The Montgomery advertiser., 1902-04-13
Chicago Grain and Provisions

- Chicago. April 12:-Corn bulls had a tight rein on the grain markets today and easily sent prices soaring. Every thing in the corn situation was bullish and with "a good show of strength in wheat trade became active. Closing prices for May wheat were 3-Sgl-2 high CT; May. cprn, 1 7-S advanced, and May 'oats 3-S3 up. Provisions. closed , 1-2@10 to 12 l2 higher. Interest in corn easily out ran all else of a speculative nature. The gradual advance of the past week seemed to have been preparing the country for decisive action in this market. The de kets had given St. Louis and Kansas City good argument for an advancing mar ket and today, when the cableAlists show ed, strong. and. 5the Southwest was. still stronger and was bidding eagerly at the relatively cheaper; article in this market, prices responded. with Vigor, To augment the growing 1bulIish sentiment receipts continued light. The early easing feeling response in corn and May corn opened Is higher to unchanged at 59 3-4 to 59 5-& Then came the report of 100000 bushels of No corn sold to go South at only half cent under May, and advices of re- newed pulling in the Southwest. Shorts soon got scared and although many coY- cred they all had bad day of It. The common belief among traders was that stocks at St. Louis and Kansas City had beensreduced to such an extent that those places must supply their actual demands
 in Chicago. Scarcity of offerings accel- erated the upturn-nearly all the bull crowd keeping a tight grip on their hold ingS for further profits. The market was very nervous and active at times though because of the disposition not to sell trade was not very large. May spurted with q broad advance and though the day was q short session it was no trouble to put cents on May. That option sold at q 3-4. and closed very strong 1 IS up at 6l l-2. Receipts were 63 cars.
 Wheat was inclined to lag early be- cause of precipitation in the winter belt Cables were strong and receipts light, but May opened 1-+@3-S to l-Sd1-4 lower at T2 S-S41-2. Reports received from the Southwest however, stated that wheat was not improved with the rains- the sub soil being SO dry that such moisture as had been applied since spring had disap- p"ared without affording the necessary relief to vegetation. The bullishly in- clined at once seized upon these reports and with the remarkable strength in corn pushed prices up cent from low mark
 Acceptances abroad over night were mod erately good. The Southwestern points were showing good strength and shorts here covered freely. Tht~e was also T good deal of buying for yaN~ accounts Ap estimate that the wirter' crop would be only lhree-fourths of that a year ago. which was. made hy 2 trustworthy au- thoritY was given credencc by many and was a potent factor in the upturn. May wheat advanced early to a 3-S but dipped occasionally on profit-taking. The close was firm. May 3-S61-2 up at 73 IS. Local receipts. oS cars, none of contract grade: NTinneapolis and Duluth repOrted l3S cars,
 nakins. 9 total for the thre" points of lS6 cars against 252 last week and 2l9 a year ago Primary receipts were 9sS000 bushels compared with %90, noo bushels last year. Seaboard "learances in wheat and flour eaualed a74oo0 bushels. The sea board reported twenty loads taken for evnort ..t' ---r
 Oats dimly reaeqtcd the stropSth in corn Trade was small but there. was a fair demand in sympathy with the ghp- eral ilptnrn. May vas bought freely hv shorts who had missivinEs because of the corn advance. Bull traders still con tlnued to leave thiS option alone as much as possible hut there was fair demand