St. Paul daily globe., 1895-06-10
HIGH WATER MARX
WHEAT REACHES 81 81 CENTS,
CLOSING STRONG AT THAT
FIGURE.
MARKET OPENED up TAME,
BUT FURTHER CROP DAMAGE
REPORTS EXCITED THE -.
TRADERS.
MARKET OPENED UP TAME
GOOD CASH WHEAT INQUIRY.
The Corn, Oats and Provision Mar.
kets SymDathized With the
Strength in Wheat.

CHICAGO, June 8.-Wheat turned
from quite weak early in the session
today to very strong at the close of
further crop damage reports. After
declining 1c per bu under it's highest
value made in the first half hour, it
rose &c and closed at 1Ac for July,
which is 11ac rise since the close yes
terday, and is the highest closing price
so far this season.
The corn, oats and provision mar
kets sympat thized with the strength in
wheat. Oats are 1c higher, while corn
only gained Ac, and pork, lard and
ribs are but modestly advanced.
Although the first sales of wheat
were at from nc to 3sc per bu over
the price it closed at on the day be-
fore the opening was comparatively
tame. There were no new features in
the surroundings of the market The
weather was still dry in the winter
wheat area and wet in the spring
wheat region. The chief items of ear
ly news comprised the publication of
the state crop reports of Michigan and
Illinois and the particulars of the
weeks movement. The Michigan re-
port on wheat gave the average con-
dition for the state at 73 or about
10 per cent reduction for the month.
The Illinois report gave the averag
for the state at 62, as compared with
81 per cent Cn May /. These reports,
bad as was the state of affairs they in
d1cated, were not quite so bad as the
lmag1nations of some sof the specu-
lators had pictured the conditions, and
consequently their effect was bearish
rather than bullish The Argentine
shipments for the week were Smaller
according to private Liverpool cable
gram, put that also as a. piece of news
1ell nat In consequence of having been
expected. The weeks shipments of
hour and wheat, as published by Brad
streets, amounted from both coasts to
2,99l, 600 bu, $1,000 bu of which was
from the Pacific SIDE The total on the
week before was 2,462, 800 bu and on the
corresponding week of last year 2. 742. 900
pu. Ihe aggregate decrease of wheat
ana ana hour in the United States and
Canaoa Tor May, as given by the daily
trade bulletin, was 1883 600 bu and,
deductlng an increase of 600. 900 b11 in
europe and afoat, the net amount of
the worlds decrease for May was 15,-
5oS,GoO bu. The market acted rather
heaVy Tor an hour or more. Pardridge
took hand in the market and around
SO9sc for July he began to feed the
bulls with short wheat The price
gradually but surely declined to SOAc,
and after hanging between that and
S0!2c for time slid off to 79s4e The de-
cline was helped by adyices from St.
Louis of the arrivaTsthere. of a car
load of new wheatSfrom Kansas and
otner telegramS referring to thrashin
returns from the same state, which
mentioned twelve bu per acre from a
Held of 400 acres. But there was an
excellent inquiry for cash wheat, 10O,-
600 bu being taken to go to Toledo.
Some carloads were sold for Pittsburg
also, and other places which seldom
buy directsfrom Chicago. Then came
rumors OF: hot winds in California
having damaged crops there from 10 to
70 per cent, the modern imillers esti--
mate of not over 60 per cent of an
average crop of winter wheat and last
and most unkindly of all chinch bugs
In the spring wheat 1t was mere
rumor, but it created a commotion in
the minds of the traders, while the
price was en- route for S1%c for July,
which it reached and where it closed.
The corn market had no independ,
ent action of its own; 1t declined when
wheat was weak and advanced when
it regained it's strength. The crop
prospects were good as ever, but the
receipts are giving no signs of increas-
ing. The inspection into store today
was 22S cars, and the outward in
spection was $4,000 bu. For Monday
the estimated receipts are 225 cars.
July opened at from 523sc to 521ac, ad-
vanced to 52Ac, reacted to 5214@52ssc,
521sc, the closing price being 527sc as
then once more advanced until itreached
against 525sc yesterday.
For Saturday the interest in oats
was active. Further reports of crop
damage made the condition much
more unfavorable than it had been es-
timated, and created some anxiety
among shorts, and there was FREQ
buying by them. Trading was heavy
and principally general July started
at from 301zc to S04c, sold at 3O3s@3O1ac.
advanced to 3114c and closed at 1880
31Ac.
The provision market was firmer,
and recovered the slight loss of the day
before. Hog receipts were only 10000.
making the weeks run 172,000, against
177,0O0 a year ago. The run for the
next week is not expected to exceed
145, 900 head. Compared with yester.
days closing prices pork is from 10c
to 121ac higher; lard, PIC higher, and
ribs are up &c.
Estimated cars for Monday-Wheat,
40; corn, 225; oats, 220; hogs, $4,000.
The leading futures ranged as fol-