The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-05-21
PRICES ARE ERRATIC
May Wheat Advanced, Broke
and Closed Steady.
CORN STRONG OATS WEAK
Provisions Lose Small Frac-
tons from Previous Values.

Chicago, May 90 An advance of 211c
in the price of May wheat was followed
by a sharp drop of &c today The err
ratio actions of the May options resulted
from speculative maneuvers attending
the scarcity of wheat for present use
Closing figures on May were unchanged
from yesterdays final quotations July
closed at a loss of 3445sc. Co-nis up
sG14c. Oats are down lsG14c, and pro-
visions 2l2qi2l1c down
Under the influence of congestion In the
May delivery Inc wheat market opened
firm in the face of excellent weather CON
ditions- The smallest local receipts on
record-namely five cars-with little pros
pect of any increase in arrivals caused an
active demand from shorts for the May
option. Initial sales of May showed a
gain of 15G2c to 99ls@s1.01. July opened
sc lower to sc higher at S712GS194c. There
was little May wheat on the market
Shorts in their anxiety to cover sales bid
the price of May up to s1.oll2 within the
first ten minutes. Naturally other OPP
tons felt the effect. JJAy advanced TO
$50 C earlyin the day. The market was ex-
tremely erratic the entire session, domi-
mated by the fluctuations of the May de-
livery During the latter part of the day
future deliveries were subjected to a COM
siderable selling pressure as a result OF
favorable crop reports. \ St Louis trade
journal in its weekly summary claimed
that further improvement in conditions
of winter wheat were reported from all
sections and that indications pointed to
large YIELDS in Kansas Nebraska and
Missouri. The selling movement increas-
ed on sharp decline in May. Under lib
eral profit taking that delivery sold off
to 97lsc, loss of 42sc from the high point
The weakness was felt throughout the
entire list, July declining in sympathy to
S6ssc. On the break shorts became active
bidders for May forcing the price up TO
SOC. where the market closed. Fuutre
deliveries, however. failed to rally July
closing at S6%4Qo6sc a net loss of &4Q1sc
for the day. Clearances of wheat and
-four were equal to 100 bushels. Brad
streets reports of wheat and hour for the
week were equai to ,226, 900 bushels. Pri-
mary receipts were IA, 100 bushels COM
pared with 1S4 400 bushels a year ago
Minneapolis, Duluth ana Chicago reported
receipts of ninety-one cars against sew
enty-one cars last week and al year
ago.
As a result of small movement and of
the strength of May the corn market was
strong. Later the selling became quite
general and prices receded quite sharply.
The market closed firm on renewed COW
ering by shorts. July opened to 1sQAc
lower at 4Sf4s1xc, adcanced to 49lsc. sold
off TO 48c and closed at 1880. Local re-
ceipts were 20 cars, eight Of contract
grade.
The feature of the trading in oats was
the early strength and subsequent weak
ness of the May delivery. May ranged
between 4l5.c and &c, closioy at 42c. July
opened a shade to 1sc higher al Sic, sold
between CSC and 3S1ac, closing at 3S1ec.
Local receipts were 70 cars.
Provisions were firm early under the in
fiuence of the strength in grains. The
market weakened, however, during the
latter part of the session as result OF
liberal receipts of hogs throughout the
west. Packers were the principal sellers
and the demand came from scattered
sources July pork closed with loss of
1212c at s11.0 212. July lard was down 21ac
at s6.321a Ribs were OF sc at S6.311z