St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-30
REACTION IN WHEAT,
Heavy Exports Cause a Rally
in Prices on Chicago
Change,
But the Lowest Point in Five
Years Had Been
Touched.
Provisions Generally Exhib-
tied a Substantial
Advance.
Wall Street Indicates an
Oversold Condition Of
the Market.

CHICAG o, Oct. 29.-Wheat rallied at last to-
day, but only after having touched the low
est point reached in five years. Heavy eX-
ports. acting as a warning signal to shorts,
produced the upward change. On The final
break the price went lSc under re bushel
for December delivery, drop of I5sc i'll an
hour. Compared with yesterdays closing
figures wheat tonight shows A@sSc gain,
while corn is off ls0Ac, Provisions gener-
ally exhibit substantial advance, particu-
larry october ribs.
Wheat for time seemed utterly demoral-
lied. Cables were generally lower, the re-
ceipts heavy everywhere and holders were
discouraged, with general liquidation the
rule. Numerous stop loss orders became OPP
erative and country selling orders were
numerous. There was especial weakness in
December, which was sold heavily by Armour,
Counselman & Day, Edwards and
Geddes and was al one time 6ssc below the
current price of May. Partridge sold May
vigorously, and the crowd was generally on
the selling side. During the first hour it
looked almost friendiess, and the market
made the lowest record on the crop.
But on the break the demand began to i'm
prove. Shorts covered quite generously and
Logan Baxter. Milmine-Bodman and others
were liberal buyers, and the early short sell
ers began TO take back what they had sold
About the same time, too, the news began to
take on a more encouraging aspect: New
York reported that 900, ODD bu had been taken
there this morning for export. 1000 bu of
Kansas wheat was said to have been sold at
Kansas City for export by the way of New
Orleans and 500. 0O0 blu more, said to be I'M
der contract. would go out as soon as trans
portatiun could be secured. BradStreets also
reported the exports from the coasts for the
week at Avs, 900 bu against 327O,O00 Blu the
week previous.
All this soon changed the sentiment There
was decided rally, and the market held
quite steady at the advance, though it was
said the business at Kansas City was old bust
ness. The estimate on the visible supply in
crease for Monday was reduced to about
2.500.000 blu. The opening was l89Ac lower
than yesterdays closing, ruled weak and
prices further declined lsc or SO, followed by
an advance of s4c for May and 11sc for De-
cember, fluctuated some, and the closing was
1sM4c from the top.
The corn market started out for a smash in
prices this morning. The heavy movement,
the bright and cooler weather and the pan
icky condition of wheat the first hour oil
contributed to the weakness. The receivers
and shippers and longs generally proceeded
TO dump corn in the pit. The selling was
led by Patton Bartlett Frazer. Andrews and
others of the clique. The break was stopped
by timely buying by few parties. Not only
! was the decline checked, but Cham lill,
, Boyden & Co., for Cudahy and Wright, con-
tinued buying until the market was rushed
| itial trades were at Is@t1sc decline, and on
free offerings sold off. with little reaction, 81
| @1sc, quickly advanced, recovering the
| carry loss, but again eased off ssc when the
| larger estimates for tomorrow became
| known-550 cars-changed some, ruled
| firmer and closed with slight loss
Oats followed corn closely all day. There
| was moderate selling on the soft spots and
! buying on the late advance.
/ The bull clique i'll provisions again took
| hold of the market, after letting it sag for
several days, and the result was decided
up-turn in prices all around. The advance
| in January pork on the early trading was
nearly zoe. Lard was bid I'D 15c for NOvem-
Der aud January Ribs advanced less than
10c for January, but the fancy deal in Oc-
tober ribs was revived with considerable
| force. After midday all else was neglected
| and the whole body of traders massed around
few parties who were trying to effect trades
in ribs for the month. Finally someone
| bought sc, 900 lbs at Sl1.50. This increased
the interest, and the close was a. Sl1.T5, a
| Jump of 75c from last night.
Shippers were unable to force reduction
from the previous rate of 2I4c for wheat and
&c for corn to Buffalo Estimated receipts OF
hogs for next week, 10000: receipts for cor
responding week last year, 2O2, 335.
Tn leading futures ranged as follows: