People's Pilot, Volume 5, Number 49, Rensselaer, Jasper County, 11 June 1896 — WHEAT UNSETTLED. [ARTICLE]

WHEAT UNSETTLED.

CHICAGO MARKET IS VERY ; ERRATIC. K*eov*red an Early Break, bat Close* 7-8 e Off from Tuesday Want the Government Report Corn SteadyPork Higher—Wall Street. Chicago, June 10.—July wheat closed at 57%c, July com at 27 %c, July oats 17%c. July pork at $7.12%,Ju1y lard at $4.10 and July ribs at $3.72%. Wheat was erratic and after selling off fully a cent during the first hour the decline came to a sudden halt and there was a quick rally at l%c, which carried the price fully %c above yesterday’s close. The real news was scarce and unimportant but the bulls were evidently discouraged and the bears confident, so the price of July easily went from 58%o —the first sale —to 57%0. But at this point there was a halt, Sellers were well exhausted, the stop-los3 orders were out of the way and It was discovered that big houses had been picking up wheat on the break and this persistent buying was regarded with alarm by those who had been doing the reckless selling and there was a general movement made to cover and as there was little for sale the sharp competition sent the price up. A rumor that a straight tip had been received from New York that the government 'would show the condition of Winter wheat at 66 helped the development of the bull sentiment and there was a gradual upturn of l%c, but part of this was lost. July wheat opened at 58%c, but with only a few transactions at that, fell steadily to 57%c, then reacted to 58%@58%c, bu£ at‘noon was 5814 c. September sold down to 57%c and up to 59%c. The market had a bad break during the last hour on the report that President Cleveland had • recognized Cuba and as this was taken to mean war there was a rush to sell, which sent July off to 57c and September to 57%c, but there was some reaction. July corn sold early at 27%c but reacted to 28@28%c. September at 28%c to 29@29%c split. July, after selling at 28%c during the last hour, weakened to 27%c and September fell from 29%c to 28%c. July pork sold off to $6.90 on big hog receipts but up to $7.25 on speculative buying. July lard at $4.10 to $4.15 and July ribs at $3.67% to $3.77%. Quotations were; Articles— Closing Wheat — High. Low. June 10. June 9 June ..$ .58% $ -56% $ .57% $ -58 July... .58% .57 .57% .58% Sept. .. .59% .57% .58% .59 Dec 61% .59% .60 .60% Cora —• June .. .27% .27% .27% .27% July... .28% .27% .27% .27% Sept. .. .29% .28% .28% .29 Oats — June 17% .17% July... .17% .17% • .17% .17% Sept. .. .18% .18 .18% .18% Dec 21 .20% .20% .21 Pork— June 7.05 7.00 July ... 7.25 6.90 7.10 7.05 Sept. .. 7.40 7.02% 7.27% 7.20 Lard — June 4.05 4.12% July ... 4.15 4.10 4.12% 4.17% Sept. .. 4.32% 4.25 4.27% 4.32% S. Ribs— June 3.67% 3.72% July... 3.77% 3.67% 3.72%. 3.77% Sept. .. 3.92% 3.80 3.87% 3.92%