The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-30
BAD CROP REPORTS
Cause the Best Wheat Rally
Since Letter Fell.
JULY 1913 CENTS HIGHER
Advance in Liverpool Corn
and Oats Better.
JULY 1913 CENTS HIGHER

Chicago. June 2s.-Persistent and nu-
merous bad crop reports started shorts
20 cover in battalions today and the best
rally IN wheat since the Letter collapse
took place. July closed IHc higher and
September gained 2Ao. Corn advanced
HG1c. and oats 11sc. II provisions pork
left of unchanged; lard 21kc lower and
ribs PIC higher
Wheat started strong on the wholly un-
expected advance at Liverpool Crop dam
age reports continued to pour in, although
the weather was fairly favorable. A good
deal OF the complaint was based on the
assertion that owing to the excess of
moisture the straw had been abnormalIy
developed. but the heads had been poorly
filled, 50 that the yield was extremely dis
appointing. The scattered threshing re-
turns which came from the fields seem TO
confirm this view of the situation. The
result was that shorts began to show
a good deal Of concern and started to
cover, the demand giving an upward turn
To prices. The market remained firm, but
without much animation, until after the
middle Of the session, when the mere
ftrmness was changed into exceeding
strength. The crop damage reports were
too persistent and general TO be doubt
ed any longer, and the covering of short
wheat. which had in the forenoon cen
conducted with much care and unotrusive-
ness. became too universal for the busi-
ness TO retain its early undemonstrative
character. An hour from the close trading
became heavy and somewhat excited at
odd moments. and the price rose rapidly
and materially. September reaching 69c,
a gain of 2tsc, and July advanced PFC,
selling at 73&c. After this improvement
there was enough selling of long stuff
and selling for the short account to cause
slight reaction. Liverpool opened I'd
higher for July and y up for later deliv-
cries. At the close Liverpool was I'D
UP, or Ia lower than at the opening, and
later deliveries were about as they had
opened. Chicago deceived only two cars
Of wheat and Minneapolis and Duluth
reported 32 cars, whereas the similar day
last year they received 211 The total
amount of the western primary market
receipts was only $1,000 bushels, compared
with $4,000 bushels year ago. Those
small receipts everywhere had consider
able influence on the market as expec-
tation had been ready for a free move
ment of new wheat by this time. Country
ndllers, however. who were bare Of sup
plies, are absorbing farmers deliveries
meantime, and are likely to do so for an
other two weeks, at least. The Atlantic
port clearances of wheat and -four were
equal to 526, 900 bushels. July opened un-
changed to &c lower at Tx d71B, sold up
to 7324c, and reacted to 1914 at the close.
September began A%2sc higher at 66A9
$3.50, declined to 6612c, rose TO 69c, then
sold off TO 6SSsc asked. the closing price.
Good buying by shorts in July and
prominent longs in September. together
with the strength in wheat. advanced
corn. July opened 1sQNc higher at 31Ac.
declined to S1dS11sc. rose to 22bq3214o,
then sold off to 32c bid at the close.
Covering by shorts. unfavorable wealth
er forecasts and the rally in wheat and
corn were the reasons for the strength
in oats. July opened 1sGKc better at
207kd21c; sold off to posse, rose to 22c
then declined to 217sc, the closing price.
Lower prices at the yards and large
hog receipts started provisions rather
easy. Outsiders were sellers of lard, and
so were packers, but the latter were good
buyers of ribs. The decline was all re-
covered near the close, with the rally in
the coarse grains. July pork opened sc
lower at So 421a. advanced to Ss.55: then de-
clined 10 S9.47. the closing price. The range
in lard and ribs was inconsequentiai
Estimated receipts for tomorrow are:
Wheat, cars; corn, AS; oats. 200; hogs,
2S 600 head