The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-13
PRICES JUMPED OP
Short Accounts Gave BuIlish
Turn to Market.
LONG WAIT FOR REPORT
of the Government Crops
Made Spectators Eager.
LONG WAIT FOR REPORT

Chicago, May 12.-Active coverings of
shorts accounts on very bullish statis-
tics jumped prices upward in the grain
pits today and relieved the otherwise
monotonous quiet that usually prevails
on the board Of trade, while Epeculators
wait for the government crop report. \
continued absence Of solling pressure
also helped prices and July wheat closed
sc higher; July corn sc up and July oats
lsQ4c higher. Provisions fuctuated er-
raticany and closed a shade lower 10 12lsc
! higher.
At the outset wheat trade was q Gull
though slightly hrmer affair. pending the
government report of the crop cOndiuens.
and acreage May J. Gables were firm and
worlds shipments and the on passage de-
/ creases were bullish-
Some small buying was done for an
! hour and then conditions became such
/ that buying set in in good fashion and
| the bulls pushed prices up actively. The
stocks Of wheat were reported much de-
vreased. the visible supply being decreas-
ed 3, 025 600 bushels, compared TO 9Ji 0e9FG
! bushels last year. Exports We're very
heavy, the seaboard cdlearances in wheat
! equailing 10000. This started shorts 10
| covering freely. especially leading ST.
Louis houses. For the third Consecu-
tive day there was an lbseree Of sell
ing pressure and prices aCvaaced Iairly.
Contrary to the usual action waiting the
government report, trade frightened and
grew active. A report current in the pit
that the forthcoming report you'd indi-
cate a condition Of 7l3 as against ISL on
cate a condition Of lib as against 1871 on
April l gained considerable credence. a d
ded TO these factors We're discouraging
reports of chinch bugs, insufficient rains
and extensive blowing up of wheat fields
in the southwest
Corn traders paid little attention to
statistics, which. if anything, were rather
bearish and bulled the pit all session.
Buying by the big bull interest and short
covering We're the incentives. As FOR sew
eral days past. there was again no no
ticeable selling pressure. The sentiment
was bullsh all around and was helped by
firmer cables and the better tone in
wheat. A number of heavy buying or
ders for the St. Louis account early STAN
peded the local crowd, who soon turned TO
competing with the market for the very
small offerings. There were some cool
and dry weather advices but otherwise
news was largely of a Eoutine character.
After the buying craze had pushed July
corn from 6124 to SO there was some late
profit taking and the market lost part of
its strength. July. however, closed firm
sc up at 622sc. Receipts were % cars.
Oats were inclined TO dullness, although
they made fair advances on the strength
in corn and wheat. There was a. fair de-
mand from st. Louis and he English
houses and marked reduction in stocks
gave the market a bullish aspect. Ship
pers were taking some stuff and ab-ut
the only selling was by scalpers. Chinch
bugs were reported in the central states.
July opened unchanged 1t &c sold 10
371zc and closed firm 1sQlc UP ct S71sGA.
Receipts were 126 cars.
Considerable profit taking. after prices
had been manipulated to the highest
level Of the year, took off much of the
gain made in provisions today Hog re-
ceipts over the west We're large and
prices from to i0c lower. But in the
face OF this bearish argument brokers' for
packers pushed July pork up 10 Sl1.t0.
other products on the list advanced in
other products on the list advanced in
sympathy and then a good deal of stuff
was thrown overheard. Prices receded
sharply but the tone still held ,irm. July
pork closed 121Ac mp at ST. 42lz; July lard
a shade down al si0.22ia Q10.25; July ribs
unchanged AT S9.62i2
Estimated receipts for tomorrow:
Wheat 90 cars; corn le0 carsla oats -40
cars: hogs. 20010 head.