St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-10-31
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.

CHlcAe 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 1sc under nc bushel
for December delivery, drop Of 15sc in an
hour. Compared with yesterdays closing
figures wheat tonight shows A@ssc gain,
while corn is off 1s@4c, Provisions gener-
ally exhibit a 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 i'll
December, which was sold heavily by Armour,
Counselman d 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 friendless 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
About the same time, too the news began to
take Oh a more encouraging aspect; New
York reported that 96O, 0UO blu had been taken
there this morning for export. 100000 bu of
Kansas wheat was said to have been sold at
Kansas City for export by the way Of New
Orleans and 1,500, 900 blu more, said to be un-
der contract, would go out as soon as trans
portation could be secured. Bradstreets also
reported the exports from the coasts for the
week at 4,U7S, 600 bu against 3,270, 600 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 al Kansas City was old bust
ness. The estimate on the visible supply in
crease for Monday was reduced to about
2,500,000 bu. The opening was 1s8Ac lower
than yesterdays closing, ruled weak and
prices further declined ISc or SO, followed by
an advance of &c for May and 11sc for De-
cember, fuctuated some, and the closing was
lsGl4c from the top.
The corn market started out for q smash in
prices this morning The heavy movement
the bright and cooler weather and the pan
icky condition of wheat the first hour all
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 Champlin,
Boyden & Co., for Cu6ahy and Wright. con-
up to the best figures at the opening. In
itial trades were Of 1s01Ac decline, and on
free offerings sold off. with little reaction, 81
@7sc, quickly advanced, recovering the
carry loss but again eased off SEC when the
larger estimates for tomorrow became
known-550 cars-changed some, ruled
frmer and closed with a slight loss.
Oats followed corn closely all day. There
was moderate selling OH 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 q 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 and 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
a few parties who were trying to effect trades
in ribs for the month. Finally someone
bought 90, 900 lbs at Sl1.50. This increased
the interest, and the close was at Sl1.75, a
Jump of Zoe from last night.
Shippers were unable to force a reduc ton
from the previous rate of 2Ac for wheat and
&c for corn to Buffalo. Estimated receipts of
hogs for next week, 150, 900; receipts for cor
responding week last year, 2o2, 335.
The leading futures ranged as follows: