Omaha daily bee., 1902-05-11
COMMERCIAL AND FINANCIAL
Plentiful Bullish News Aids Advance in
Quiet Grain Market,
DROPPING OFF IN PROVISION VALUES
Yesterdays rem In Hog Products
Disappears, but cereal Prices Gain,
Though Crowd LinRers for
Government Crop Report.

CHICAGO, May 1O.-Niarked absence Of
any selling pressure i'm 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
ssp12c higher, July corn sc up and July
oats &c higher. Provisions closed 11Rg
l2hc lower.
Wheat showed good strength all session.
U~nseasonably cold weather northwest,
with rains in 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 opening. Shorts covered
freely, but the principal factor was the
absence of selling pressure, which showed
a marked change in the sentiment of the
pit. Commission houses bought to some
extent, but in the main the pit was very
which had been delayed. There was a fair
cash business and shipping trade and July
opened at &c to hqhc higher at 74ssc to
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 further
spring seeding. Late liquidation took OF
qhc higher, at 751sd75hc. Receipts, IA
cars, 3 contract; Minneapolis and Duluth
DaB05s Of l9 "a cars cars. a ar tGfsl f Isl i 5he { Waes
and 2S3 a year ago. Primary receipts were
$4,000 bu., compared with 34l,OOy last year.
Seaboard clearances equalled $4,000 bu.
Corn was frmer to start with and made
a further gain during the curse of its
rather dull rading. The very favorable
growing weather of the last week had
changed, much to the fears of the shorts.
The chief reason for the hrmness, how
ever, was the ever present scarcity Of
corn, Notwithstanding the growth of pas
turage and the consequent curtailment of
the demand for dry feed. The cash de-
mand was good and was a mainstay to
prices against the quiet speculation. The
bull combination still bought stun and led
the 'tailers' to buy. But In general the
story of the market is that of a feature
less day. July sold up to 62Ac, but liqui-
dalton took OFF some of the gain late in the
session and July closed barely firm, lc
up, at 6lAc. Receipts, 81 cars.
A good cash demand and a scarcity of
offerings developed a better and a fair
trade In oats. There was noticeable alb
sence of selling pressure that marked the
other pits. Shippers and commission houses
bought literally. The wet, cold weather
helped the bullish sentiment along. July
&c. Receipts were $50 cars.
Provisions lost much of the strength
that marked yesterdays strong market.
Locals liquidated literally and the outside
sold to some extent. Packers, however,
were supporting prices and worked hard
against declines. Pork and lard were
higher early, but closed weaker. July pork
closed l21Rc down at $17.30, July lard nc
lower at $l0.25 and July ribs lOc down at
SO. 62k.
Estimated receipts Monday: Wheat. Is
cars; corn, 80 cars; oats, 100 cars; hogs,
3 1000 head. hogs for next week,
$4,000 head.
The leading futures ranged as follows: