St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-03-11
ASURPRISE IN WHEAT
The May Option Became EX-
cited and Suddenly Shot
Upward.
July Was as Weak as the
Earlier Month Was
Strong.
lost OF the Advance Was
Lost Before the
Close.
Stocks Lower in the Morning,
Followed by a Sharp
Rally.

CHICAGO. March 10. - Wheat fur
nished a surprise today. The May Oh
ton suddenly became excited and shot
skyward. while July was as weak as
MAY was strong. During the time that
the latter made , &c gain the former
dropped llsc, the extreme spread hay
ing been SIC. against a difference OF
I5Sc at the close last night. All the IN
dicatiOns had pointed 10 weak and un-
eventful day, when, without warning,
the demand for May expanded, and the
bids were gradually advanced. Local
shorts began to think that pos
sibly the clique had opened the
bull campaign in earnest, ana
took fright at once. When they
began 10 cover, il was found that there
was hardly any for sale, and this only
added TO the alarm which ended IN a
partial panic, during which the price
was bid up &c III less than nail an
hour. After the scare had passed away,
facts were discovered which caused the
belief among many that the buying mad
been on unlimited orders from shorts IN
the Northwest, who had with much
unanimity resolved on covering their
MAY shortage. Sawyer II Co., OF Du-
luth, tie pig elevator owners, were said
10 be the foremost buyers, but other
prominent Northwestern operators were
not far behind.
After the most urgent shorts had sup
piled their wants the market got dull
again and lost l &C OF the advance. The
feature Of the market was the fact that,
while May was on the rampage, July
was on the slump. Those who were
covering May seemed TO be selling July,
and doing it Iecklessly. 1t was re-
marked as very singular that, whlle
calls on May were good. puts on July
were equally good. The opening was
about ! q 1 C lower 10 the same as yes
terday's closing, then became stronger
for May and Weaker Tor July delivery,
the former advancing 25sc per bu, while
the latter declined lie, then receded
13lc for May, and advanced sc for July,
ruling with considerable irregularlty,
and the closing was about &c higher for
May and rs lower for July than the
closing of yesterday. The action of the
market caused the difference between
May and July, which was about 11sc at
the opening, to widen Out 515(G5}sc, and
il was claimed the difference was paid
al one time.
Corn and oats did not share the pyro-
technics displayed III the wheat pit, re-
manning within narrow limits, and aver
aging a shade higher
There was a shake out IN provisions.
Although receipts of hogs were lighter
than expected at IL 600, and prices al
the yards higher, the products were
lower from the start. The feature was
raiding Of pork by Wright, in which
Baldwin and others joined. With DO
one giving support. the May price
dropped from $lS1715 last night to
SI7.57Iz the first hour. Later pork got
quick up-turn to SIS, and closed at
N7.S21z, or about 35c under last night.
lard closed Zoe to l5c better than low
prices.
Estimated receipts FOR tomorrow:
Wheat, l75 ears; corn, 100 cars; oats, so
cars; hogs, 5000.
The leading III ures ranged as follows: