The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-12-31
BULLS HEADS N I|R
Covering by Shorts Influences
Sharp Reco err
PRICES CLIMB UP AGAIN
Wheat Leads Grains With
Weak Opening.

Chicago. Dec. So.-Covering by shorts
to even up an oversold market which
had been brought about by a weakness
following on early bearish conditions to-
day Influenced sharp recovery in all
grains today. May wheat closed &c up,
May corn 4 to sc higher. and May oats
&c advanced. Provisions closed 10 TO 2212c
higher.
Wheat had a very weak opening. Ca
bles were lower, much more so than
was expected in consideration of the de-
cline here Saturday. The quantity Of
wheat on passage was increased 232, 900
bushels, and the northwestern and pri-
mary receipts were materially larger than
a year ago. The one redeeming feature
for the bulls was the smallness OF the
worlds shipments to Europe. May open
ed 4 to 1kc lower at BIS to s07sc and at
once sold down to S0ssqS0s4c. The early
selling was heavy and everything Of
fered at the low prices was absorbed.
When the small decrease was reported in
the visible supply and the export clear
ances appeared of considerable proper
tons, shorts began to cover in such
manner that it seemed apparent that the
market had been oversold. There was
also some rumor that a considerabl
short line was being covered for +. H.
Peavy, the elevator magnate, who died
here today. This covering, which began
only half an hour before the close, soon
sent May to S2l4c. Small profit-taking
brought Slight reaction and May closed
strong, &c up. at S2lsc. Local receipts
were 40 cars, none Of contract grade.
Minneapolis and Duluth reported S93 cars,
making a total for the three points OF
$40 cars, against SIC last week and 577
year ago. Primary receipts were 1.O2s. 900
bushels. compared with $4,000 bushels
last year. Seaboard clearances in/wheat
and flour equaned 900 bushels. The
seaboard reported So loads taken for ex-
port. Worlds shipments were 6,6S1, 600
bushels, against $685. 900 bushels last week.
The visible supply decrease was $4,000
bushels.
Corn played a following game with
wheat most OF the day. Cables were lower
and May had weak opening. Most Of
the early selling, aside from the wheat
sympathy, was influenced by the cables
Some of the heaviness was due to the ex-
rectation Of heavier receipts and to the
impression that the demand from feeders
was abating as result of the milder
weather. The cash situation was rather
tame. The accumulation Of large short
lines on the weakness as in wheat. led
to the late recovery. May sold up well
after the early decline and closed firm,
4 to sc higher, at 661zc. Receipts were
IFS cars.
Oats opened lower with other grains,
and ruled dull throughout the day. The
range was narrow. Commission houses
and elevators were sellers at the start.
Later a good deal was reinstated after
the advance was pretty well under way.
May sold up to 4524c and closed firm, nc
up. at 45lzc. Receipts were 17S cars.
Provisions opened firm on light re-
ceipts and better prices at the yards.
The early offerings also were limited, and
influenced better prices. The early grain
weakness influenced some proft-taking.
but on the latest strength in cereals pro-
visions advanced again. May pork closed
22lsc up. at 7.471a May lard 1212c higher
at 5000, and May ribs 1oc higher. at
IS 921a
Estimated receipts for tomorrow:
Wheat. 40 cars: corn. 245 cars; oats. 165
cars; Hogs, 80 goo head.