The Birmingham age-herald., 1909-05-08
WHEAT JUMPS UP
 ON CROP REPORT
Figures Issued By Government
 Are Very BuIIish
MARKET CLOSES STRONG
Corn Again Advances To New Hiqh Records But Close Is Off From the Top-oats Close Steady
 and Provisions Firm.

Chicago, May 7.-Wneat traders who had grown accustomed to the pyrotech- nics of the May and July options were treated to novelty today when the de- ferred futures. September and Decem- Der, advanced respectively Slba4lsc follow ing the publication of the bullish gov ernment crop report. The market closed strong at net gains of 1c to 3Ac, compared with yesterdays final quotations. Corn closed easy, oats steady and provisions firm.
 It was a day of wild and irregular price fluctuations in the wheat pit with trading also cratic business during the first half session being rather limited while extreme activity marked the final hour. One notable feature which stood out prominently above all others was the rela tive strength of the distant futures. nar- ucularly December which closed at a net gain for the day of 3%c, while the July and May deliveries showed gains of only Ac each Trading today centered around the government crop report and it was not made public until noon Chicago time) The period prior to that hour was lacking in features with the exception of a severe slump in July just before the appearance of the government statistics The mar ket opened weak with prices shade high CT to lc lower, compared with the previous close, the heaviness at the start being. chiefly due to an unexpected decline Of Esd to 1lsd at Liverpool. Prices. however. quickly advanced on an active demand for deferred futures, based mainly on the continued absence of rain in Kansas and on the official forecast of small likelihood for showers in that state today or tomor- row. Toward the middle of the day the July slumped violently owing to general selling, much of which was of a stop- loss character prompted to a large extent by 2-cent break in corn. July dropped to $1.1315 after having sold at s1. .l71h earlier in the day. The more deferred futures de- clined more than Pc from the previous high point of the session, selling off to cember respectively
 Following the publication of the govern ment report July advanced again to $1 17s4 September to $1.0Sss and December to $l.Oi9s According to the official statistics the condition of winter wheat during April appreciated less than 1 Der cem which was much smaller improvement than had been anticipated. The report also showed a reduction of 72 per cent of the total acreage seeded last fall. Sen timent continued extremely bullish the remainder of the day and the market closed strong with July at S1 .17l4@1 .173s; September at $1.oSAq1. .Os3s and December at Sl.OI12. During the day May sold be- tween $1 279sQ1 .29 and closed at the top
 Corn advanced to new high record marks for the season early in the day, May selling up to 73a4c and July to 7O1sc The upturn brought out liberal realizing sales which resulted in a sharp reaction, May dropping to 71Ac and July to 6Ss4c The early strength was due to continued light receipts. Following the late bulge in wheat the market regained much of the lost ground and closed about steady al- though prices were 4c to 5s@&c below yesterdays finals. May closed 72&c; July 691ac.
 Oats also scored new high record marks early in the session when May sold at 59c and July at 521sc Buying by shorts and cash interests was the reason for the fresh upturn. The market weakened in sympathy with the break in other grain but rallied later and closed steady with prices unchanged to l4c lower compared with the previous close. Final figures on May were at 5S and on July 51&@57Bc.
 Provisions were easy early in the day but became quite strong during the last half of the session owing to a scarcity of offerings. Decreased receipts of live hogs at western packing centers had strength ening influence late in the day. Prices at the close were 21ad5c to 121sc higher than yesterdays close.
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