Omaha daily bee., 1907-05-12
Delay in Seeding Whsat aud Furthe
Damage Probable.
JULY REACHES 9l3-4 CENTS IN CHICAGO
Traders Express Felief that This Option
Will Go to One Dollar.
HEAVY BUYING ORDERS FROM OUTSIDE
Bears Act Under Theory that wheat
Has Been Rising Too Rapidly,
but Are Unable to stay
Advance.

CHICAGO. May 11.-Excitement such as
has not been seen on the Board Of Trade
since the BLACK rust scare of 1904 existed
today when wheat, which has been
steadily advancing for several days, took
another Jump OF more than cents, Frantic
efforts were made by the bears to get
from under the advance, but they were
met by a demand which came from all
parts Of the country and swept everything
before It. The high mark for the July
option was 91% cents for September 93Si
cents and for December 95b cents. All
options closed very close to the high mark
and with the bullish feeling still unabated.
The cause Of the upturn which has taken
place in the last few days is the wide
spread belief that this years crop Of
winter wheat will show a notable decrease
as compared with that of 1906 Cold
weather In the west and northwest, freeZ-
ing temperature in the Canadian northwest
and damage said to have been done in the
southwest by the green bug aided the
rush upward.
II was reported here today from Winni-
peg that not more than one-hfteenth of the
estimated acreage had thus far been seeded
in the province of Manitoba
Flood of Orders from Country.
The local traders were Of the opinion
that wheat has been advancing too rapidly
during the last few days and that a re-
action was due. So many orders poured
In from the country, however, that II was
certain that the expected setback would
not come until later in the day. Once
trading was in full swing the orders from
the country came so fast and in such num-
bers that the local crowd was carried be-
fore It. Desperate efforts were made from
time to time by the shorts and some local
traders to stem the advance and once they
forced the price Of the jury option down
! Bcc This was only temporary The flood
of buying orders continued, the prices
started up again. and when the market
! closed the prices were close to the high
mark Of the day and the movement seemed
to have lost no force. Some of the leading
houses traded in millions OF bushels during
the first half hour and the activity in
creased as the market progressed.
/ The bulls at the close were claiming
with much enthusiasm that the price OF
July wheat will soon go above ST. with
the other options moving up accordingly.
They base their claim on the presumption
that the crop OF winter wheat will be about
10O, 900, coo bushels less than the crop of last
( year. The strong markets abroad, the
bulls contend, prove that there will be
strong demand for export from this coun-
try, which It may be difficult to meet.
"BOOm" I'm New York.
NEW YORK. May u.-Amid further ex-
citement in the local grain market this
morning the bulls made an enthusiastic
effort to get dollar wheat They lifted
July to 9S7s cents, but encountered heavy,
selling for profits Sensationally strong
/ responses were made by foreign markets.
! especially those of the continent. owing to
bad conditions In Russia and Hungary. The
/ gain represents to cents per hushel,
| since the publication of the crop report OF
| yesterday.
Later In the day the price scared above
a dollar, December option going to $1O1M,
| while July at o'clock reached s91a cents
on renewed heavy outside demand.