St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-02-06
WHEAT HOLDS FIRM.
NOTWITHSTANDING HEAVY SELL
ING BY LONGS 1T SCORES AN
ADVANCE
AND SURPRISES THE SHORTS.
HIGHER LIVERPOOL CABLES AND
GOOD NEWS FROM ARGENTINE
REPUBLIC,
AND SURPRISES THE SHORTS.
All Helped to Give the Market Ad-
ditiOnaI Strength-Corn and
Oats Higher.

CHICAGO, Feb. 5.-Wheat furnished
q painful surprise to the short element
today. 1t went up cent and half
in the first hours trading, and not
withstanding the selling out of many
millions of long wheat closed &c higher
than yesterdays closing price. Corn
and oats show scarcely and change and
provisions closed generally a little
higher. In wheat there was good buy
Ing at the start by prominent local
trader, who the crowd has tried to fol-
low Of late. the selling evidently being
led by New York. Room traders were
generally short over night and rushed
to the cover early, resulting in the
sharp advance. The market had it's
first impetous from the surprising
strength of cables, Liverpool coming
steady in face of the 2 cents break
on this side yesterday, and was sur
prise to the trade. There was also
more Argentine news and renewed talk
of damage to the crop there by rain
and was also something of a factor
Yesterdays cash business was no doubt
something of a factor. too, the total
footing about 10000 bushels. and a
good demand was also reported today
Exports were very fair at $4,000
bushels, of which los, 900 bushels was
in flour, and this added to the strength.
San Francisco reported stocks at that
point reduced 1,139,000 bushels during
January, and was taken as a bull fac
tor. Among the bear influences We're
the continued liberal arrivals in the
Northwest and the moderate weather
conditions. Later in the day the mar
ket was given further strength by the
reports from Washington on the bond
subscription. This news gave the bulls
renewed confidence, but on the rally
there was considerable realizing which
caused a fair reaction to set in, out
was only of short duration, as Brad
streets came in showing a reduction in
the worlds available supply of $780,
600 bushels last week, and reported
decrease on the Pacific coast for the
month, of 1,227 900 bushels. For the
same week lsat year supplies were re-
duced 942, 900 bushels. Closing cables
came I'd higher, and were also pro-
ductive of some strength. May OPEN
ed 1ac higher, at 67@67Ac, rallied quick
to 681ac, and reacted to 677sc and ad.
vanced again to 68Bc.. During the last
hour there was a big break, caused ap-
parently by free local realizing and
there was a rush by the leaders to
slug it, and after touching 6SBc it
broke quickly to. 66%c and recovered
to 67Ac. Heavy buying by a prominent
DiOhCi SOOu
at the close, and as the bell sounded
67asc was bid.
Corn was firm. largely in sympathy
with wheat and the small local re-
ceipts. There was not much specula-
ton, but some shorts covered
May corn opened unchanged at
S0Ac, advanced steadily to 303sc, and
at noon was 3012c The market follow
ed the break in wheat during the last
hour, and May sold off to 3OA @3O3sc,
closing at that price.
oats were very uninteresting from
start to finish. Fluctuations We're mar
row and influenced enirely by the ac-
ton of wheat. May opened practically
unchanged at from 21A@213sc, sold at
2l12c, declined to 21Ac and closed with
that price bid.
Provisions started rather weak, but
on the decline packers bought literally
OF May ribs, and that steadied the mar
ket. With the assistance of the wheat
market the products ruled firm during
the later half of the session, and at the
close pork showed an advance Of TIC
for the day; lard a decline of 2hc, and
ribs gain of &c.
Estimates for Thursday: Wheat 60:
corn, 40; oats, ITO. Hogs 25,0 600 head.
The leading futures ranged as follows: