The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-14
ALL GRAINS ADVANCE
Wheat Goes Up 5-8c; Corn,
lie and Oats a Shade.
PROVISIONS 1OC HIGHER
Spectators Pinned No Faith
10 Government Report.

Chicago. May 1S.-This was the day for
digesting the government crop report il
the grain pits and although the statistics
offered by the department We're materially
bullish over last observations. the crowd
as usual assumed that it knew more about
the true condition than did the govern
ment and paid only passing attention TO
it. Other conditions to bullish character
helped prices and after nervous and
haggiing session July wheat closed sc
higher, July corn 1zc up and July oats i
shade higher. Provisions showed indie
pendent strength and closed TO 10c
higher.
At the opening OF the wheat pit there
was something OF contest TO decide
whether the government report should be
considered as IL appeared bull argu-
mentor whether the department Of agri-
culture dld not know its business and the
report should be discounted as inv8lua BE
ana throwing no light on the situation.
I he reduction Of winter wheat condition
on May 70 se.6f as against ISL April
was not as great as had been expected
and II view Of the fact that the obser-
Vaucns We're taken before the recent re-
teVing rains in the southwest had great
" helped the growing crops many bears
inquired that the actual condition had been
Dearlsh. The reduction Of the acreage by
4.S6S,000 was considered decidedly bulish.
but many OF the Spectators who had di-
vergent opinions refused to believe the
hgures as trustworthy. II was simply
another case Of the usual beaTish recep-
ton of the government report. Notwith-
standing this the market did show a
good tone ~ the opening. The bulls had
the ascendant and July wheat opened 4
g sc 10 1zG9sc higher at l6is to l61sc and
advanced TO l6izc. Soon. however. came
the expected selling. There were several
dips and recOveries and July sold under
yesterday a .5@sff l5isc. The opinion pre-
frarl - -rr-
lieved the report and selling was marked
especially from the northwest. OUTSIDE
markets Spurted early but Sagged OF later
and the tendency was for the market TO
get back 10 statistics for its guide Re
ceipts were very small Bradstreets re-
ported the worlds visible decreased by
=. 1900 bushels and contract stocks gem
orally We're reported rapidly falling of.
There was some rain northwest that
helped the tone somewhat but the crowd
as whole got literally short OF stun.
Then came some fair export business and
the crowd got frightened. II soon appear
ed that the market was over and the
crowd got frightened. 1t soon appeared
that the market was over sold and prices
advanced rapidly as shorts covered. July
gained its top figure again and closed firm
3sc higher at le4sl i61zc. Receipts - cars,
one contract. Minneapolis and Duluth re-
ported So cars. a toll fOr the three points
of ~ against Isl last week and 220 year
ago. Primary receipts were $4,000 BUSH
board clearances eQualled $4,000 bushels.
The SeabOard reported eight loads taken
for export: advices from southern Ilii-
nois stated that harvesting would begin
there by June 10.
Corn had She support of wheat TO help
Il against the depressing influences of q
dun trade and favorable crop reports.
Most Of the day spectators were either
waiting for the big bun interest 10 get
into the market or were watching the
action of the wheat pit. Firmer cables
and bad weather northwest lent strength
to the market and a the opening July
sold to CSC. There was almost no selling
pressure but when wheat sagged corn
went down to 62i4Q62@se There was a late
reaction with wheat and July closed II
zap at 625sc. Receipts ~ cars.
Oats followed the action Of wheat and
corn and rule dull most Of the session.
Theer was a light demand early that sent
July TO 379s u371tc. but the bull manipula-
tor OF options was selling freely some
oats from Texas found their way mere
ard prices dipped TO $3.50. The close,
however. was steady. q shade up at 5lisc.
Receipts 236 cars
Hog products showed renewed strength
again on strong hog market Commits
sion houses bought moderately Some
liquidation In the way OF outside profit
taking took on some Of the gain but the
close was firm July pork closed 81 up
al Sl7f7iz July lard lec higher at 2le3312
01035 and July ribs 54H@c higher az s9oA1
d97e
Estimated receipts tomorrow Wheat.
% cars. corn, % cars; oats. a. cars: hogs,
IS 600 head