The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-02-02
MARKET SUMMARY.

CHICAGO, Feb. IAN unexpected reaction
took place in wheat today, May closing a
cent higher. Nearly every trader on the
floor was expecting decline, but the sensa-
ticnal reduction in Liverpool stocks and a
sharp advance in prices there after weak
opening, illustrated the uncertainties OF
wheat trading by sending prices up and
keeping them there. Corn and oats were dull
and show but little change in values. Pro-
visions declined 212q1Gc.
The opening in wheat furnished a genuine
surprise to traders 1t generally be
nevad that following the liquidation of last
week and the closing out OF long lines by
many of the more prominent bulls, that the
market was in for period Of reaction, some
traders even predicting soc for May again.
News from Liverpool, however completely
upset these calculations and caused general
scurrying of shorts for cover.
May, which closed yes, erCay at $3.50, open
ed today at from 951s to $3.50, with very
little offering even at those figures. So ac-
tive was the competition for hour, that
$3.50 was paid before enough wheat
forthcoming to check the enthusia m o. by
ers. Liverpool opened 6s411Bd lower, re-
spending well to yesterdays decline here;
but by 2:3O p. m, showed complete revsr- al
of form, prices at that time being AQasd
over yesterdays prices.
The sensation of the days news was the
decrease for January of 1,24S000 blu in
the stocks at Liverpool. The stocks there
now amount to 1,512, 600 bu, or only two
weeks supplies. This was what started the
buying furore. The market was further
strengthened by New York advices of good
foreign buying of wheat futures. Mime
apolis and Duluth receipts were $40 cars
against 1923 last week, and 26O year ago.
Chicago receipts were 81 cars, IL of which
were of contract grade.
Following the advance to 96asc came
slight reaction and realizing sales caused
Liverpool news was too strong to be so
easily disposed of, and the offerings were
quickly absorbed. Then prices shot UP
again, and this time May advanced to 5000
No real weakness developed however, till
Bradstreet's worlds visible report was posi-
ed in the afternoon This showed an in
crease Of $4,000 Blu, and was distinctly dis
appointing a decrease had been looked
for. Liverpool closed %Q7sd up, but
tinental cables were lower and that, with
er in the last hour. May fell to 951Ac; but in
the last few minutes trading rallied again
and closed steady at 957s@96c.
There was fair trade in corn, with mar
range of prices. The market was in
clined to sympathiZe with the wheat advance
at first. Dut the government crop figures
1908, 100000 bushels put a damper on buying
later, and dissDated the slight advance.
Shorts were good buyers early. May ranged
from 2S7sQ29c to 2Ss4c, and closed unchanged
st 28%c.
crop report but it had a different effect
from that in corn. The figures, sos, 768, 600
bushels fell 1000, 900 short of estimates.
There was fair buying by commission houses,
and some covering Of short lines, but bust
ness as a whole was small, prices ruled
firm at a slight advance May ranged from
4Q241sc to 237sc and closed a shade higher
at 23B024c.
With the exception of a short period Of
steadiness after the opening, the market for
provisions was weak. Liberal receipts of
hogs encouraged selling in which packers
teqk a hand late in the day. At the close,
May pork was 1Oc lower at $3.50; May lard
&c lower, at $3.50; and May ribs, &c lower, at
$4.S5. Estimated receipts Wednesday:
hogs, 80, 600 head.
The leading futures ranged as follows: