The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-12
ABOVE SEVENTY Gents
Wheat Scars, on the Govern
,ment Crop Report
ALL THE OTHER MARKETS
Pulled Out of a Hole by the
Strength of Wheat.
ALL THE OTHER MARKETS

Chicago, Aug. u-Wheat got well
above the zoe mark today, closing strong
with an advance Of 7-sc. The bullish
government crop report was the main
factor in the scramble for cover which
took place, and which at one time ad-
vanced the price lac. Corn, oats and
provisions were all pulled out of a hole
by the strength Of wheat, corn and oats
closing a shade higher and provisions
2 1-2d7 1-2c higher.
Wheat started with an advance Of S-46
Use for September. opening trades in that
option being made at GO 5-sg6s Sic. Bull
news, for the first time in weeks. was
plentiful. But all else was lost sight Of
in the government figures on the con-
d. IN "A sprinE wheat They showed a
decline of 81 points in the condition. sug-
costing a crop Of 2S5 600 900 bushels. This
would indicate. even in the present apa-
thetic condition Of trading. To add to the
strength OF the situation. reports from
the northwest told of serious and wide
spread damage by YESTERDAYS hail storms
in the Dakotas and Minnesota, and north
west receipts showed q marked falling
on. Cables, however. were rather dis
appointing, Liverpool showing but 1-s9
Lad advance early and losing even this
slight advantage before the market clos
ed for the day. The opening advances
was looked upon by a majority OF the
older traders as sufficient, considering the
enws, and considerable selling followed
under which September slowly declined 20
s. lac. Offerings were all absorbed, 50
quickly. in fact. that although a period Of
dullness followed the decline to 90 1-4c
some OF the early sellers attempted to
cover shortly after noon. Then 1t deveI-
oped that the market was heavily over
sold. Offerings were scarce and appar-
emily the attitude q the whole trading
element changed within a few minutes.
In the next half hour the buying devel-
oped into a regular scramble among
shorts to cover. and the rapidly with
which prices shot up caught many heavI-
~. Before the demand had been salts
fed, September had advanced to Il l-sc.
Realizing at that figure was heavy, and a
decline to 20 1890 5-sc followed. but the
market was well supported, shorts being
anxious to cover. even at that price. and
the close was strong at 20 SIC North
west receipts were lis cars, against 3O5
last week and 90 a year ago. Chicago re-
ceipts were SO cars. II of contract grade.
The primary receipts were 47S.00O bushels.
against $4,000 bushels last year. Atlantic
port clearances arpouota5 20 80 mn t,,-k.
els There was better cab demand for
all grades of wheat, and 5000 bushels
was reported worked there.
Corn was weak early from the govern
! ment report, which indicated an excep-
tionally large crop. This was the chief
feature OF the morning trading and
though no material decline took place.
the market tended downward until the
! general advance took place in wheat
That started buying in corn, shorts COM
ing into the market and advancing the
prices Of all futures. A feature was the
buying OF May, possibly $4,000 bushels.
| The cash demand was not so active.
| Receipts were light. 273 cars. Crop ad-
vices were favorable. September ranged
! from 80 S-4d3O 7-Sc, and closed 1-sc higher
! at 90 3-i1SO T-Sc.
| Oats were exceptionally dull. but firm.
with prices following narrowly the course
| Of wheat. There was good buying Of
| September by shippers. supposed to Be
| against cash sales, but nothing was re-
! ported worked here. The government re-
port advanced the condition slightly. Re
! ceIpts were 3S4 cars. September ranged
| from 10 l-2dI9 3-4c and closed a shade
! higher at 1913 SAC.
Provisions early were slow and rather
| easy, small declines taking place during
the morning trading. Hog prices were
| lower and packing interests were sellers.
| The market turned firm in the afternoon
/ with the advance in wheat, and under
| general buying the declines were recov-
| cred and small advances scored. There
was a good demand for lard. but cash
! business, as whole. was slow. At the
/ close September pork was 1-265c lower
/ at $.25; September lard Lee lower az
So and September ribs SC lower al
S5.0off5.02 l..
| Estimated receipts for Saturday: Wheat
| Ill cars: corn. go cars: oats, SIS cars;
| hogs, 14as9 head.