The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-07
REACTION N GRAINS
Wheat, 5-8c Upj Corn, | 1-8c;
Oats, l-4c; Provisions Lower.
BULLS WERE CAUTIOUS
SIOwne8S of Winter Seeding
Is the Scare Now.

Chicago. May 6-Aii grains reacted to-
day from Yesterdays weak position. and
although bulls were not over-conaaent
and felt their way cautiously the close
Of the session showed July wheat Sc
higher. July corn l01lsc advanced ana
July oats &c up. Provisions were sold
freely and closed ~ to 5a1c lower
Trade in wheat was largely the kind Of
affair that might be expected after the
considerable slump on the burial of the
drouth scare. The natural inclination was
to figure on a reaction and when cables
showed q marked falling off, prices open
cd somewhat higher. The big influence.
however, was a new weather scare in the
news Of delayed spring seeding in the
northwest because Of the excessive rains.
The ground northwest is reported veri-
table ponds with the rain still falling.
The bulls seized on his argument to en-
phasize the probability Of q great decrease
in the spring wheat acreage. Northwest
ern receipts were very small and the
outside markets showed good strength.
Additional ballish incentives were Brad
bushels in the worlds available supply
and the decrease Of 10000 bushels in
the European visible. The cash situation
here improved when prices broke yes
terday ard local sample men reported
loads taken here for direct shipment TO
Europe The factors influenced holders
OF wheat to retain their ownings. There
was practically no pressure 10 sell stuff
a. any time. either for short accounts or
fer liquidation. Trade in general. how
ever, was rather quiet and without prom
inent features. Bulls were cautious. July
started 1s01sc 10 shade up, at 75ls615c,
advanced to 755sQ75aic. and closed firm,
sc higher. at 751s0755sc- The eopious
rains. which have been SO much needed in
the southwest, had been largely discount
ed yesterday and their bearish effect was
offset today by the number Of bullish in
fuences. Receipts were g. cars. five con-
tract srade: Minneapolis and Duluth re-
ported only Ss, total of - for the three
Doicts, against 2oS last week and pa a
year ago. Primary receipts were 21000
bushels. compared to a6500) bushels last
year. Seaboard clearances cQuallod 52S.-
053 bushels The seaboard reported twelve
leads taken for export.
Corn showed marked strength in the
face OF 5earish news. Firmer cables start
ed the early upturn and wheat strength
added to the pit situation. Receipts were
good ard the weather fin the corn belt
was almost ideal. There was no DISPOSE
ton 10 sell Reports came In from some
<ections OF Kansas that corn there would
have TO be replanted, but elsewhere every
thing seemed favorable. The buiiish fac
,ors were an improved cash and shipping
business and the position of the leading
bull houses. For some time there had
been talk OF bull movement in july oD-
tons and This talk was revived just he
fore the recent break. NaErant rumors
OF deals in this pit have been interpret
ed as bullish tips, and when the leading
house took Ia stun literally today the
crowd tailed i'm and bulled prices One
cause of an absence OF selling pressure
was that Yesterdays break shook out
most Of the available stuff ard deferred
any response to todays bearish news
July sold from 6o7sc to strong close, ~
11sc up. at Gl7sc. Receipts We're 2e9 cars
Good business in cash oats and sympa-
thy with the advance in corn ana wheat
resulted in only fair trade in oats fu-
lures, and only a bear firm position. Corn
reports were favorable and some May
stun was sold at slightly lower prices
giving the Impression that the leading
May operator was trying to let 60 Of
some of his holdings. July luctuated
narrowly and closed iac higher ar s54c-
Receipts 295 cars.
Provisions ruled weak. The hog situa-
ton was weaker and Influenced The pit
and outsiders sold lihorally- Trade was
nor active bus in spite Of packers sup
port there was q pressure put oa lard that
brought sympathetic weakness in pork
and ribs. The beef trust asitauon has
made many Of the traders dsht shy of this
pit. Julv pork closed 15c lower at Sl6-s5;
July lard rs TO ice Gown. at $la.01i- 1910,
and July ribs 2ss0-c lower ut s2.f7a
Estimated receipts for tomorrow.
wheat. Sd ears. corn. o ears; oats. l55
cars hogs -5Ot1 head.