The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-08
THE MARKETS..
PRODUCE MARKETS.
The Wheat Trade Excited and
HREher-COrn Is "ReX'' and Leads

The Wheat Trade Excited and
Higher-Corn Is REX, and Leads
observation-disclosures Steady.
MINNEAPOI4IS CHAMBER OF COM
MERGE, Aug. lit cannot be said that
there was great buying force at the OPEN
ing this morning, yet September wheat sold
at $3.50, against 531s053Ac yesterday short
ly after the opening The cause for the rise
must be attributed solely to the extraord-
nary excitement in Chicago and New York.
chicago showed by reported receipts that
offerings would be heavy. The speculative
FEVER was on, however, and in sympathy
with corn. wheat appreciated in value.
Moreover it was stated that at least $780,
oooo00 bushels of wheat would be consumed
for food purposes. Also that red dog flour,
shofts ana bran was actually selling for
more per ton than low grade wheat was
selling at. AS an instance local firm re-
ceived orders for 10 cars of low grade
wheat for feeding purposes from a point
in Iowa where the crop is said to be
a complete failure 1t was also said that
the wheat crop in the Northwest had been
greatly overestimated and that millers will
have to scratch around in order to keep
their mills running throughout the crop
year. The TRIBUNE is hardly of this
mind. stocks in store large and from
all accounts the new crop will fully meet
gil requirements. The fact that corner in
September corn in Chicago should counter
act all legitimate conditions regarding
wheat, shows very unhealthy state of
speculative feeling. Granted that a great
portion of the old wheat be relegated to
the trough there is yet more than sufficient
to supply the demand that is mill"
Cables from abroad signify no willingness
to take our surplus at the price of 10 days
ago Is it reasonable that they will bite at
the present advance? Tomorrow cables will
say that the advance checks business"
Clearances from the seaboard were light
and no new export trade reported up to
noon
Sept wheat opened at SAC against $3.50
53i4c. yesterday; advanced to 55asc, dropped
to 5ilsc. tirmed up to 54ssc, lost 4c, and ad-
vanced to slice by
December wheat opened at SEC, against
54atm547sc. yesterday; advanced to $3.50,
lost &sc, gained lsc, dropped to 55&lc and
firmed up to SIC by noon.
The cash wheat market was quite active
IN sympathy with the futures market. Re-
cepts were light and the demand good at
prices above those of yesterday. No. l hard
sold at 603tc f. o. b., No. / northern sold at
69c to coo for old wheat 5612c to SIC for
new; No. northern sold at 5Sc to 39l2c for
Old Sales were made as per statement be
low Receipts here SO cars; Shipments
30 cars
During the noon hour the market for
wheat greatly excited because of the
boom in corn in Chicago Shorts rushed
for cover and kept prices for futures up to
the top for the day. The shorts are badly
scared and we should not wonder to see
repetition of todays market course to-
morrow with the drop succeeding. Aug
ust wheat closed at $3.50, September at
557sc, and December wheat at 571sc.
Minneapolis range of price
August Closing, today $685. yesterday,
56is.
September-Openng. a. highest. SOS;
lowest IL; closing, today, 559s; yester-
day. 53i..
December-Opening. S.; highest. 571s;
lowest 56'4; closing, today, SIS; yester-
day, 547s.
On track hard old 81; new SO; 1 north
ern, Old 50; new IS; northern, old So;
new 80
Curb on September wheat............. 535s
D.,t al, nlnn,. nh,