Omaha daily bee., 1902-05-07
COMMERCIAL AND FINANCIAL
Bulls Control Affairs in Grain Pits Gud
Advance Prices,
uDED BY EXCESSIVE RAINS NORTHWEST
Corn shoots Up from Beneath Blows
of Bearisb News, but Provisions
slide Downward with Weak
Hog situation.

CHICAGO. May 6.-AIl grains reacted to-
day from yesterdays weak position and
although bulls were not overconhdent and
felt their way cautiously, the close Of the
session showed July wheat sc higher, July
corn 1q1hc advanced and July oats Ac up.
Provisions were sold freely and closed 21Rq
Trade in wheat was largely the kind of
an ahair 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 no response to our slump, but
rather improved, and receipts. showed a
marked falling. of, prices opened somewhat
higher. The big influence, however, was a
new weather scare in the news Of delayed
spring seeding in the northwest, because OF
is reported veritable ponds. With the rain
still falling. The bulls seized on TINS argu-
ment to emphasize the probability OF a
great decrease in the spring wheat acre.
age. northwestern receipts were very small
and the outside markets showed good
strength. Additional bullish Incentives were
Bradstreet's report of a decrease of $4,000
blu. in the worlds available supply and the
decrease of 10000 bu. In the European
visible. Trade in general was rather quiet
and without prominent features. Bulls
were cautious. July started bqAc TO a
shade up at T5hc TO 75c, advanced TO 1852
75%c. Receipts were 81 cars, ) of con-
tract grade, and Minneapolis and. Duluth
points OF ISL cars, against 20S last week and
PA q year ago. Primary receipts were
2n.OO bu., compared with $500 last year;
otdDOhIu Urea ~ 100 -.
eouaied $3.50 bu. The seaboard reported
twelve loads taken for export.
Corn showed marked strength In the face
Of bearish news. .Ffrmer cables started
the early upturn and wheat strength added
TO the pit situation. Receipts were good
and the weather in the corn belt almost
IDEAL. There was no disposition to sell.
Reports came In from some sections OF
Kansas tina corn there would have to be
replapted, but elsewhere everything seemed
favorable. The bullish factors were an
improved cash and shippi1g business ana aIo
some time there has been talk. of a bull
revived just before the, recent break.
VaRrant rumors Of IDEALS" In this pit have
been interpreted as bullish types and when
the leading house took In stun literally to-
day the crowd tailed In and bulled prices.
One cause of an absence of selling pressure
was that the break shook out much avail
days bearish news. July sold from eg5sc
10 a strong close, 1q11sc up, at 6lBc. Re-
ceipts were 200 cars.
Good business in cash oats and sympathy
with the advance in corn and wheat re-
suited in only a fair trade In oats futures
and in a barely frmer position. Crop re-
was sold at slightly lower prices, giving
the impression that the leading May oper-
ator was trying to let go some of his hold
ings. July fiuctuated narrowly and closed
Ac higher at 35%c. Receipts were 26 cars.
Provisions ruled weak. The hog situation
was weaker and influenced the pit and out
siders sold literally. Trade was not active,
but in spite of a packers support there was
N pressure put on lard that brought sym
pathetic weakness in pork and ribs. The
beef trust agitation has made many of the
closed 15c lower at 1855, July lard Tk61Oc
down at S1O.07k91O.1O and July ribs 2lRa5c
lower at 50. AN.
Estimated receipts for tomorrow: Wheat,
80 cars; corn, so cars; oats, i55 cars; hogs,
1900 head.