The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-06-09
Provisions Alone Fail to Show an
Advance i'm Price at the Close
of Trading.
MARKET SUMMARY,

CHICAGO. June S.--Wheat closed today at
the tap of 23sc bulge for the July option.
Shorts were responsible for the advance, cold
weather and widespread crop damage reports
developing a decided scare among them. Corn
and oats shared in the strength, advancing
PC to sc and A@sc, respectively. Provisions
we're strong early, but lost most of the ad-
vance before the session closed
The resumption of business after yesterday S
holiday inaugurated a rise in wheat which
grew for half an hour with the rapi1ity of
Jacks famous beanstalk. July, which was
only worth $3.50 last Saturday. commenced
it's career this morning, with buyers at from
size to size and in little more than ha.f
On hour it was bringing 6S5sc. The sudden
change from last weeks bearishness to such
pronounced strength was primarily due to
The supposed IA effect of the recent cold
weather. Not that any great present injury
was claimed to have been done, but because
Of a dangerous retardation of an already
backward state of growth. In addition, the
visible supply statement showed decline of
2 447. 600 blu, which was 1000, coo greater re-
duction than any one had considered likely.
The trading was heavy during the first half
hour in which time a great deal of short
wheat was covered, besides a considerable
quantity that was bought on long account.
Chicago receipts since Saturday we're 10
cars, and I74,000 bu were inspected out Of
store. Minneapolis and Duluth received $50
cars, against 6S5 a year ago The words
shipments of wheat 20 Europe last week
were $3.50, 900 blu. Export clearances of wheat
and flour from the Atlantic coast since Sat
urday amounted to 530, 900 blu. The reduction
of 2,447 900 bu in the visible supply was a
surprise, and added greatly to the strength
which the market displayed After the first
advance in July to $3.50, it reacted to
6S1sc, but once more rose to its previous
height, about an hour from the close of the
session. The market gained in strength
towards the close. and about fifteen minutes
from the end of the session July was bring
ing 691Ac. This price was maintained to the
close.
Oats were firm on rather dragging mar
ket the strength being due principally to
sympathy with corn. The Orange Judd Farm
er put a damper on the market by predicting
a larger crop and better quality than last
year. Receipts were 507 cars. The visible
supply increased $4,000 bu July opened
about 3-l6c higher at 1880, and advanced to
1SAc. That was the closing price. Corn
was very strong throughout, although not
holding all of it's advance. The early strength
was on the cold weather and the very poor
Iowa June crop report, which started active
covering by shorts. Prices yielded a frac-
ton when the weather forecast was issued,
showing warmer weather likely. Receipts
were n6aNy-I,Z5l cars. Inc visible supply
increased 1,5O6, 900 bu. July opened about
PC higher at 249s@2414c, advanced to 25c and
reacted to 2412@243sc, where it closed. Pro-
visions were barely steady within narrow
range and with a limited trading. The
strength of corn helped prices early. but
FOLDERS were willing to sell at the ad-
vance that about all of it was lost. At the
close July pork was 21ac lower at $7.672
July lard 21Ac lower at $3.50, and July ribs
71kc higher. Estimates: Wheat, 6; corn, 795
oats 476; hogs, 35, 600 head.
Tho leading futures RANGED a. Toiiows.