The herald., 1898-05-11
CHICAGO MARKET
Prices and Prospects Of the Trade in
Cereals

CHICAGO, May 1O-Intense excitement
in the wheat pit marked today from the
start. Liverpool showed decline at the
opening of SIC a bushel for May and &c
for September This was Offset by pre-
liminary jump of 9s4c in July. But the
second cable showed slump in July ALSO
of the English market caused weak open
ing here. July began with declines of to
cents. Trades were on a range of LILO
l.18. First quotations reduced the price to
l.16. Supplies OF wheat suddenly vanished,
and quotations suddenly advanced to LIS,
the highest point yet reached by the July
option May wheat was only heard from
lower, ere at i7s The succeeding mi sales ", Were re
at La, 1.80 and 1.S5. 1t reacted to 1.SO. and
was not picked up. 1t was about y 80 when
July touched LBS; 1t rebounded to 1.24, rail-
lied to 1.25, and then took steady down
ward course. Stop-orders on long wheat
seemed thick and close during the market
The downward flight was checked tempo
rartly at around LII Trade was narrow
and ordinary. orders were hard tS execute.
A quarter of an hour before tye close
flood of long wheat broke loose. The SELL
ing was based largely upon the presump-
must be bearish. seaipers ventured to pou put
out short lines. July slumped in couple
Of minutes from around 1.1S to 1.07. Most
OF the trades wer full cent apart. When
the liquidation was exhausted, shorts tried
to even up the market, and 1t rushed up
again to LIS, closing at LA. net loss Of
eAc. may sOlQ between l.1S and LBS, clos
Ing 10c net higher. at 1.S5. September, which
sold early at 9aM, tumbled to SO cents and
closed at 9O14.
Trade in corn was moderate. The fiuc-
tuations followed wheat on a small SCALE
July closing 1A@1%c lower.
The Oat market shaped it's course after
wheat and corn. July closed at %@DTc ad-
vance.
No life on the buying side of the market
could be infused into provisions. Closing
prices showed net losses of 15c on July pork
and 22@5c lower for ribs and lard.
The feature Of today's wheat market was
the sensational break and recovery in July.
New high price records were made in both
the May and July options, at 1.S5 and 1.25,
respectively, but 1t was the break that
caused the excitement. 1t was an excited
uncertain market, with price quotations a
cent apart of the same delivery In various
parts of the pit for an hour after the OPEN
Ing. The selling was more conspicuous
than the buying, the conditions Of the pre-
vious day being reversed. From 1.25 July
genuine panic carried prices down to
cents at clip to LOS. Purchases of wheat
were made at this price, although LOG was
the low price generally quoted. The top
price for May wheat, LS5, was made on
the purchase of 1000 bushels, said to have
been part of the Lindblom business which
had not been transferred. The movements
OF May and July were not closely allied
May never sold below the opening figure,
LIB, and closed at the top price, LIS. The
offerings Of the July break were from all
directions, and Letters brokers were said
to be bidding for September at the time the
July break started. At 81. 1.06, which was the
price of calls, the market turned and
worked back to close at LA.