The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-12
GOVERNMENT
CROP REPORT
Caused Wheat Market to be
Zigzag and Erratic.
CORN STATE WEATHER
Made Corn Follow Wheat In a
Higher Course.

Chicago, June 1.-Wheat pursued zig
gag and cratic course today as a result
of bullish government crop reports. Prices
were forced higher and corn. aided by
wet weather in some of the corn states
and by dint OF more muscle, exerted by
the bulls, followed after. slumps came
on the profit taking. but in the end July
wheat was 3sGizc higher. Provisions
closed shade to 371kc lower. Other spec
ulative markets had TO drop back and
give wheat place today. A good array
of bullish influences were at work. Ca
bles were higher. there was strength on
the renewal of wet weather in the central
and northwestern states. but most i'm
portant was the government crop report
This document placed July condition on
winter wheat at 76-1c. as compared to
Mays 7e.4c. when an even soc had been
expected. The second surprise in the re-
port was the claim that the spring wheat
area was reduced 2Sn.e.l bushels from
last year The spring wheat condition
was high at s5.4c but the sum Of the re-
port indicated a total yield for the year
of about 6l5,OO0,O0O bushels, as against
7SS 900, 900 bushels last year. This at once
started covering and good buying. North
western receipts were small. and, al
though there seemed to be little effect
on that score early, Minneapolis eventual
ly led the bulge with sharp advances.
There was an increased volume of out
side business, largely on the buying side.
France was bidding for stun. and the ca
Ia Gfr I lar 1y
due to the bullish French situation. July
wheat opened 1sG14c to 19GSsc up at 1850
to 717sc, and quickly mounted to 725sc. At
this point the fair weather southwest had
some effect. Liquidation for profits was
in order and prices tumbled back to 715sc.
Ultimately however, the crop report had
a bullish effect. Buying was kept up ia
some time after the drop and July closed
firm ss@lzc higher at 7124c Much of the
buying was of the best character. Sep
TENDER made fair gains but July ruled
strongest Local receipts were p cars,
contract grade. Minneapolis and Duluth
reported 1S5 cars. making a total for the
three points of 200 cars, against l5S last
week and 1853 a year ago. Primary re-
ceipts were 81. 900 bushels, against So. 600
bushels last year. Seaboard clearances
in wheat and flour equaled 4ls,00I bushels.
The seaboard reported Il loads taken for
export.
Corn showed good early strength when
the markets were on the upturn. Support
was necessary, however, when wheat
broke. Weather conditions favored bet
ter prices. as did the smaller receipts.
4 good demand set in early especially
for the deferred options. July was some
what cratic and nervous, and prices bag
gled back and forth Country acceptances
were little better, but not liberal. There
is some hope of an Improvement in re-
ceipts. There was no mention of the corn
crop in the government report, but the
weekly report stated that there was some
because of lack of cultivation.
July sold between 632sd627sc and closed
firm on support sc up at 6S1sc. Receipts
1874 cars. There was slight dip in oats
at the start on the bearish government
report. which indicated a condition Of
90.6c and a probable yield of 5000. coo !
bushels. Soon, however. there was a sup
port in the new July stuff that surprised
even the friends of oats. The cash de- /
mand was good at about sc. A good buy
ing movement set Il anu llefe was itde
for sale. This influence, together with |
the other grain strength. soon pushed |
July up. and there was little or no recess /
sion on the subsequent wheat break. July !
closed firm, &c up AZ 1910. Receipts were !
% cars.
Part of the Iooked-for reaction after the !
persistent manipulation OF provisions by (
packers came today. After yesterdays /
advance of 37lkc for July ribs
The inside crowd. led by t. packers, IN |
oaded on the shorts. and {. break Of S7l5c /
followed
Hogs were firm and helped in a tempo |