The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-12
WHEAT MAKES A GAIN
May Option advances Two
Cents a BuShel.
CORN HIGHER, OATS OFF
Provisions Remain About al
a StandStiIl.

Chicago. March n.-Onicial statistics
confirming reports of large decrease in
wheat reserves resulted today in a net
/ advance of &c a bushel in the price of
the May delivery. July shows gain of
I 1$sq1lzc. May corn is up s4GHc Oats
are off &c. Provisions vary from 2lzc
lower to 10c higher.
At the opening u rush Of shorts to
/ cover and rush from The cimmission
houses left little doubt as 10 the govern
ment wheat report. The report was
seemingly taken as q virtual confirmation
of all the vague reports of heavy do
/ mestic consumption OF wheat and the
consequent scarcity that had arisen. In
itial quotations on May were up Haze,
at 9519095c. July opened 34QBc to 7s241c
| higher, at s0q90l4c. Additional reasons
for the bullishness with which business
commenced were a sharp advance at Liv
erpool and advices from Argentina that
the strike was not settled The early adj
vance brought OUT much liquidation. One
of the large dealers was reported to be
seifng May in fair quantities. This help
ed induce small holders to take profits.
AS result May declined 10 95c, while
July in sympathy fell to $3.50. The de-
mand, however, continued on a liberal
scale, and as soon as the bulk of the
selling had ceased prices easily rallied
to the former high point. Later The
offerings of May became so scarce that
the price OF that delivery was forced up
TO SIC. Pit traders were eager purchas-
ers Of July causing an advance to Size
in that month. The situation continued
bullish throughout the entire session. On
realizing by some Of the early buyers the
market late in the day. reacted a trife
from the high point, but the close was
strong. Final figures on May were at
CSC. July closed at 907sc CIearances OF
wheat and flour were equal to 12S, 600
bushels. Primary receipts were 54OS0l
bushels, against Al 400 bushels a year
ago. Exports of wheat and -four for the
week, according to Bradstreet's. were
equal to 1888. 900 bushels. Minneapolis,
Duluth and Chicago reported receipts OF
$40 cars, against 275 last week and 293 d
year ago.
The opening in the corn market was
very nervous. but prices at the same time
showed liberal gains The market closed
strong in corn. May opened CSC higher
at 53d535sc. After selling between 52izc
and $3.50, the close was at 53G531sc. July
ranged between 504sc and Size and clos
cd &c higher at sic. Local receipts were
129 cars.
Oats were firm at the opening, in sym
pathy with the strength in other grains
and on the bullish tenor of the govern
ment report. May oats was steady May
opened lsGssc higher, at 4112dHs.c. After
ranging between 405sc and 41%4c the close
was at 4l1sc. July closed unchanged at
391sc. Local receipts w--e 147 cars
Provisions were held comparatively
steady by two conflicting influences A
decline Of from loo to 15c in hog prices
was offset by the strength in grains and
in consequence hog products showed lit
tie change in values. Packers were The
main sellers while the demand came
mostly from shorts. The close was steady
with May pork 7l2d1Oc higher at SlS.95a
12.91l4; May lard was of PIC. at $3.50;
ribs We're up 21zc. at s7.25
Estimated receipts tomorrow Wheat
80 cars; corn, 165 cars; oats, 100 cars; hogs
% coo head