St. Paul daily globe., 1896-02-08
WHEAT sPURTs AT THE CLOSE
AND RECORDS A SUBSTANTIAL.
GAIN.
NEWS FROM LIVERPOOL DID 1T,
SHOWING DECREASE OF STOCKS
AND LARGE EUROPEAN RE-
QUIREMENTS.
CORN WAS A LITTLE WEAKER
At the Opening, but Closed Strong
Provision Market Was Dull
and Heavy.

CHICAGO, Feb. 7.-Scarce figures from
Liverpool on European clearances brought
about a radical change in wheat today. and
the market, after opening with all the ear
marks of a bear day, closed 4sc higher.
Corn and oats helped by wheat and
closed slightly stronger, but provisions made
material reactions.
In wheat there was less doing the market
at all times ruling quite slow, the range for
the session being 1%c. There was more dis
position to make long wheat, and, while the
pressure was at no time very urgent 1t
exceeded the demand and caused the early
weakness Liverpool was quoted I'D lower
than at the close Of the day before. The
Minneapolis and Duluth receipts were 5S4 cars
against 511 week ago and 1873 cars on the
corresponding day of the week before, and
message from San Francisco said that
wheat declined about &c per Genital there
yesterday because of a falling off in the
demand and an excellent promise for next
seasons crop. Later accounts described the
condition of the Argentine wheat as SO bad
that it was heating in the holds of vessels.
This relieved the trading from its early
sameness and caused q lively scramble for
May wheat among those who an hour earlier
had been sellers at 655sc, and they had to pay
67Bc for some Of it shortly after the hour
of noon had been turned. The opening prices
were 9sc lower, at from 66Bc to &c; and
during the first hour it had worked
down to 665sc. private cabegram from
London saying wheat was strong there, with
indications favoring materially higher prices,
contributed largely to the recovery.
In the last half-hour the market became
very strong. The price for May got up to
6S$sc near the close, and although various
rumors were ahoat, the real reason for the
squirt seemed to be that New York sent big
orders because Of another batch of bullish
statistics cabled this afternoon by the Liv
erpool Corn Trade News concerning European
clearances. The cablegram referred to was
as follows:
Liverpool Feb 7.-Aggregate stocks of
flour and wheat afoat for Europe on Feb
ruary were 5.S00,0 600 bu. against 20, 600 bu
on Jan. and $4,000, 900 bu Feb. 1, 1895.
Combined stocks decreased 1,600, 900 bu dur
ing January. European reduirments large.
Further decrease in supplies anticipated dur
ing this month and March. America appears
to hold a peculiarly dominant position.
Corn was a little weaker early in the day
demand The receipts continue extrememly
light. Corn was also helped by the last
rally in wheat. May opened about Ac lower
at 30Ac and advanced to 303s@301ac. The
market developed much strength during the
last hour and May sold up to 305sc, closing
at that.
The trading In oats was limited. The feel
ing was generally firm in sympathy with
other grain markets, but prices were not
21A@21$sc. sold up to 211a@215sc and closed
at 211ac bid. The provision market was heavy.
notwithstanding the afternoon builishness of
wheat and tie receipt of 5000 hogs. May
pork started unchanged at $1057R: touched
$10.371s at The close. May lard opened un-
changed at $3.50 and dropped gradually to
S5.721a. closing at the latter. May ribs opened
2Rc lower from $5.4065.42h declined to
$5.321a and closed at that. Estimated cars:
cars.
The leading futures ranged as follows: