The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-05-17
WHEAT AGAIN SCARS
ABOVE DOLLAR MARK
After Weak Opening, Unfavor-
able Crop Reports Make Day
Favorable to Bulls.

CHICAGO. May 16.-Wheat prices on
the board OF trade again crossed the
dollar mark today on a sensational bulge
which carried September up to 81 003 and
December to $1,0o At the same time
July advanced 10 99io. The upturn was
due TO reports that the years crop In
Europe and America would be greatly be-
low the normal owing TO injury by Wet
weather and insects. The net gain for
the day on the July delivery was 5@56c.
compared with yesterdays final quota
lions. The September option was up
ltc and December an even &C higher.
Corn, was, affected by the strength OF
wheat, July closing at a net gain Of &c.
Oats gained &c. Provisions closed 2b@l0c
higher
The pandemonum which accompanied
the sensational advance in the price OF
wheat almost equaled that of last Mon
day, when prices made a spectacular as
cent beyond the dollar mark. Unlike
Monday, however the passing OF the dol
lar point occurred today within the last
few minutes Of trading. After opening
weak on realizing sales, which were
weather, the market at the end of the
first half hour started on apparently
normal recovery Several leading com
mission houses bought freely all day but
realizing sales were SO heavy that the
price rallied slowly.
The combined purchases of the few
leading houses during the afternoon it
is said aggregated between five and seven
million bushels This demand was based
on unfavorable crop reports regarding
not only the American. crop but that OF
Europe as we'll. Russian reports being
particularly pessmlstic The weekly Gov
ernment report from Washington stated
that throughout greater part OF cen
trail and southern Europe the outlook for
a successful season Is decidedly less
promising than was surmised a month
ago" In addition TO these advices many
reports were received from the Southwest
claiming big reduction in the winter
wheat crop
During the last fifteen minutes of the
session, by which time sellers had be-
which had existed all day became con-
spicuous. The demand was so urgent
that prices advanced by leaps and
bounds, some times quarter or half
cent apart. Top prices brought remote
profit taking, but the reaction thus oc-
casioned did not seriously affect the net
July opened a shade to 1a@lgc lower, at
923@9sic. advanced TO 99lc. a new high
point for the crop. and closed at 9Sac.
having sold at 94c at the opening. ad
vanced to s1,O3, also a new record Cor
that delivery. and closed at s9ac De
s1.O2 and closed at s1.ol Clearanees of
wheat and flour were equal 10 1lS,00o
bushels. Primary receipts were 6Sl, 900
bushels. compared with With $4,000 bushels Is;
cago reported receipts of Az cars, against
i26 cars last week and 13S year ago.
The market for corn was weak at the
start, but there was heavy realizing, based
upon improved weather and on the break
In wheat Later the market rallied In
sympathy with wheat. The early loss was
with prices at the high point OF the day.
July opened i@7c lower. at 6ls@5Isc.
dropped to 5lic and then advanced to
53c, where il closed Local receipts were
15S cars. with II of contract grade.
There was an active demand for oats
in sympathy with wheat and on unfs-
vorable weather., July opened gN5c
lower. at 43SMt33c advanced 10 4i2c and
closed at iihc. Local receipts were l66
cars.
Provisions were comparatively neglect
ed but after early weakness closed
steady under the influence of wheat.
July pork closed l0c higher at Sl6.60
Lard was &c up at S9l7l. and ribs 2Lc
improved at SS.S5,
Estimated receipts for tomorrow.
Wheat, 81 cars; corn. So cars: oats, 1t3
cars: hogs, 3D. 900 head.