St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-04-06
JUMP IN JULY WHEAT
The Bull Clique App arently
Buying the midsummer
Month Future.
Ell of the Advance Held
When the Session
Closed.
Other Commodities Advanced
by the Strength In
Wheat.
Wall Street Bulls Become
Aggressive and Cause an
Advance.

CHIcAGo. April July wheat had an inn
ing oday. making jump Of sc bu ana
closing at practically tie top Tor the day.
The bull clique which has been playing
havoc with the May option is apparently
WORKING the deal over into July, and today
seemed to have set out to start July 10 par
ity with the nearby month Reports con-
tirmatory of crOp damage were seized upon
10 stimulate trading in the new crop and
futures. Corn was upHeld by the action OF
the wheat market and the buying III oil
heavy lines of short pork, lard and RIBS
caused considerable rise in the price OF
those commodities.
\ large business was transacted in wheat,
and the feeling was decidedly unsettled anu
nervous. The opening for May was l24G2e
higher than the closing figures Of Monday,
ruled firm and prices were further advanced
Csc under the general feeling of frmnesS
which existed. ANA helped along by the DuIi
side; then declined irregularly lac, held
steady and the closing was about %lsc
higher. July Oueued about lac higher than
Mondays closing figure and advanced "
regularly S4c more even held lis own while
prices for May delivery We're de-
clinlng then ruled STEADY, ana
the closing was about Use hlgh,
er The advance today was influenced
principally by the crop reports ana the con
JiUUed dry wealth Z. The Illinois report
made the condition Of the growing wheat IS
per cent. and the Kansas report, II was ru-
mOred, would show condition OF about %
10 -. The Kansas report, however, was not
official. Private advices received stated that
farmers in some sections or Kansas were re-
planting their wheat fields with oats.
GLOOMY dispatches were numerous from
Michigan and Missouri. The French were
said 10 he buying here and III New York
The short Interest was naturally anxious TO
cover and the longs made the best OF the
situation. There no doubt was considerable
realizing for May delivery after prices
reached Soc, and the buying concentrated
more in The July future. The Ohio ana Ken
tucky reports were favorable, but seemed 10
be lost sight of. Receipts continue large.
Corn started out with an advance of AGSsc
over The final figures of Monday, July being
relatively Stronger than May, The premium
widening out 10 lac. There was good bay
ing most of which was TO cover shorts, while
the selling was scattered, though romlnent
local trader sold considerable. The i'm
proved tone was due in a great measure to
The action of wheat but the buying by
several of the larger commission concerns
was also instrumental in causing the ad-
vance. The market advanced TO CSC after
the opening, reached lac. rallied Ssc aud
closed with a gam Of s4c for May and S40
CSC for July.
I'm oats there was good buying by shorts
owing to thr advance in wheat and corn, and
l4Glac over Mondays close. \ reaction OF
I4dl2c followed the early advance, but the
close was strong alta mel gain OF Ss0l2c. Inc
indications point 10 an inc)eased acreage, as
the winter wheat land that has been DloWed
up is being planted in oats.
Provision shorts were inclined 10 purchase
to some extent and there was little more
inquiry on investment account especially
for the more deferred deliveries. Local
manufacturers were credited with buying
the leading speculative articles. The
strength developed in the grain markets eX-
erted some influence. The market was quite
strong at higher prices for all the leading
articles, and The competition Tor the offer
ings resulted in a further material apprecia-
ton all around During the latter there was
rather free selling, and part OF the session
the feeling was not so firm and the market
closed at about medium figures. There was
gossip that Wright showed symptoms of a
desire to corner september pork.
Estimated receipts for tomorrow: Wheat
$50 cars; corn, 2ly cars; oats, II cars; hogs,
1900.
The leading futures ranged as follows: