The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-09-10
The Wheat Markets.

CHICAGO, Sept. 9.-The strength of cash
wheat in the Northwest today, in addition to
a reported shortage of the Russian crop,
caused sharp rally in wheat values here.
september closed 1A@13sc higher, and De-
cember gained he Corn rose &c oats Sc;
provisions ruled weak. Pork left eff 21ac
down, lard 1Oc, and ribs 713Q10c. 20
Wheat started strong end forced it's way
up in the course Of the first hours trading to
1c above yesterdays close. The Liverpool
market opened from sd to %d higher and
increased again to from ed to Id soon after
business started here. That caused a gen raj
rush OF shorts to cover, with lite wheat
for sale that competition sharp and bids
were gradually advanced. Chicago received
l9l cars against 269 last year. The arr walls
at Minneapolis and Duluth were S44 car
loads, compared with 496 year ago. Atlantic
port clearances were again heavy, and that
drew attention once more to the exces i've
proportion of European requirements that
continued to be supplied from this side. Per-
maps the greatest stimulus to the buying
that advanced prices of wheat here arose
from the great strength of the cash wheat
markets in the Northwest during the first
half Of the session Liverpool showed al
vances at the close Of from 11sd TO I'D and it
was thought the strength there was in great
part owing to further conf; nation Of Rus
sian crop damage and desire of Russian eX-
porters to cancel sales they had made for
september shipment, as reported hare yestar
day. The market here was more active and
broader than for some time back. The gov
eminent crop report, which is due tomorrow,
had some influence on the bull side, contrary
to experience Of its usual effect. The mar
ket ruled strong right up to the tap of the
bell and closed near the highest poiat Of the
session. September opened AG3sc higher at
627sc, advanced gradually to &c and closed
at 637sc sellers. December started %9Hc
up at 611sG61Ac, sold up TO 621sc, and Closed
at &c buyers.
Low temperatures, together with predic-
tons of frost tonight strengthened con. The
crowd had gone short last night, and conse-
quently, when they found themselves
fronted by a decidedly bulliSh wheat market
today, they became alarmed. A scramble to
cover ensued, and competition easily 70 ced
an advance. A report that the government
crop report tomorrow would drop the corn
The market ruled strong throughout the en-
tire session, and closed within a fraction CT
the high point for the day. December be-
gan HQ9sc up at 30A @3O3sc, advanced to
S0Bc and closed at 30Ac buyers.
Oats were firm and higher, in sympathy
with other grains. There was a fair amount
Of business done, with heavy covering by
2124021Bc, and advanced to 22Bc.
Provisions opened fairly steady, but turle1
weak on heavy selling by prominent packing
houses. There was also considerable real z
ing by traders who had bought lower down
on the decline. Very good buying, however,
sprang up on the break, and the market C os-
ed fairly steady, with part of the loss recog-
cred. December pork opened sc lower at
$3.50, declined to $S.45, then rallied to $S.57jA,
the close. December lard started unchanged
at $3.50, weakened to $3.50, and Armed up TO
$4.95 at the close. October ribs began un-
changed at $3.50, sold off to $5.15, and improv
ed TO S5.2GQ5.221a, the closing hgure.
Estimates for tomorrow: Wheat, 275; CON,
470 oats, go; hogs, Is, 900 head.
The leading futures ranged as follows: