The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-01-29
MARKET SUMMARY.

CHICAGO Jan. 2S.-Wheat today made the
best prices on this crop for cash. the Janu-
nary option being bid up to $110, and clos
Ing at s1.0S. The top price a cent above
the highest figure reached during the re-
cent bulge in December. December sold up
to $3.50, after a weak opening, but closed
unchanged Heavy Argentine shipments were
against the market at first, but later strong
foreign news and the usual pushing" by
the Letter people, sent prices soaring. Corn
and oats followed wheat and closed unchang-
ed. Provisions declined 2h@5c.
1t looked at the opening in wheat as II
the long-looked-for reaction was about to
take place. For the first time in two weeks
news really favored the bears, and a de-
cline in prices at once ensued. May which
closed yesterday at 9716@974c, opened today
at 96Q96$sc, and July, in which option, how
ever, there was not much trading, opened
&G1c lower. There plenty of selling
at those figures by heavy holders, and May
was down to 96c, and July to S5%c before
any support of consequence materialized.
Traders were somewhat staggered by the
weakness at Liverpool. That market opened
AQ1Hd higher, but q large slice of this ad-
vance had been lost when 80 p. m. cables
came in. This weakness was explained by
Argentine shipments for the week-S64, 600 bu.
This was more than twice as much as dur
ing the previous week. Northwest receipts
too were liberal Minneapolis and Duluth re-
ported 1894 cars, against 1853 last week and
1874 a year ago. The impression caused by
the Argentine shipments and the Liverpool
decline lasted about half an hour, when a
covering movement resulted in advance
In May to size, when another spell of IN
loading carried the price back to 96Ac. The
market then gradually recovered but held
hrm but dull at about $3.50 for some time
After midday the market began to develop
some of the bull snap Of yesterday. The
principal reason for the renewal of bullish
energy was the strength shown by Ant
Werp, when that market was heard from. It
showed an advance equal to 21ac per blu for
American red, and nc for Walla Walla
Paris was also higher by about &c. The
next reason was the very heavy clearances
of wheat and flour for the day from Atlantic
ports. The latter amounted to 79O, OO0 bu, in
Guiding of 607S0 bbls of flour from Newport
News.
The strength first developed in May. Bids
for that delivery brought few responses and
prices slowly climbed until one of the Letter
brokers commenced bidding for January in
an attempt to buy 10000 Blu. He succeeded
In getting but 90 coo blu of this amount. the
price in the meantime jumping with its
usually rapidity to $l.10, the highest point
YET IedCueu LOT CQlS season. crop. This also
created an active demand for May from all
quarters and the price scared to $3.50 At the
top prices immense quantities were offered
which the crowd took eagerly for time but
about ten minutes from the close the mar
ket broke under the pressure, May dropping
to $3.50 and January to $1.OS. That was the
closing price for January. May closed at
Sl1sc, and July at S6%c.
Corn was easier with wheat at the start
and again strong when the latter showed its
midday bullishness. Trading was of moderate
volume, st. Louis and shorts leading the buy
Ing. There was considerable realizing during
the morning. May ranged from 29Ac to 293sc
and closed shade lower at 295s@29Ac. Oats
were quite active. There was heavy buying
by shipping and commission houses, the SELL
ing being principally by elevator interests
and longs" The export demand was very
urgent, and this and wheat were the con-
trolling influences. May ranged from 241bc
to 24c, and closed shade higher at Al0D
A3sc.
Provisions were fairly active but became
dull later on in the session. Heavy hog re-
ceiptS and the weakness in wheat started
the market easy at the small declines These
were speedily recovered under good support
all offerings being readily absorbed and the
market ruled steady until near the close
when the reaction in wheat was reflected
in provisions and some decline ensued At
the close, May pork was sc lower at $40.
May lard 21Ic lower at $3.50 and Nav ribs
&c lower at $4.9215. Estimates for Saturday :.
Wheat, SO cars; corn, 165 cars; oats IT'S cars !:
hogs, % 600 head.
TIE leading futures RANGED as follows.