The Saint Paul globe., 1897-05-21
MARKET SUMMARY.
FINANCIAL

CuICAGO Nav 20-Wheat made another
advance today. after beginning which was
rather unpromsing of such result. II
was a case of large American crop estimates
being pitted against foreign damage reports,
and the latter proved the stronger, July
wheat closing at a fs@Ac advance. Corn was
helped to the extent of about 1sc while oats
closed Hc higher Provisions advanced 212Q
71sc.
Wheat got a weak start, and went slow as
we'll for half an hour or so. AT the END OF
that time it began to give signs of reeupera-
ton. and by IL o'clock it's opening weakness
had given place to robust strength, and its
slow movement to lively quickstep. July
wheat, which yesterday closed at 710711sc,
opened with sellers at from 707sc to 70%c, and
before 1t turned upward it first sold down to
7O5s6705sc. Before IL o'clock Its price was
71%4c. After the exerion attending its rapid
rise 1t sank back q little for rest. The
early weakness was mainly due to Thoman's
crop report. which placed the prospective
crop at 530 coo, 900 bu, including 310,00O000
bu of winter and 22O, O,000 600 bu of spring,
making the aggregate over 100000 600 bu more
than last year. An additional cause for weak
ness was found in the large Northwest re-
eeipts, Minneapolis and Duluth receiving
day of last year. These factors dislodged
considerable long wheat in the first half
hour There the turning point was reached.
deSSan flies were reported thick in the
Michigan wheat fields, and chinch bugs in
Minnesota. Reports Of this kind have been
received before, but came from all quarters
of those states today. Not the least Of the
bullish influences was the advancing Liverpool
market. Schwartz-Dupee & Co.'s cable
gram from Antwerp reporting rust damag-
ing wheat crop of Austria-Hungary had per-
haps the most lasting effect upon the mar
ket accompanied as 1t was by Berlin cos
ing at an advance for the day of 31a marks
equal to 2Ac per bu. The same hrm that
had the Antwerp message got buying orders
from Buda Pesth Berlin, Paris and Ant
werp. July gradually rose to 72c, and closed
with bidders at 712ic.
Corn was dull, but frmer than yesterday.
The weather was fine and promising a good
result to the planted corn, but bears had
rather overdone their selling. The market
was helped by the firmness of wheat and
yesterdays large shipping business. Exports
we're 5S6,OOO bu July opened shade lower
ut 242sc, advanced to 245sc and closed at
e41ac Oats followed in the wake Of wheat
and corn, and with a small business. The
tendency in oats was generally upward with
yesterdays big cash business and good buy
ing by elevator people the features. Ex-
ports were 295000 bu. July opened un-
changed at 177sc, sold shade under that,
then advanced to 1sAc. The closing price
was 1S1sc bid. Provisions were firm through
put, helped chiefly by the light hog receipts,
which were several thousand under the esti-
mates. There was a good deal Of changing
In lard, but speculative business was small.
At the close, July pork was TIC higher at
IS 25; July lard DC higher at $50, and July
ribs about sc higher at $4.50Q4. .521a. Esti-
mates: Wheat, 10 cars; corn, 315; oats, S26;
bogs, q coo head
The leading futures ranged as follows: