The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-21
WET WEATHER
HURTS WHEAT
And Hence Helps 1t in the
Matter Of Price.
JULY MAKES NICE JUMP
Corn, Oats and Provisions Ad-
vance in Sympathy.
JULY MAKES NICE JUMP

Chicago. June 2O.-Wet weather infu-
enced breadth and buIlish activity in
wheat today. Continuous rains in the
standing wheat and much excitement in
the foreign markets over similar condi-
tons in France and England pushed
prices up. and the general bullish send-
ment engendered by the news held prices
very near the top figures. The bulls in
the corn pit rested, but the wheat infu-
ence was enough 10 put prices both in
corn and oats on a stronger basis. At
the close July wheat was sc higher, July
corn &c UP ard July oats Sq4c ad-
vanced. Provisions showed marked IL
dependent strength and closed 10c TO l21zc
higher. From the outset wheat was bull
ish. Liverpool made good advances and
Paris, in addition TO yesterdays strength,
showed increases of NC 10 11zc Foreign
markets were extremely nervous over
the prospect of short crop in consequence
OF wet weather. Cargoes on coast were
in great demand. and prices were advanc-
ing for spot cereal. Rains fell continu-
ously and more was predicted General
advices from Nebraska stated that the
wheat crop was ripe and waited cutting.
but that the ground was in such a con
dition that farmers could not attempt TO
work. Further than this grain that had
been cut IN cher saes was damp and would
not grade contract. What with this bull
ish news and general improvement in
outside business on the board Of trade,
shorts considered it time TO cover. Sen
timent was bullish and grew more strong
~ so every moment with advancing prices
There was a fair cash demand and the
future market showed no soft spots. It
was supposed that there was a large long
interest in July wheat, but if such were
the case not enough of the holdings were
unloaded TO make any perceptible change
in the sentiment Business was more
active in wheat than for a long time.
July wheat opened &c to sc higher at
1850 to 74c gradually attained 741zq741sc
and on a little realizing eased, but end
ed with strong close. &c up at 744c.
Trading was very good in deferred fu-
lures. Local receipts were Is cars, con-
tract. Minneapolis and Duluth reported
2sS cars. making total for the 8 points
of 3lS cars. against 245 cars last week and
293 cars a year ago. Primary receipts
were 900 bushels, compared TO 1900
bushels last year. Seaboard clearances
in wheat and flour equaled III 600 bushels
Argentine shipments were 900 bushels,
compared to 3A.O0 bushels last week. The
seaboard reported Is carloads taken for
export.
Corn VS. strong and higher most of the
session but ruled comparatively quiet.
The big bulls were seemingly dormant,
awaiting another opportunity in wheat to
carry out their manipulative plans. Trade
was small and was done mostly by COM
mission houses. There avs fair demand
in the more distant futures and nothing
developed in the July deal" Strength Of
wheat and the wet weather were the bull
ish incentives. There was almost no sell
ing pressure. While receipts were in
creased at 90 cars. only . cars graded
contract July sold between 6554c and 65c
and closed firm &c up to 651zc.
Water in the oat fields was threaten
ing danger 70 bears in the oats pit and
at once started some of the more diff
dent shorts to covering. Cash stuff was
in good demand and some Of the better
grades sold today as high as 4Sc- There
was only a little scattered selling and al
though trade was not large on the buy
ing side. the position OF oats was so strong
that July new again sold at &C. The
close was very firm. July Iaa4c up at
S97sc. Receipts were l61 cars. only 10 OF
contract grade.
Provisions showed marked and indie
pendent strength all day. The hog mar
ket started out strong but gradually
eased off. All the produce list responded
to the early strength at the yards and
made sharp advances. Cash stuff was in
good demand at higher prices. and all the
small offerings were quickly absorbed by
packers brokers. A slight dip followed
the steady close OF the hog market. but
the end of the session showed prices al
most at the top. Best figures Of the year
were made today. July pork sold at
81. 92ls and closed PIC up At sI7.S71z. Sep
TENDER pork sold at s1sI21s. July lard
closed Iec up at s1o45 and July ribs I2lzc
higher at sos.
Estimated receipts tomorrow: Wheat, !
80 cars; corn. 2s5 cars; oats. 1s5 cars. hogs.
&c. 90 head.
GRAIN AND PRODUCE MARKETS.