The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-02-12
Days GRAIN MARKET
Sharp Advance in Wheat at
Chicago,
CORN NEWS WAS BULLISH
Oats Advanced and Provisions
Firm at Finish.
CORN NEWS WAS BULLlSH

Chicago, Feb. u.-Strength IN corn ex-
erting its influence in an oyersold EAeat
market was chiefly responsible for a
sharp advance in the latter today, May
wheat &c higher Nearly all the corn
news was bunish, and that market cloeed
1aq5sc over Saturday. Oats advanced
7sc in sympathy Provisions showed
firm finish, unchanged to 1Oc higher.
Saturdays strenuous and confident
bears, relying on calculations Of bearish
statistics with which to begin anew
profitable week. were today driven to
cover. The statistical reports forecasted
Saturday proved accurate, but instead
of finding a yielding market on which TO
secure profits, shorts were confronted by
very stiff market, with the opening
price of the May option unchanged At
745s07424c. The market had been sold
to standstil and the rush to cover
approached a stampede which, despite
more liberal offerings from longs, on the
rise, carried May to 752sc during the
first hour. The chief factor in overcom-
ing the bearshness of the statistics was
the strength early developed in the corn
market although q reported reduction in
the estimate Of Argentina's exportable
surplus, steadiness in the Liverpool mar
ket and the moderation of Northwest re-
ceipts were conTibutary aids. Heavy
ciearances and a decrease in the visible
were influential additions to the days
bullish considerations which resulted in
a further advance during the afternoon
TO 75alc This bulge near the end Of the
session invited realizing by longs under
which a reaction to 754c took D ace, but
the close was strong, May sc higher, at
7514 Q557sc. A feature OF the days trade
was the relative weakness Of July wheat
which was persistently dumped on the
market in liberal quantities by one or
two commission houses TIL the pri e
was at one time 1isc under May. The
cash trade was not consequence expor-
ters reporting but IS loads taken at the
seaboard, while no export business was
claimed for this market. Seaboard clear
ances in wheat and -four were equal to
1,O12,0OO bushels since Saturday. Primary
receipts aggregated 727,0OO bushels Min
neapols and Duluth reported 636 cars,
against 924 last year. Local receipts
were Il cars, 8 Of contract grade. The
worlds shipments according to board of
trade figures were $4,000 bushels, while
the amount on passage increased SO14,O 900
bushels.
Corn was active and strong from start
the volume of business heavy and prices
above previous high records for the crop.
Small receipts, unfavorable weather for
moving the crOn to market, the cOntin-
ued poor grading of fresh arrivals, the
sustained high prices of hogs in the mar
ket at the stock yards, together with
light country acceptances to local bids
and the excellent cash demand formed
the basis of the markets strength The
$3.50. Bull leaders came into the mar
ket while the seaboard was an influential
purchaser. Shorts who had sold under g.
were compelled to cover at loss. There I
was considerable changing from May
to July at &c difference. The combined
buying pressure forced May sharply I'D
to $3.50 during the forenoon, and at this
price the market closed, y to sc I'm
proved from Saturday. Local receipts I
were 273 cars. Exporters reported forty I
loads taken.
There was little business transacted in I
the oats market, the most important deal
of the day being the purchase Of 20l0O T.
bushels Of May by one operator. The
undertOne of the market was firm. in
with wheat and corn and on
the general cash demand. Receipts were
PSI cars. May sold between ~ and use
and clossd &c higher at 252sc.
Provisions We're a moderately active (
market, while prices were sustained by
the reflected strength Of the grain and .
hog markets. The cash demand was
good, but the pit trade was without s.
peciaI feature. May pork sold between 4
s14.0715 and $14.121a, and closed 10 cents
higher at s14 1915; May lard between /
81. 52i5 and S7.55d7 .57i5, closing UNCHANGED +
at S7.521A, and May ribs between s7.07i5 .
and $40. with the close cents Up at
81. 10
Estimated receipts tomorrow: Wheat
% cars; corn, $50 cars; oats. so cars:
hogs, 5000 head.