The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-11
BULLS RULED GRAIN.
Decrease in Stocks on Hand
Materially Helped.
PROVISIONS TAKE A DROP
Wheat, 1-2c Higher July
Corn, 1-8c Up; Oats, lac Up

Chicago. May 10-Marked absence Of
any selling pressure in grains and a con-
tinued decrease in stocks on hand did
much toward bulling the very quiet grain
markets today. Trade was still waiting
for the government report. 'July wheat
closed 1saizc higher; July corn &c up and
July oats &c higher. Provisions closed
/ 71zal214c lower
/ Wheat showed good strength all ses-
sion Unseasonably cold weather north
west with rains in many sections and
SHOWS reported in the Red river valley,
firm cables. small receipts and prospects
Of a fair decline in the government crop
report, started prices higher at the open
ing. Shorts covered freely, but the prin-
cipal factor was the absence Of selling
pressure, which showed q marked change
in the sentiment of the pit. Commission
houses bought TO some extent but in the
main the pit was very quiet, waiting for
the government report. which had been
delayed. There was fair cash business
and shipping trade, and July, which
opened lsc TO 1sQi4c up at 743sc 10 747sQ75c,
sold to 7513c. Minneapolis reported such
a scarcity in the northwest that interior
millers were buying stuff to take back to
their mills. All told, the tone Of the pit
was more bullish, largely because of the
weather. which is much too wet for fur
ther spring seeding. Late liquidation
took off some of the gain. but JuIyclosed
firm, sake higher at 751s67514c. Receipts,
II cars, 3 contract. Minneapolis and Du
luth reported $50 cars a total for the
three months of ia, against PSI last week
and 2S3 year ago. Primary receipts
We're 29S. 600 bushels. compared to 81, coo
last year. Seaboard clearances equaled
1872. 600 bushels. Corn was firmer TO start
with and made a further gain during the
course of its rather dull trading. The
very favorable growing weather of the
last week had changed, much TO the fears
of the shorts. The chief reason for the
firmness, however. was the ever-present
scarcity of corn, Notwithstanding the
growth of pasturage and the consequent
curtailment demand for dry feed. The
cash demand was good and was a main
stay to prices against the quiet specula-
ton. The bull combinations still bought
some stuff and led the ''tailers' to buy.
But in general the story of the market
is that of a featureless day. July sold
up TO 62Ac but liquidation took off some
OF the gain late in the session, and July
closed barely firm, l5c up at 61%c. Re
ceipts. 81 cars.
A good cash demand and a scarcity Of
offerings developed a better tone and a
fair trade in oats. There was noticeable
absence of selling pressure that marked
the other pits. Shippers and commission
houses bought literally The wet. cold
weather. helped the bullish sentiment
along. July sold upeto 3715c and closed
firm hc up at SIC. Receipts $50 cars.
Provisions lost much of the strength
that marked yesterdays strong market
Locals liquidated literally and the outside
also sold TO some extent. Packers. how
ever. were supporting prices and worked
hard against declines. Pork and lard
were higher early. but closed weaker
July pork closed Pic down at $3.50. July
lard TIC lower at s1025, and July ribs lOc
down at S9621k.
Estimated shipments Monday: Wheat
Is cars; corn, 90 cars; oats, 13O cars; hogs. /
S. 600 head. Estimated hogs for next
week, $4,000 head.