The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-14
REPORTS Of DAMAGE
Helps Wheat Towards a Better
Level.
CORN NEARLY A CENT UP
Provisions Closed a Shade
Higher With Oats Improved
CORN NEARLY A CENT UP

Chicago. May IA sharp reaction to-
wards a better level occurred in the grain
market today in wheat being helped by
damage reports. Profit taking by shorts
was also influential July wheat closed
1Ac higher July corn &c up and July
oats &c improved. Provisions closed a
shade TO PFC higher.
Weakness at the opening in wheat,
which was 7O5s to 7Ossc for July delivery
was caused by heavy worlds shipments,
an increase in the quantity on passage.
liberal receipts and lower cables. When
sellers, Influenced by these matters had
disposed Of their wheat it was found
there were buyers in the market for more
and under light offerings and profit TAX
ing by shorts, the decline of a shade
to A1Ssc was recovered. The reaction
caused shorts 70 apprehend some under
lying force in favor of values and this
together with reports Of damage in the
southwest particularly in Kansas gave
sharp rally TO a market that had ruled
steadily upward. Under this acute reac-
ton of sentiment the price rose rapidly
toe. Exporters reported p loads taken.
E6aDCdTu ClCdIdnCeS wheat ana ADUL
were equal TO 638, 900 bushels, while pri-
mary receipts $1,000 bushels against So
900 bushels a year ago. Local receipts
were 49 cars, three of contract grade.
Minneapolis and Duluth reported 800 cars
against 352 last week and Us a year ago.
Worlds shipments with India to hear
from were 8. 900 against an estimate
Of $500. 900 bushels. The visible supply
decreased COS 900 bushels. Quantity and
-rzr
ed an increase of $4,000 bushels.
Corn exhibited marked weakness at the
opening owing to lower cables and good
receipts. A strong demand suddenly
developed among the shorts, however and
a bull market was the result. The local
buyers weer aggressively selling IS the
market advanced but buying back at q
loss. July corn opened. EsdAGAc lower
at 43G4S75c and early il session it be-
came apparent that the pit had oversoId.
Offerings were light and a rush OF shorts
90 cover at tho opening price with the
intention Of securing their profit buOyed
the market which aided by the develop
ment Of strength in wheat rose steadily
to 442sc. The close was strong, July &c
higher at 441zGssc. May was neglected
and sold between 521AG511zc. closing 40
higher at 5lzc. Local receipts were 27S
cars, Sc of contract grade, while u cars
and 5000 bushels contract corn were
transferred from private TO public ele-
vators. The quantity on passage in
creased LIP, 600 bushels. The visible de-
creased 2,S17,0O0 bushels. Demand for
shipping was confined to number corn
at about IL TO &c under July price
Oats opened weak with corn, but rallied
quickly. The tone Of the market was too
bullish on the crop situation 20 stoy
down long. The corn strength was also
a friend Of higher prices. There was
good trading both locally and on outside
account in the July and September
throughout the session. The leading bull
is thought to have let go of more of his
long oats. Receipts were 213 cars July
sold between 27slQ27c and closed re
higher at 27sso.
Provisions were duh, ruling easy for
the most part and closing firm IN sympa-
thy with grain and hogs. July pork sold
between S1+TlkG1452is and closed 123kc
higher at s14.725k. July lard sold between
s7.S7l5 and s7.S5 and closed PFC higher at
S7S7, July ribs sold between S7.SS and
$3.50 and closed a shade lower at S7.s2159
7S5
Estimated receipts tomorrow: Wheat,
80 cars; corn 365 cars; oats, 295 cars; hogs.
1900 head.
GRAIN AND PRODUCE MARKETS.
Chicago
Chicago, May 1S.-The leading futures
anqpd az folloVc.