The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-20
WHEAT PIT BULLISH
Good Cash Demand and Bad
Crop Conditions.
MAY GAINED ONE CENT
Corn and Oats Made a Sub
stantiaI Advance

Chicago, March 19.-Expectation thai
the atmosphere of speculative markets
generally would be cleared in conse-
quence of the Sully failure caused feel
ing Of strength today in the wheat pit.
Other influences that aided were an ex-
cel!ent cash demand and bulish crop
advices. At the close May wheat was
up one cent and July 5sG%c Corn Is
I42c higher, oats are up 1lgG1i4c. Proyi-
sions are unchanged to sc higher
Plenty Of buying orders for wheat were
IN evidence at the opening. The cry
vas quite generally advance that the
Suliy affair would cause freer scope 10
/ be given TO the influence Of so-caIIed
/ legitimate conditions" initial Quota
lions fer May We're &c lower 10 &c high
er at " to S212c July was sc lower TO
/ &c higher at S61lc to SIZE. Shorts es-
/ peciaHy were active buyers and with
limited offerings prices made a quick ad-
vance, May selling up to sc and July
/ 10 S1&sc. Reports from Kansas and other
sections of the southwest were to the
effect that the rainfall Of the vast few
days was quite inadequate to the needs
Of the growing plant and that hopes Of
a satisfactory crop Of winter wheat were
becoming fainter as the season progress
ed toward the end of the nrst hour how
ever in spite OF the preponderance OF
buliish influence there WI much wheat
/ Tor sale supposed to be for account Of
eastern spectators. Under this selling
May declined to 9l34c. July reacted to
667sc On the break there We're free
covering by shorts and buying by pit
traders, on the theory that the market
had been largely over sold An improved
cash demand increased the buying in
speculative trading and caused a sharp
rally May advanced TO 337sc. and July
to S77sc The close was strong with
May at 9314c Final figures on July wer-
at S5&4c. Clearances of wheat and -four
were equal to 3O5. 700 bushels. Primary
receipts We're 479.30o bushels against So. 800
a year ago. Minneapolis Duluth and
Chicago reported receipts of 336 cars,
compared with $50 last week and 179 ears
a year ago.
material improvement was manifest
ed in corn HE close was strong and
near the top figure. May onened un-
changed to sc higher at 52-4c sold be
tween 5l2sc and 527zc, and closed at 527sc.
July ranged between &c and 5Os.c. Lo-
cal receipts We're 157 cars, with one Of
contract grade
oats made a substantial recovery. The (
close was well toward the top. May
opened sc lower to lac higher at 39IzGI
3s7sc. After selling between 391sc and
t03sc. the close was at 40ixcGllc July
ranged between 3Sl4c and 3sc closing with
a gain Of 5s@78c. Local receipts were
Us cars
The features in trading in provisions .
were the selling of pork by commission
houses and buying of lard and ribs by .
packers. Profit taking in pork came to
an end about half an hour before the
close. The price on that product rallied
late in the day Thee losing being un-
changed at S13.25. May lard closed with
a gain of 15c at s697l5. Ribs were at
Sc 67lb.
Estimated receipts for Monday-Wheat
10 cars; corn. 10 cars; oats. $50 cars:
hogs, %, 900 head.