The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-03
WHEAT TURNS HIGHER
Alarm for Growing Crop
Causes an Upturn.
CORN AND OATS ADVANCE
Provisions Also Are Worth a
Little More.

Chicago, March Alarm officially ex-
pressed for the winter wheat, the rail-
strike in Argentina and prospects Of
a cold wave combined today to create
strength in wheat. Closing prices were
about the best Of the day. May being PIC
above last highs figures. July is UP 21zc
Corn SHOWS a gain of lz6t5sc, oats 1aq&sc,
and pork 22l2c.
Perhaps the fear that attracted most at
Jention was government crop reports
which in its general summing up of the
appearance OF winter wheat stated that
the condition Of the plant was unprOmis-
ing over much the greater part OF the
wheat belt because OF severe weather
without snow covering. The seriousness
Of the Argentina railroad strike was en-
I pnasiZed anew. a cable dispatch from
Liverpool stating that fear of a curtail-
ment Of wheat shipments from Argentina
on account Of the strike caused relative
strength in English markets in the face
of the sharp decline here yesterday. Tn
der this influence the market opened
strong. with May up one cent TO l14c at
$685. ds9c and July @sc to 24c higher at
93ls4S2iRc. The May option soon lost all
its strength. developing decided weakness
on general liquidation. Before any sup
port came into the market the price had
dropped TO SIC, a loss Of l%4c from the
opening high point With the timii longs
quite thoroughly sold out, offerings be-
came scarce and the price gradually
worked its way toward a higher level.
The more distant deliveries held firm in
spite of the early decline il May, com
mission houses eng active buyers Of both
July and September The market later
became very strong. One Of the features
in the late strength was marked I'M
provement in the export demand. Pros
poets of a cold wave in the southwest gave
additional Zest TO the buying. the volume
OF business reaching a large total. The
close was almost at the top
After selling up TO 9914c. final figures on
Ma ywere 99i4c, July closet at the high
point at 99I4c Clearances of wheat and
flour were equal TO Il, 6eo bushels. Pri-
mary receipts were $4,000 bushels. COM
pared with 10000 bushels a year ago
Minneapolis, Duluth and Chicago reported
receipts of IA cars against go cars last
week and 900 cars a year ago.
Weakness prevailed in corn during the
opening hour due 10 heavy liquidation.
The close was at the top price OF the
day May opened nc lower To 1sc higher
at 54LsG54%c. sold between 533s G55is G$4c,
and closed at the latter figure. July closed
at 54c after selling between 52i4q5ic.
Local receipts We're is cars, three of
contract grade.
Oats was extremely weak early in the
day on heavy profit taking credited TO the
principal holder. The opening on May
was 2sc lower TO &c higher at 4l5s042I4c.
After ranging between 4lQ4224c the close
was at 42l205sc. July showed a net gain
of lzc closing at $3.50. Local receipts was
133 cars
Provisions was subjected to heavy
liquidation at the start and consequently
the early market was weak. Much of the
selling pressure was due to the weakness
in coarse grains and to decline in hog
prices at the yards. Packers and for
eigners became active buyers Of hog
products later in the day. Under this i'm
proved demand prices gradually adcanced,
the close being at about the top figures.
May pork sold between $14-37l2 and SASS,
closing at a gain of 2212 at sl4 PIP May
lard closed 2l295c higher at $li'1e17. -,
while ribs were up sc al $1.45.
Estimated receipts for tomorrow: Wheat
30 cars; corn 195 cars; oats 235 cars; hogs
3y013 head.