St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-01-06
FAVORED TIE BEARS.
Government Crop Report Too
Much for the Bulls In
Wheat.
Corn and Oats Close Frac-
tionally Below Wednes-
days Close.
Light Supply Of Hogs Causes
a Fig Bulge in Pork
Products.
Stocks Closed at About the
Lowest Figures OF
the Day.

Chicago, Jan. 5.-The bull cliques in
wheat and provisions were working
like beavers today. The provision men
succeeded in squeezing many lurid eX-
pressions and much money out OF the
shorts, but the clique in wheat was not
SO fortunate. The latter bought heavily
early in tie day, but the government
crop report was too much for II, and
after an early bulge the market closed
&c lower than oil the day before. Corn
is &c lower and oats nearly sc below
their Yesterdays level. Hog products
are away up-pork G71zc, lard zoe and
ribs !Ic.
w heat was feverish from start to fin
ish. The inside opening figures were
Loose lower than yesterdays closing,
but the market rallied and prices were
advanced &c, ruled easier again, and
the market closed 5s@l5c lower thall
yesterday. The government report,
which was made public late yesterday
afternoon, caused the lower opening,
influencing larger offerings and more
disposition to sell. The report made
the crop of 1892 nearly SIG, 600 bu.
In the December report the department
intimated that the crop would not eX-
ceed 5O0.000,0G0 bu, and it was this III.
crease of fG,000000 bu which created
the weaker feeling. But there was
pretty good buying at the decline
enough to cause reaction. The BUY
ing, It was claimed. was done mainly by
the "bulP' interest to support the
market and prevent further decline. 1t
was remarked that at the advance the
offerings were quite free and that some
one was feeding the market with wheat.
lathe latter theory was true, the market
held up pretty well, considering that
cables were irregular and generally.
lower, and that BradstreetS stocks
showed fairly good increase. The
Cincinnati Price Current says winter
wheat is generally protected by snow,
few regions exposed, and low temper
allure threatening late-soWn portions.
In corn initial trades were sc under
the final figures of the previous session,
the government report being construed
as ''bearish" by considerable element,
who sold accordingly, and the prices
worked down another &c. The large
stocks and liberal offerings at country
stations also tended tOdepreSS the price.
At the decline a number Of buying or
ders came in, and on executing the same
the market was advanced &c, a good
deal of changing gong on between May
and July. The price afterWard reacted
&c, ruled steady and closed with &c
tUSS.
There was a fair trade in oats at a
over range of prices. The government
report was regarded as beariSh, as it
placed the crop much larger than eX-
Dected-GG1, 100000 bu. The buyers of
Yesterday were free sellers, and the
market opened weak and &c lower, and
declined &c. This brought in liberal
buying orders, and rally TO opening
prices resulted. and the market closed
easier at nearly the bottom, with net
loss of 20.
The main support to the provision
market was based on the light supply of
hogs and the advance in prices there
Tor, with rumOrs that a report will be
Issued in few days indicating smaller
supply for packing purposes during
January and February than were re-
ceiVed during November and December.
Speculative offerings were quite liberal,
but the demand was brisk from miScel-
laneous sources, and they were readily
absorbed at the advanced prices. Local
spectators and manufacturers were
credited with quite libe raj purchases,
and the buying orders from
outside parties were larger than
for some time past. Foreign ad-
vices Indicated considerable strength
In that quarter-a further advance of Cd
@1s in Bacon. The market opened eX-
cited at a material advance on the clos,
Ing prices of Wednesday, and the com
petition for the offerings suddenly
forced prices up quite rapidly. About
the middle of the session there was a
little pressure to SELL and weaker feel
ing prevailed temporarily. with prices
gradually selling back all around. Dur
ing the latter part Of the session a
stronger feeling was again developed,
and prices rallied again, the market in
a general way closing rather firm. n.
b. Ream was credited with being an adj
ditional adherent of the bull clique.
Estimated receipts for tomorrow:
VIII eat, S25 cars; corn, 200 cars; oats,
145 cars; hogs, $4,000.
The leading futures ranged as follows: