The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-10-06
MARKET SUMMARY.

CHTCAGO Oct. 5-The local wheat market
TODAY followed the lead of the foreign markets.
and closed strong at an advance OF &c over
Yesterday. Foreigners were good buyers Oh
cash grain and were evidently much I'LL
dressed with the drought in America anu III
Argentine Corn was strong, but advanced
only H0%c. Oats closed 1sc higher. Pro-
visions were neglected and weak in conse-
uuence, closing 5@10c lower.
Drought at home and strong markets aoroau
were the influences which were upperqnost IN
the wheat market when business Desah
p1vers took ho,d with more confidence, while
short sellers, and in fact, all xmas Oh seliel
were inclined to be more cautious me
I,vernooI cables opened at an advance of 5sd
over last night and subsequently advanced 10
Id above Yesterdays closing prices. In the
nit there were buying orders for DECEMBER
wheat coming direct from Paris, though the
nuantitv thus bought was not large enough
to attract general attention. Inc preulctlons
for continued fair weather for the next 30
hours In all of the winter and spring wheat
territories was very disappointing to those
who had expected that yesterdays light snow
ers in the Northwest would become heavier
and extend down into the winter wheat couh-
try The fact that Northwestern recelpts were
large was not sufficient to offset the enecCs
of the dry weather. The wheat arrivals DIT
Minneapolis and Duluth were l, 500 cars, against
1875 a week ago and 1,2S9 for the cores
ponding week last year. Chicago receipts
were 356 cars. December wheat closed yester-
day at $500, opened today at S9qsO1sc,
with a few small lots selling as low at S9Ac.
The price was soon advanced to 9OAc For
eigners were liberal and persistent buyers OF
futures here and in all other American mar
kets. The closing advance in Paris was
equal to 1Hc. Liverpool was up 115c and
Antwerp nc. Todays seaboard engage
ments were reported at 6S boat loads. The
weekly reports of the Great Northern road
confirmed those of a large number OF cor
respondents covering a wide area IN the
Northwest that threshing returns were dlsap-
pointing and that previous estimates would
have to be reduced. A very sharp squirt in
the price at Duluth gave color to the stories
Reports of drought in Argentine came
from very conservative sources and from the
fact that foreigners bought not only wheat,
but corn and rye, in this market, and pre-
sumably elsewhere, it looked very much as
though the European centers were getting
stirred up again The market grew very
\ strong toward the close. The irmness OF
closing cables and the anxiety of foreigners
to purchase wheat, soaring the shorts who
have been having their own way for some
time past December sold up to $3.50, finally,
and closed firm at that price.
Corn was strong owing to cont nuatlon OF
drought, in sympathy with the strength IN
wheat and on good general buying. the
volume of business was very .arge during the
early hours, but strong demand developed
as the session advanced, both from local
shorts and for foreign account. The strength
at Liverpool also attracted attention. Re
ceipts were 5S6 cars. Atlantic c-earances
were 49, 600 blu. December ranged between
297sc and 2919c, closing AQ3sc higher, at 29Bc
Offerings were liberal at that figure. Oats
We're firm, affected somewhat by the wheat
advance, but also largely by the drought
There was an advance early in the day or
urgent buying. This demand dropped of
later and part of the advance was lost
Cash demand was excellent. Receipts were
532 cars. December ranged from 1880 tc
1886 clos ng Bc higher at 1890.
Provisions were very slow. The opening
was lower because of liberal receipts of hogs
here and the lower yard prices. The market
rallied slightly with grain, but grew weak
again and remained in that condition fol
the rest of the session. Moderate January
aiferings by porkers were about the only
feature to trading. At the close December
pork was 712@J1Gc lower at $S.100S.1212; De-
cember lard, 5G713c lower, at $3.50, and De
cember RIBS &C lower, at $40. Estimated
receipts Wednesday: Wheat, 2S5 cars; corn
440 cors; oats, 800 cars; hogs, $4,000 head.
The ieaJing futures ranged as follows