The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-20
WHEAT HITS DOLLAR
May Option Reaches a Point
Well Beyond
CORN AND OATS HIGHER
War Causes Good Demand
for Provisions.

Chicago. Feb. 19.-Wheat for May de-
livery today sold at sl.Q3 a bush-l. an
! advance Of 312a35sc over last nights
close Other deliveries were also strong,
the July option at rate time being up
Sc. Sharp advances in foreign maryets,
due to possible war complications. were
potent factors in the local situation. Com
petition among millers for wheat suitable
for the -four trade was an equally vital
influence. May wheat closed at a net
gain of 4l4d$ssc; July wheat finished 27sc
up. May corn up nc; oats lisc and pro-
visions PFC TO EXC.
On the widest trading eXper elced since
the market started on its bullish course
May wheat opened at 100 to 10l. The in
itial quotations We're % TO 1850 above yes
terday's close July opened lsG34c higher
at 90ls to 90l4c The action of the market
was foreshaGowed by a sharp advance
in prices abroad Liverpool wheat fu-
lures being quoted rs ard 1l4c higher
and London quotations closing "a to 2i4c
higher The growing scarcity Of sd
wheat throughout the country was an
3
bidders for Oklahoma wheat made Of
fers equal TO 81 +. o. b. Galveston for
hard wheat, and met with no response
from country dealers Reports from other
sections showed that similar conditions
applied to the greater part OF the win
+ ter wheat section Spring wheat millers,
owing 10 the greater scarcity of their
own products. were reported in close com
petition with millers in Kansas and Ne
braska for the winter wheat Of those
states. All these considerations develop
ed very bullish sentiment among local
traders. the buying increasing as the price
continued to rise.
When May wheat reached 81 OBS the big
long interest became an open seller For
a time it looked as though the market
was on the point of breaking. After re-
acting to 9912c, however. the price was
again forced upward by the urgent de-
mand from shorts Trading was so large
and general that it was decidedly diff
| fcult To follow. Fluctuations in May
Were especially wide and it climbed up
ward until the noon hour. when the high
/ point of the day was reached. May sell
7 ing at $1.03. Meantime July had risen to
! g. Some reaction resulted on heavy
realizing sale: but within the last few
minutes of trading Nay again touched
/ s1.C3 The close was at $1.02s4 for May
and at 927sc for July. Claa~ances of
wheat and -four were equal to 16S,l20
bushels Primary receipts were 4O9.4 400
bushels against 417600 a year ago. Elk
| ports for the week. according to Brad
| streets were /. $1,000 bushels. NIinneapo-
| lis. Duluth and Chicago reported receipts
Of pa cars against 33l a year ago.
While the bun campaign in wheat was
in fun progress. the enthusiasm in the
corn market had died out temporarily.
Not Until late in the day did the corn pit
feel the effects of the bullish foreign
news and the strength in wheat There
was big selling of May corn by most Of
he prominent commission hous who
/ were reported to have sold over a mil
lion bushels
The opening on May was IsN14cG2sc
/ higher at 55a4 to 555sG56c. There was
! very little corn wanted carly in the day
ana the price gradually declined to 55Ikc
/ July showed greater strength and closed
/ nc higher at 54Isc The relative strength
/ i'm July was due to heavy purchases by
/ a large provision interest. Local receipts
We're 196 cars. none of contract grade.
Oats We're strong. but not especially
active After opening I. to sc higher at
! AL to ii2sc. May ranged between a and
! t51.c dosing at Sic July closed I2c
hieher at 409sc. Local receipts were a
4 cars
Provisions felt the effect OF war as
much i'm not more than the grain mar
/ kets There was an active demand for
! investment account the entire day. and
shorts were also liberal buyers While
there was considerable liquidation at
times. offerings were we'll taken and the
entire 'ist showed gains. MAY pork closed
42l.c higher at Sl5.571s after selling be
tween Sl517le and Sl56712 May lard was
up 12i2c at $3.50 and ribs. 17i@c higher at
S7.l2lz.
! Estimated receipts for tomorrow:
Wheat. - cars, corn. ~ cars; oats. Id
/ cars; hogs 5000 head.
Open. High. Low. T day 537 Te-.ay