Los Angeles herald., 1905-02-16
RECORD FOR MAY WHEAT
Excitement Among Shorts on Chicago
Produce Exchange
BY Associated Press

BY Associated Press
CHICAGO, Feb. 15.--Wheat for May
delivery today sold at $l.19B per
bushel, n new high record for TINS
season. The cause was active cover
ing by shorts In semi-panic over an
appearance of congestion in the mar
ket. Final quotations were almost at
the highest point of the day, May pc
ing UP 1%@1Bc at $1.19%@L19A. July
wheat is UP 5s@%c. Oats show gain
of %@kc. Corn and provisions are
practically unchanged.
From the start the wheat market
had strong undertone. The shorts
in May started to cover in q lively
fashion as soon as the market opened.
Initial quotations on May were un-
changed to 3Ac higher at $1.1S@1.18b.
July was up a shade to b@Ac at
$1.01M@102. Within few minutes the
shorts had bid up the price of May to
$1.1S%. July went up to $1.021s. Com
mission houses were also fair purchas-
ers, higher cables and small receipts
in the northwest being influences that
tended to stimulate speculative de-
mands. The advance, however, met
with active liquidation by a prominent
holder.
Before the offerings were stimulated
some reaction in prices occurred July
wheat especially became heavy, falling
below the close Of the previous session.
Under selling by commission houses
and pit traders, the price Of July
dropped to $1.011a. The reaction, how
ever, was only momentary. Renewed
covering by shorts soon started prices
upward again.
Throughout the remainder of the
session sentimnt was extremely bullish.
Both May and July were in active de-
mand, much of the buying being
credited to Wall street houses. Dur
ing the last part of the day compara-
lively little wheat was offered and
prices were easily forced upward. Just
before the close, May touched $1.19B;
July advanced to $1.025s@1. 1.02%.
The market closed fairly strong, with
May at $1.19%@1.19B. Final quotations
were $1.021s.
Larger receipts than expected caused
liberal liquidation on corn early today,
resulting in considerable weakness.
May opened 5s@7sc higher and closed
at 47Ac.
Influenced by the strength Of wheat,
a firm tone prevailed in the oats mar
ket during the latter part of the day.
May closed at 31h@31&c.
Provisions were extremely dull and
weak. At the close, May pork was a
shade higher at $12.90@12.921s; lard was
UP 2sc at $500; ribs were up a shade
at $6.S7hQ69O.
Market Ranges
The leading futures ranged as fol-
lows:
Wheat, No 2-May, $1.19%@119%;
July, $1.021a; September, 94Bc.
Corn, No. February, 44hc; May,
47%c; July, 47A@473sc.
Oats. No. 2-February, 30%c; May,
31h@31%c; July, 31as @311Ac; September,
291ac.
Cash quotations were as follows:
Flour, dull. e
Spring wheat-No. 2, $1.16@1.19; No.
8, $1.08@1.1S; No. 2 (red). $1.2O@1.22A.
Corn-No. 2, 44%c; No. 2 (yellow), 45c.
Oats-No. O. 32Ao; No. 2 (white),
321ac; No. 8 (white), 32c.
Rye-No. 2, 75c.
Barley-Good feeding, 3Sc; fair to
choice mailing, 42@46c.
Flax seed-No. 1, $1.171s; No. north
western, $125.
Prime timothy seed, $2.32h.
Mess pork, per bbl., $12.70@1275; lard,
per 100 lbs, $6.771s@6.S0; short ribs sides
Qoose), $6.62k@6.75 short clear sides
(boxed) $6.77k@6.S71a.
Whisky, basis of high wines, $1.23.
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