The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-08-19
WHEAT SUMMARY.

CHICAGO, Aug. 1s:-Urgent covering by
shorts today occasioned by good cash de-
mand, rescued prices in the wheat pit. Sep
TENDER closed &c higher and December rose
156%c. Corn left off unchanged to 1sc GIL
er. Oats are unchanged. Pork advanced &C.
Lard declined sc and ribs are unchanged.
Wet weather in the Northwest spring wheat
territory, together with higher cables from
Liverpool, were responsible to some extent
for the irmness that characterized the COM
mencement dealings in wheat The Increase
in the arrivals up North and a prediction by
the weather bureau OF fair weather tonight
and Fr day in the spring wheat country
changed the temper of the speculative crowd
and the direction of prices. When weakness SIS
set In it was more particularly apparent In
December wheat. the disposition among the
dealers being to get out and stay out of
September, in view of the small stocks here
and elsewhere. The hope of high prices In
dulged in by the bulls in the market have
been largely based on the expectation that
the bears would oversell themselves for Sep
TENDER. The bears also appear to have appre
tensions on that score and transferred their
ventures to December, thus giving a nervous
character to the trading in September and
reducing December to an altogether unusual
discount under such conditions as exist at
present.
The conditions have no exact parallel IN
former seasons, for never before was visible
stocks so small. Chicago received 101 cars,
against 81 last year nneapolis and Duluth
got 400 cars, compared with II a week ago,
and 100 cars the corresponding day of the
mary Western market receipts still unde:
previous years. The total today being 675,0
bu and year ago 792, 600 bu. The Atlantic
ports cleaFances were equal in wheat and
flour to 4f2 900 bu.
There were spells of weakness followed by
considerable strength. September was more
susceptible to buying than to selling orders
readily recovering from moderate declines
was easily effected, but the market was IN
urgent request. The shipping demand for
wheat was as brisk as ever the sale of 100 O00
bu No. hard for shipment at 70k67011c
startling the shorts. the cash price being Sc
over September. with the latter month only
that transaction rallied the prices Of Sep
tem5er and December over lie each, and the
market closed without enough offerings to
satisfy the demands.
September opened &c higher at 652sc grad
uaily worked down to 645sQ64%c advanced
quickly to 6614Q667sc, and closed at 66hc.
December began &c up, at 1860; sold
down to 629sc, irmed UP to 631kc, and closed
at 63Bc b d.
Corn opened weak and became very heavy
during the forenoon on liquidation by longs
stop-loss orders Reports from the country,
however, as to the yield Of the crops wore
far from corroborative of the government s
report on condition. Owing to that fact
buying in Of short corn on the early de,
cline had not been all satisfied when the
wheat market commenced its big advance
That started more shorts covering, also a
good many people who had been ava ting the
bottom to buy for the long account All The
early decline In September was recovered.
and December did even better, advancing %o
over September, and closing at that much
over that option as 1t did the day previous.
at 311s9311kc; declined to aOs@S0bc. and
rallied to 31Aq31asc sellers at the close
Oats followed corn. weak early but recoy
cred later. Elevator people sold at the de-
cline. September started unchanged at 201Sc
he closing.
Provisions were weak during most of the
session. The feaure of the davis business
was liquidation by packers of products pres
viously bought and the ready absorption Of
offerings without much reduction In nrica
September pork opened 21kc lower. at 81 %.
sod off to $3.50, and rose to S. 97l6 at the
close. The range in lard and ribs was ma
row. -'-
ESTIMATED receipts for tomorrow: Wheat
80 cars; corn, $40; oats, 1856; hogs, 1890.