The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1898-05-11
RANGE OF TWENTY CENTS
WILD FLUCTUATIONS IN THE
CHICAGO WHEAT PIT
$I.24 July Slumped in Fifteen
Minutes to Within Five Points of
the Dollar Mark-Net Loss of Six
Cents-May at the Years High
MarI<-COarse Grains Weak.

CHICAGO, May 1o.-After wildly fuctuat-
ing zoe blu, wheat today closed at $1.14,
July. loss of 6Ac compared with the final
figures yesterday. A collapse from $1.25, a
new high record for July, to $1.O5, chiefly in
the last quarter, the spectacular feature.
Sales to realize profits principally caused the
slide. A hair-raising quick rally of 10c, due
to covering by shorts, followed just before
the closing gong. May closed at 81. So, the
highest point of the season. net advance
of 10c Letter reported sales of 100000 bu
cash wheat abroad at an advance since yes
terday of &c, apparently proving that foreign
ers still wanted wheat, despite a drop at
Liverpool. Corn and oats ruled weak on
realizing. July corn lost 1A@$c, oats 10
nc. Provisions ruled dull finishing at de-
clines of 15c for pork and 21hGD5c for lard,
with ribs unchanged.
Intense excitement in the wheat pit marked
the day from the very start. Liverpool
showed decline at the opening of SIC a
bu for May and &c for September. This was
offset by preliminary jump of sac in July.
But the second cables showed sudden
slump in July also. This unlooked-for pro-
caused weak opening here. July began
with declines Of 2G3c. Trades were on a
range of 81. 17@1 Is. Four subsequent quota
lions reduced the price to S1.16A. Here the
supply OF wheat suddenly vanished and quota
tions steadily advanced to $1.25 the highest
point yet reached by the July option.
May wheat was only heard from at long
intervals. Trading in it began &c lower at
$1.73. The succeeding sales were at SIT,
$1.8O and $1S5. 1t had occasional reactions
to- 80, but was Immediately picked up.
1t was about II o'clock when July touched
81 70. 1t rebounded to $1.24 rallied to s1.25.
and then took steady downward course.
Stop orders on long wheat seemed thick and
close clos under the market. The downward
hight was checked temporarily at around
$1.17 Trade was narrow and ordinary or
ders were hard to execute.
Routine news cut very little figure in The
early dealings. Local receipts were 1886 cars
compared with 10 last year. Minneapolis and
Duluth got ALL against 1913 the year before.
Today's primary receipts aggregated GIG, 900
Blu, compared with only $4,000 blu last year.
Atlantic port clearances of wheat and flour
were equal to $4,000 blu. The closing quota
tons from continental markets showed ad-
vances at Paris equal to &c a blu for May,
and 31sc for September December. Antwerp
was up equal to 29sc blu.
A quarter OF an hour before the close a
flood of long wheat broke loose. The SELL
Ing was based largely upon the presumption
bearish. Scalpers ventured to put out short
lines. July slumped in couple Of minutes
from around 81 .1S to around $1.05. Most Of
the trades were full cent apart. When the
liquidation was exhausted shorts tried to even
up, and the market rushed up again to 81. Is,
closing at $1.14, net loss of 6Ac. May sold
between i.7S and 1:S5, closing 1oc net high
closed worth 90Ac.
Trading in corn was moderate. Fluctua-
lions followed wheat small scale. When
wheat slumped near the close corn became
very weak, July touching 35c, reacting slight
ly on covering. July opened at 36@36Ac,
compared with 36B@37c, sold up to BIC, de-
clined to 35c. closing 1A@1asc net lower at
S55sc.
The oats market shaped it's course after
wheat and corn. July opened 1sc lower at
27A@27Ac, rallied to Csc, and sold off to
271Sc at the close, net loss of %@Bc.
No life on the buying side of the market
could be infused into provisions. Closing
prices showed net losses Of 15c in July. pork
and 21A@5c in lard. ribs unchanged.
Estimated receipts for tomorrow: Wheat,
81, 600 head.
The leading futures ranged as follows: