St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-08-12
SPRING WHEAT YARNS
Elevator Mems Stories Are
Not Believed by the Chi
cago Traders.
Wheat FluctuateS a While and
Then Closes Weak and
Lower.
Big Hog Receipts Cause the
Provision Market to Sag
Badly.
Extremely Large Trading in
Coal Shares--Stocks Gen.
80 orally Weak.

CHICAGO, Aug. 1.-THE bullish character
of the government crop report on wheat,
corn ana oats was the controlling feature i'll
the cereal pits on the board of trade at the
opening this morning, and all of them
started higher; bu. at the advance there was
free selling and, some bearish news being
received, the advance more than lost.
Consequent fluctuations left them with COM
paratively slight change from yesterdays
final quotations Wheat is Ssc lower corn
Ssc higher, and oals Ssc lower.
According to arithmeticans of the board
the government crop report suggests a wheat
yield OF 5l3, co., O0i bu, corn crop OF 1.12i,-
000.00J ba and an oats crop of 644,001, 900 blu.
At the opening September wheat sold
freely at 79lsc, an advance of sec over night.
SO much wheat was bought. however that a
reaction was the natural result later on,
and it dropped to 7SIsc. Trade was chiefly
local, Mitchell and Schwartz Dupee being
good buyers. Liverpool was I'd higher for
futures. but foreigners were free sellers at
New York. 4 ST. Petersburg cable stated
thai Russian crop prospects were brilliant.
The market, however. held steady till there
came rumOrs of 6cent break in Berlin, the
crowd constituting this as meaning favorable
foreign crop outlook. The movement of
wheat to primary markets continues very
liberal Winter wheat receipts here are
on liberal scale, and up North the
old crop OF spring wheat is coming forward
freely. 1t is intimated that many OF The
Northwestern bad crop reports emanate
from elevator men who hold large stocks
and want to see higher prices. Later in the
day, after the break above noted, shorts
came i'll to cover. and there was rally of
Csc, but the market closed weak.
The big trading. as usual. was in the corn
pit, prices just after the opening showing an
advance of 11Sc over yesterdays closing.
The government crop report vas not as IA
voraple as was expected, and the report of
the Price Current telegraphed from Cincin-
natl had marked influence. That authority
estimated the crop at only l.6GJ. 0C0 bu There
was lively buying, led By Schwartz Dupee:
that September broke from 54Ac to $3.50.
There were additional good rains all over
the corn belt but Kansas got less than the
other states. Later, however, there was
rally to 53,2c. al which the market closed.
Oats were active, September opening at ;}3c.
an advance of 12c. but declined to 34lsc ON
free selling. closing easy at the bottom.
There was Il lighter trade than usual in pro-
visions, and weakness resulted from the SELL
ing OF local holders. there being an espe-
cially active selling movement in January
pork and January lara. The big hog re-
celpts were an important factor, $1,000 hogs
Der pork opened 7i3c lower at ST.. -, and
after touching SI2. 72l2 advanced to $3.50.
then broke to Sl2 70. rallied and closed at
Sl2. S!la an advance of sc. Lard closed 2lec
higher. and ribs are 1Uc up. Lake freights
were unchanged.
Estimated receipts for tomorrow: Wheat
64ecars; corn $40 cars; oats, 265 cars; hogs,
$1,000.
The leading futures ranged as follows: