St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-10
WHEAT WENT HIGHER
Sensationally Bad Crop Re-
ports Have an Effect on
the Traders.
Corn Opened Firm, but Re-
ports From the Fields
Were Beapish.
Provisions We're Stagnant,
4 but Quotations Reached
Higher Figures.
Stock Market Erratie In Its
Movements Throughout
the Day.

CHICAGO. May 9.-Wheat to day lacked
the yigor and bull energy which dis
tinguished it yesterday. 1t had impor-
tant stimulus, but at the same time
there were developments which counted
decidedly against the price. The Hill
nOiS crop report was SenSationally bad,
showing immense destruction of the
winter wheat, the area being only 1,046,-
600 acres, against 100000 acres last
year, and the condition only 70, against
80 year ago, and the statistician figured
out that tue promise was for only about
AZ per cent of last years yield. Michi-
gan dispatches were also very unfavor-
able, and this, taken in connection with
Kansas report made yesterday and SIM
liar private adViceS from Missouri, were
regarded as very bullish. But to offset
this came reports of generous rains in
France and Austria Hungary, immense
shipments from the Baltic ports and
some hating and hesitation in cables.
There was also heavy realizing, Cudahy
being free seller and promptly meet
ing about all the demand. Eggleston
and some foreign houses also sold lib
orally.
The failure of the Chemical National,
reported in the morning papers. also had
some effect in checking the bull eu-
thusiasm. The Vienna and Australian
failures also cut some figure. Partridge
seemed to be big buyers through
brokers, and it Is thought that his short
line has been greatly reduced during the
last few days. About noon Schwartz
Dupee got a special cable saying that
while rain had fallen i'll France. it had
come too late to do much good, and that
French country markets were higher
and prices improved some. There was
recovery before tbs close on some
fresh reports of rust in tine South,
and half belief that the
rumor of 70 on the Missouri crop may
be true. There was probably little
manipulation in it also. The govern
ment crop report on the condition of
winter wheat is due tomorrow after
noon. Conservative traders are in
clned to wait for it before doing much.
The opening was 38Wl15c higher than
yesterdays closing for July. but ruled
weak, and prices declined to a point
118c below the top figure reached early
in the morning, then recovered. adj
vancing 1c, and closed 1c higher than
yesterday. September opened 4034c
higher, receded &c, advanced 18c, and
closed &c higher than yesterday.
Corn was quite firm at the start, and
first trades were at 4@35c advance,
there being very fair buying by the
sellers of the last few days, but the de-
mand was soon satisfied, and long
line coming out and wheat selling off,
the price worked down &c. Prices raj
lied lose later on, ruled steady, and
closed with 14Q015c loss. The Illinois
hot 10
is going to be planted this year, many
wheat fields being already plowed up.
and the Iowa report also stated that
with favorable weather there will be
large acreage planted. A good deal Of
the selling was against purchases made
in the West Nebraska particularly.
Oats in the beginning were dull and
weak, and, in sympathy with corn
prices, declined 150%c. Near the close
the buying improved and prices adj
vanced 35@Tc. The close was steady,
but at loss of 115@Mc.
Provisions were excited and higher
early on continued light receipts of live
hogs at the yards. and advanced prices
for them. Light offerings and moderate
buying orders also contributed to the
strength. The same tactics were pur-
sued aS for some little time past. When
CfCI tliC ouOl tS CliCu W COfCI TIC IidkhCG
advanced rapidly. and when any one
tried to sell, it dropped, the longs not
caring TO take the offerings. Some dis
position among holders to real
lze caused slight reaction, and
then the market ruled steady for a
time, with downward tendency. There
was very little doing during the balance
of the session, the market being in an
almost stagnant condition for every
thing and fairly steady. A more conf
dent tone was impaired to the cash
market on an Improvement in the in
Quiry on both domestic and export ac-
count. Compared with last night, the
final prices show SOC gain for pork, 25c
in lard and 1715c in ribs.
Freights were steady, with a light
business at 115c for wheat and lie for
corn to Buffalo, 919c for corn to New
England and Sc to Kingston. Estimated
receipts for tomorrow: Wheat, 215 cars;
corn, 100 cars; oats, $50 cars; hogs, 49,
900 head.
The leading futures ranged as follows: