The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-12
BULLS HAD THE END
Of the Days Trading in Wheat
on Chicago Market.
MAY CORN CLOSED UP
May Oats Was Unchanged
and Provisions Higher.

Chicago, April n.-Conficting interpre-
tations put on the government crop report
Of the condition Of winter on April l. set
grain spectators to guessing today and
resulted in active and irregular markets.
In the end the bulls easily prevailed and
( aided by a ripdly developing buuish sit
uation for corn in the southwest every
thing ruled firm. May wheat closed 3 .
sc up, May corn 3zQSsc higher and Nay
oats unchanged. Provisions closed a
shade TO sc higher. Prices IN wheat had
q good upturu early, as q result OF the
crop report and strong cables-the latter
probably rejecting foreign Interpretation
on the crop report Traders had expected
q bearish bulge. May started = 10 Ssc
higher at 72sse 10 72Ac, but as Is custo-
mary on report days the crowd sold and
May dipped 10 717sc. Speculation was rife
as 70 just what way 10 take the report.
The department set the April condition
at 78-7 as compared 10 s1-7 year ago
the lowest condition with three excep-
tons in fifteen years. The best yie-d
suggested by the report was 300 coo
bushels The department did not revise
its figures on the acreage from the pro-
yisionaI estimate in December OF 3, 000, 90
acres. The department, however. prom
ised TO revise the acreage May !, and with
the knowledge that Kansas has plowed
up 100000 acres adm the probability Of
AT least haH as much more in Texas and
Oklahoma, traders figured that probably
the acreage harvested this year would ex-
coed only by a small margin that OF a
yea rago. II the acreage Is brought
down TO last years level the yield sug-
gested by the report will be only about
Sc. 600 600 bushels. This evidently was
something of the Interpretation put on
the report by the country. After the
early selling by the trade. who followed
the custom OF twenty years and tried 10
knock down the price. real bull market
started. The outside markets had held
to the bullish opinion, cash wheat had
worked into a better position and the
crowd that was carried short early hur-
ried TO cover Duluth reported a good
demand for both Duluth and Manitoba
wheat for export with twenty-five loads;
the seaboard took nine loads and Chicago
worked thirteen loads. Corn developed
Independent strength and helped IN the
Upturn. The professionals had TO come
into the bull line and the result was a
squirt Of May up 70 re This figure net
ted good profits 10 the bulls who have
consistently bought since low May prices
and consequently there was little liquid
alton late that took on some Of the gain.
Receipts continued very small and made
one OF the factors in the advance. There
was greater interest in the market than
for some time past At the close May
wheat was firm s.gTsc higher at T25sQs4c
Local receipts were twelve cars. none Of
contract grade. Minneapolis and Duluth
reported 1s5 ears, or total for the three
points OF 1877 against 237 last week ad %
a year ago. Primary receipts were $50.
O0e bushels against 315, 900 bushels last
wear Seaboard clearauces n wheat and
-four were light and equaled l26.0oo bush
els. Argentine shipments were 1915 coo
compared to 1344 600 bushels q year ago.
Early trade in corn was much the same
character as that in wheat. Prices were
higher on cables and wheat strength,
but there was an easing of as wheat re-
acted. About the time wheat began TO
advance energeticalIy, however. corn de-
veloped a lot Of buullisn news Of its own
St Louis and Kansas City were buliish
and were very strong. The latter point
as predicting a big bull movement on
the cash situation. Stocks everywhere
seem 70 be rapidly vanishing. In the west
they are almost nil and the receipts do
not supply the demand. There was a
good cash demand today. the outside set
TO buying and at no time were offerings
liberal The ! arge interests that were
in the market recently began buying Sep
TENDER freely. shorts covered and prices
turned up again 10 60c. May jumped from
low market at 5S7sc and touched SOC. Late
profit taking eased the market and May
closed firm 1zaSsc higher at 595sc- Re
ceipts were only IS cars
Oats differed from the other pits and
were sort Of prize puzzle TO traders
May was offered IN liberal quantities,
which lent an air Of mystery to the trad
ing Some spectators thought ths big
holder was selling out. others II was
merely tailers. On the lower prices re-
viving and commission houses bought in
and the market assumed 8 better tone
than for some time. The strength IN corn
and wheat aided. There was excellent
buying in September, which sent prices
I'D well There was q little reaction be-
fore the close and May. after having ad-
vanced from 41iz 70 42t4c. closed IN
changed and steady al Essc. Receipts
3 cars.
Provisions were strong all day until
Just before the close, when profit taking
took OF some CT the gain. Grain
strength. and the highest prices OF the
year for hogs. and commission houses
buying for the outside. accounts. were
the factors in the early upturn. Scalpers
sold: shorts covered. The pit was not
particularly active. but showed a fair
amount Of energy. May pork closed SC
higher al Sl665: May lard a shade higher
at ss.67is ad Nay ribs a shade UP az
SS-97-a.
oiabuy-,-..s ETAO NUN IN UNNNN
Estimated receipts for tomorrow:
Wheat. 10 cars; corn. s. cars; oats, 1so
cars, hogs. 4439 head.