The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-17
GRAIN AND PROVISIONS,

Chicago, May 16.-Wheat prices on the
board of trade again crossed the dollar
mark today on sensational bulge which
carried September up to 81 O03. and De
cember to s1.02. AT the same time July
advanced to S9l2c. The upturn was due
10 reports that the years crop in Eu-
rope and America would be greatly below
the normal owing TO injury by wet wealth.
er and insects. The net gain for the day
on the July delivery was 50C51sc compared
with yesterdays final quotations. The
September option was up 419c and Deem
Der an even &c higher. Corn was affected
by the strength of wheat. July closing
at net gain of PC, Oats gained &c. Pro-
visions closed z12c to 10c higher.
The pandemonium which accompanied
the sensational advance in the price of
wheat almost equalled that of last Mon
day. when prices made a spectacular as
cent beyond the dollar mark. Unlike Mon
day. however, the passing of the dollar
point occurred today within the last few
minutes of trading. After opening weak
on realizing sales, which were brought
out by lower cables ana warmer weather.
the market at the end of the first half
hour started on an apparently normal re-
covery. Several leading commission houses
bought freely all day, but realizing sales
were so heavy that the price rallied slow
ly. The combined purchases of the few
leading houses during the afternoon it is
said aggregated between 5000 600 and 1890,
600 bushels. This demand was based on
unfavOrable crop reports regarding not
only the American crop but that of Eu-
rope as WELL Russian reports being par
ucularly peSSimiStic. The weekly govern
ment report from Washington stated that
throughout a greater part of central and
Europe the outlook for a successful
season is decidedly less promising
than was Surmised a month ago" In ad-
dition to these advices many reports were
received from the southwest claiming a
big reduction in the winter wheat crop.
During the few last fifteen minutes of
ion oh
come less numerous, the big demand
which had existed all day became conspic-
uOus. The demand was so urgent that
prices advanced by leaps and bounds. some
times a quarter or half cent apart Top
prices brought remote profit taking, but
the reaction thus occasioned did not seri-
ously affect the net result the close be-
ing excited and strong. July opened a
shade to 1L013sc lower at 92Hc to 931zc,
advanced to 9912c. a new high point for
the crop, and closed at 9S1zc, 5G5ssc over
yesterdays close. September. having sold
at SIC. at the opening, advanced to s1.0S.
also new record for that delivery. and
closed at 991ac. December opened at csc
TO sc. advanced S1.02 and closed at s1Of
Clearances of wheat and flour were equal
to $4,000 bushels. Primary receipts were
6S1,OO0 bushels, compared with $4,000 bush
els a year ago. Minneapolis, Duluth and
Chicago reported receipts of Az cars
against 426 cars last week and 13S a year
ago.
ne 0aTktL TOT corn was weak at the
start, but on heavy realizing based up
on improved weather and on the break in
wheat. later the market rallied in SYM
pathy with wheat, the early loss was
regained and the market closed strong
with prices at the high point of the day.
July opened &c to &c lower at .51$tc to
5iisc, dropped to Size and then advanced
to SIC. where il closed. Local receipts
were las cars with II of contract grade.
There was an active demand for oats in
sympathy with wheat and on unfavora Bile
weather. July opened sc to &c lower at
431sc TO 1910, advanced to 44ssc and closed
at AYE. Local receipts were 166 cars
Provisions were comparatively neglect
ed. but after early weakness closed
steady under the influence of wheat. July
pork closed 10c higher at s16.60. Lard was
sc up at s9.171k and ribs 2lzc improved at
sSS5
Estimated receipts for tomorrow:
Wheat; q cars; corn, 50; oats, 113; hogs,
81 600 head.
Cash quotations were as follows: