The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-12
BULLISH IN
SENTIMENT
Wheat Leads All Other Grains
in Chicago Market.
OFFICIAL CROP ESTIMATE
Adds to the BuIIish Tendency
of the Trading.
OFFICIAL CROP ESTIMATE

Chicago, Sept. I1.-Wheat LED all grains
in strong advance today. Business was
active all around and the trade was thor
oughiy aroused by the government esti-
mate OF grain yields, much below expec-
tations- Nearly every other influence was
in some measure bullish, especially the
threatened damage TO unripe corn by
frosts. As q result OF these factors ev-
erything on the list closed with gains
September wheat 1%sc higher, December
wheat 1dll4c up, September corn nc
up, December corn &c advanced and De-
cember oats lsaAc higher January pro-
visions closed 7dioc to121kcd15c higher
The government figures on the spring
and winter wheat harvests overshadowed
every other matter for consideration in
Che wheat pit today In a general way
the trade was surprised at the condition
Of s.. as made by the government bureau
report. AS s result, nearly all classes
Of traders were included in the buying
crow At the outset there was a big
business. Liberal selling was done only
by outside longs who wanted TO take
began buying in again, thus contribut-
ing to the strength Of the cereal. There
was some selling by a leading elevator,
but little attention was paid to this move
ment Commission people generally had
good buying orders. Almost everything
helped in the up-turn. Gables were high
CT, cash markets were strong, receipts
were small and clesrances were large
Duluth reported an excellent export de-
mand, with II loads shipped direct last
night and this morning. The only check
70 the bullish enthusiasm was the some
what improved northwestern receipts.
There were some dull spots in the ses-
sion, but taken as a whole, it was the
largest days business in some time De-
cember wheat started Csc up, at $50
Q69c. sold to 6e1kc and closed strong at
1Q11sc up, at ssssNdss1Acc. September sold
from 721zd7524c and closed strong 1ssc
up. at 7515c. Local receipts were 1Ss cars,
none of contract grade. Minneapolis and
Duluth reported 642 cars, making a total
for the three points OF $50 cars. against
5l1 last week and 954 a year ago. Pri-
mary receipts were 1,eS6o go bushels, as
compared to 900 bushels last year
Seabosrd clearances in wheat and -four
equaIled 100000 bushels. New York re-
ported 10 loads taken for export
corn experienced good share of the
strength with which the markets opened.
Most of the bulge was attributable TO
the ear OF frosts in the corn not yet har-
vested. Light rrosts were reported in
several sections and very heavy frosts
northwest. A high barometer in the
northwest seemed TO Indicate possible
heavy damage to corn before morning.
This was something OF an early incen-
tive 10 the bulls, especially when con-
sidered with a decrease Of s. Dos, 900 bush
els in the prospective yield as compared
with August estimates. The country ac-
cepted only a few bids over night, the
cash demanA was fair. cables were firm
and there was practically nothing in the
way Of selling pressure. Traders were
engrossed. however, in the
Of that part OIL the govern
ment report which stated that while a
big yield q compared TO an average year
was estimated. yet this yield was con- I
tingent wholly upon good weather, so
late was the crop this year in matur-
ing With predictions for frosts over all
the west and northwest tonight. the fair
~ liberal realizing that took place on
the up-turn was so on Offset and the
close was strong. September sold from
5si.c to a close &c up. at $3.50. Deem
Der sold from 431.Q45&c and closed sc
higher. at 45s.r4SAc Receipts were i'm
proving somewhat at primary points. Lo-
cany today there were 1s9 cars.
Oats sympathised with other grains
and ruled stronger. The influence was
continued small receipts. a moderately
oullish government report when COM
psred with that OF August. and weather
conditions Offerings were light, grading
vas poor and there was good support
On the buying side. The sentiment gen
orally was bullish. The fact that the
estimated crop is far in advance Of the
average years yield curtailed buying to
some extent. Yet other conditions pre-
rented g selling pressure Trade was not
srge December sold from 5lssaSlIs to
NC and closed firm isGisc up. at slAc.
Receipt. we're $50 cars.
Provision. were dull in comparison to
h good trade in wheat and corn. There
va. fairly early demand on a firm hog
market and prices advanced. Grains also
lslped in slight up-turn. but the mac
ivity OF trade did not permit Of great
strength. January pork closed -iza45c
n. At H5ooGl5 o2ls; January lard lee
higher, at sS47lz. and January ribs II
7l0c higher. at s7.so17-s2is
Estimated receipts FOR tomorrow
Wheat. 80 cars. corn. 10 cars; oats. 20
ars: hogs. l5.co0 head.