St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-01-06
SURPRISE IN WHEAT
PRICE TOUCHES THE HIGHEST
POINT 1T HAS REACHED FOR
SOME TIME.
CONDITIONS WERE BETTER.
CoNFIDENT EXPECTATION OF A
DECREASE IN THE
= VISIBLE.
NERVOUSNESS IN THE MARKET.
Corn Unc <pectedIy Dull and the
business Confined to ScaIping-
Provisions Lose Strength.
CONDITIONS WERE BETTER.
IN THE MARKET

CHICAGO, Jan. 4-The grain mar
kets were all active and strong today,
the bullish tendencies of traders be-
ing especially apparent in the wheat
pit. May wheat touched 603sc, the
highest mark for some time, and clos
ed with a net gain of &c over yester-
day. Corn and oats advanced nc and
A0Ac respectively. Provisions, after
opening strong and higher, lost nearly
all the opening advance, and closed
practically unchanged from last night S
close.
All of the conditions and most of the
news favored better prices for wheat.
Gables came higher, the improvement
being attributed to the political news,
meaning the trouble in the Transvaal.
& The exports from both coasts for the
week were 1860 bushels, or fully
100000 bushels more than week ago
and 800, coo bushels more than year
ago. The total available supply is
170,000000 bushels, or 100000 bushels
less than year ago. The weather
conditions, too are unfaVorable as con-
siderable crop areas are unprotected
by snow. The indications seemed to
warrant the conclusion that there will
he a large decrease in the visible sup
ply. The shorts showed increasing
alarm at the outlook, and there was
active covering while a good many
liberal traders who have heretofore
been beariSh seemed disposed to change
their position and take the buying
side. So the advance was easy, but
soon reached a point which started
free realizing, under which there was
some decline
Wheat got hoist of from 1a to &c per bu
as soon the opening signal permitted the
buyers to shout their bids. The first trans
actions were at from price varying from 59A
4 to 60c, and, after some active trading the Of
/ ferings being all absorbed, it shot up quickly
to 6012c. Some heavy lines of long wheat
were disposed of at from Coo to G01ac. The
market here was very nervous, but within a
narrow range after 1t had made it's bulge to
6014c for May and got back again to $3.50.
The fluctuations after that were confined to
$3.50 for the bottom of the range and 60B@
60Ac, with Coo its resting place for the day.
Corn again dull and trading confined to
small scaling operations. AS the fluctuations
in May the active trading month, were con-
fined within the range of 281sc and 2SAc, the
opportunities for scalping profits were of course
slender. The severely cold weather and the
strength in wheat caused the frmness which
RESULTED in &c advance. May which closed
; at Csc yesterday, sold today at 2SAc, and 2SAc
sellers was the state of the market at the
close. --;t -.
! The strength of the wheat market, the
frmness in corn, and the cold weather, had
their natural influence on the oats market,
end it ruled firm and closed with an advance
of 3-16c in the May delivery Elevator men
were free sellers against purchases in the
country.
Provisions started very strong, because of
an advance of SC in the price of hogs at the
yards, but weakened on an unexpected fore
cast that there would be a heavy run Of
hogs next week. Pork retained 21Sc Of an
early gain of 12Ac for May and Improved
71ac for January. Lard and ribs fell off
without change since yesterday
Il. Estimates Wheat 100; corn, 350;- oats, ITO;
hogs, 5000.
The leading futures ranged as follows: