The Birmingham age-herald., 1909-06-02
JULY WHEAT Is
 STILL GOING UP
Action of Market Is a Surprise
 to Many Traders
BULLISH NEWS IN LEAD
Corn Is Strong All Day In Spite of Ideal Weather-Condition and Price AdVances-oats and
 Provisions Close Strong.

Chicago June 1.-The first days trad ing in the wheat market since tA elim- ination of the May delivery was 1narked by an advance of more than cents per bushel in the price of the July op- ton. The market closed firm at gains of 1ac to 17s@2c compared with satur- days finals. Corn, oats and provisions also closed strong.
 The action of the wheat market was a surprise to many traders inasmuch as it had been generally expected that prices would react somewhat from the high level attained, during the deal" in May delivery, owing to the Ideal weather con ditions prevailing for the new crop. In. stead of declining; however prices made sharp gains, particularly the July option, which at one time during the day was 2Ac above the close of the previous ses- sion Other deliveries were firm through out the entire session, but the advances were less radical, prices at the top show ing gains of trihe more than one cent compared with Saturdays close.
 Bullish sentiment was rampant all day, notwithstanding the development of con- siderable news of a bearsh tenor, and was based chiefly on unfavorabe crop re- ports from the southwest. One of the principal factors in--the situation was the Oklahoma report, which makes the condition of the wheat crop of that state 61 on June 1, compared with "A month ago, and S1 last year, according to the governments estimate. Other strength ening influences were a continued brisk demand for the cash grain, substan- tial decrease in the visible supply in the United States and an unofficial estl- mate on the Hungarian crop, which showed shortage of nearly 3O,OOo,O0O bushels compared with last years yield Demand for July wheat was especially active all day, one concern being credited with purchases aggregating nearly 2O00,- 600 bushels. During the day that option sold between $1.17asq1. .1s1s. The market closed strong with July at $1191sd1. 1914 net gain of 17sQ2c for the day. septem- Der closed s4c higher at $1.091s.
 Despite ideal weather conditions for the newly planted crop, the corn market was strong all day and at the close prices were up %c to 1A@1asc compared with Saturdays final figures Shorts were ac- tive bidders throughout the entire session and offerings during the greater part of the day were meagre. Receipts here to- day, S70 cars, were considered extremely moderate and advices from Illinois and Iowa indicated a still lighter run in the near future. An advance of 1@215c In the price of cash grain and the strength of wheat were the principal bullish in- nuenees. The range of the July delivery Tor the day was between 697sQ70c and 7l3s W1ltsc and the close was at 71AM71sac
 Oats shared in the bullish sentiment prevailing in wheat and corn, but to a lesser degree. For a time offerings in the pit were small but late in the ses- sion selling became more free and prices declined about 1sc from the best marks. Shorts covered freely early ins the day on reports which showed that the grow ing crop Is making slow response to the excellent weather conditions. The mar ket closed firm with prices 1sQI14o to ss0 12c above the final quotations of the pre- vious session.
 Provisions scored a substantial advance owing to buying by shorts and local packers. The demand was based on ex- pectations of a 'bullish" showing of the monthly statement of the stocks in store houses here, the strength of grain and a falling off in hog receipts at western packing centers. Pork displayed the greatest strength and at the close was 45c above Saturdays final figures. Lard and ribs closed 15c to s15GD171hc higher.
 Leading futures ranged as follows: