1t then ad-
vanced to 40ssc, sold off again to 401sc. up to
4012c, and during the remainder of the SEES
sion it fiuctuated between 4tsBc and 4C5ac,
closing at 40I2@404sc sellers April or cash
corn was exchanged even for May for several
round lots in convenient elevators. The
estimated receipts for tomorrow, only IS cars,
attracted attention. ~
Although oats ruled firm with wheat and
corn, the market was extremely dull.
In provisions there was all entire absence
of outside speculation, and the local crowd
seemed to have tired of trading among them
selves. AS u result the market opened at
about the closing prices yesterday andsruled
fairly steady. Up TO. the present time the
bulk of the trading has been for May deliv
cry, but the contracts for July are beginning
to take the lead. Later on few of the Oper-
ators bid the market up several points, but as
soon as they ceased it dropped back to about
its former position, closing steady and
higher; pork being up 9l2c and lard sc COM
pared with last evenings final figures.
The estimated receipts for tomorrow are:
o. cars of wheat: GS cars of corn; los cars of
oats, and 17,G00 hogs
The leading futures ranged as follows: