The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-21
MAY WHEAT S|.O7 BID
Sensational Advance in Price
Because of War RumorS
INVOLVE OTHER NATIONS
That Was the Fear w h &c h
Made Shorts Cover.

Chicago, Feb. pa sensational advance
of &c a bushel was scored in 30 minutes
today by wheat for the May delivery. The
phenomenal price of s1.07 was reached the
chief incentive being rumors of war
spreading TO other nations ard talk Of
stoppage of wheat shipments from Russia
and Argentia was a contrary factor. The
day on change was one Of the most ex-
citing in a number of years. May corn is
Up st.-sc; oats &c: and pro- iSions IS TO
271zc
The wheat market opened strong. Shorts
wee active bidders for the May option
were unchanged to 1hc higher, at s1.0224
m1.4 July opened g .4..,., -,
ler at s3a4mS3c. The advance was due
mainly TO the strong cables Liverpool
futures being up penny, Paris 24c. and
Antwerp 17sc a bushel higher at Antwerp.
report stated that railroad employees in
Argentina were on the verge Of strike.
The transportation Of troops and war
munitions in Russia is greatly restricting
the movement of wheat in that country.
In addition TO the bullish conditions were
such as 10 cause alarm as 10 the suf-
ficiency OF the domestic supply. The de-
mand from shorts was met promptly by
selling orders for the account of the lead
ing long Small holders also had wheat
for sale. After touching N.e4, May quick
~ dropped to s1.0234. while July declined
to 92Lc For q short time the market
held comparatively steady around these
figures As soon as the selling stopped.
however, prices again moved upward I'M
der urgent buying by shorts. The fact
that the board would be closed on Monday
Washington's birthday, appeared TO be
materially effective in bringing out the
heavy buying orders, traders being 10th
TO remain short over the two days re-
cess. Late in the session there was praC-
tically no May wheat on the market. The
high point was reached at sl.07 gain Of
f4c over last nights close. The demand
for July was almost as good as was that
for May but this was more Of the de-
ferred future foresight and the advance
was not sensa tonal. The price for that
delivery was 3isc above yesterdays close
Realizing sales resulted in May declin-
ing to s1.059sc. while July fell back 10
943.c. Another rally followed the last
few minutes OF trading May closing at
81 O524 Clearances of wheat and -four were
equal to $685. bushels. Primary receipts
were $4,000 bushels. compared with 81
400 bushels a year ago. Minneapolis,
Duluth and Chicago reported receipts or
272 cars. against 494 cars last week and
233 cars a year ago.
Ia arlya
opened unchang ed to 1sc higher, at $3.50
56I4c. but declined gradually to 55s4c.
Prices responded to improved buying,
May advancing to 57@s Although profit
taking carried the price down from the
high point the clase was strong at 56is
G57c July showed a gain of 2sal2c, clos
ing at soc. after ranging between 54@s and
551sGssc. Local receipts were 2SS cars,
none of contract grade.
There was an active general trade in
oats. with the best demand coming from
shorts. After opening unchanged to &c
higher, at 45isG459sc. May sold between
45Is and 461.c. closing at 457sc. July was
up 11zc at the close, final figures being
at 47sc. Local receipts were l4S cars.
The local provision market was strong
Small receipts of hogs with higher prices
at the yards an dthe strengthening rains
were instrumental in bringing out the
demand May pork showed the greatest
advance and closed 37l5c higher. at 1885
after selling up to SIC Lard was up loo.
at $500, and ribs were SOC higher at
S.72i2
Estimated receipts for Monday: Wheat.
81 cars: corn. APO cars; oats, 325 cars;
hogs. &, 90 head.
Leading futures ranged as follows: