The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1910-03-09
SHARP ADVANCE
IN WHEAT MARKET
Government Crop Report Is
Considered Very Bullish.
HAMMER PRICES
Corn Follows Wheat in the Upturn
and nj The Close shows Good Up
turn for the Day-Oats Close
Higher--AIsO Provisions.

Chicago, March S.-Government figures
unexpected impetus to prices in all the
pits today a few minutes before tie
close and sent them soaring to heighths
from which they as rapidly receded. Wheat
jumped from Pa to 27sc in the furry and
finished from 7sc TO &c up. Corn gained
similarly in the excitement over what
was considered a bulish report and lost
most of its gain. Oats entered into the
sudden upift and also receded quickly.
Provisions, which had been generally
steady, gained strength from the sud-
den shifting of grain values and finished
strong.
The excitement which preceded the
close In the wheat pit followed a session
which was practically without a salient
feature. Initial trading had been on a
down grade and when the government
figures was announced the market was
at practically yesterdays figures. The
government gave the farm reserves at
179, 100000 bushels, were about 10,000,0 600
bushels below other estimates. A local
crop expert some time ago gave an esti-
mate which was 100000 lower than the
Ollltldi anu ILLS III "a measure idd
prepared some of the larger concerns for
the actual figure so that they were un-
impressed by the rush Of buyers.
Prices jumped in response to the de-
mand and May quickly mounted to 2Bc
above the low point for the day, while
July and September made nearly as spec
tacular progress No sooner had the
high point been reached than the bears
began hammering the market and in the
succeeding quarter of an hour pounded
prices until the close showed a marked
decline. May closed 7sGl1c up at s1.12ls;
July finished with a gain of 11kc at 81. o51s,
and September had a net advance at the
close of 17sc to &c at LOIS.
The government figures on the corn
reserves were a greater surprise than
the wheat estimates and similar upturn
in prices followed and figures for the
futures shot up 23sc to 21sc above the low
points. May ran up from 6l5sc to 64c and
then sank to close at 62Ac. the other
futures copying it closely The trade
through the day was large and marked
by many covering transactions. The cash
corn market displayed some strength and
prices advanced 1Ac, demand being gen.
orally good. No. yellow sold at $50
5S1ac. The closing decline in the futures
left them we'll away from the low point,
with May 5sGo4c up at 62%c, the more
distant deliveries showing less strength.
Oats felt the force of the closing furry
to a less degree than did corn or wheat
and advanced and receded with more
seadteness. May travelled between f3ssc
and 45c, the distant options making sim
liar gains. The close for May was weak
and lse off at 4414, while July and Sep
TENDER closed strong and near the high
point, July &c up and September CSC up.
Provisions were generally lower most of
the session and showed little inclination
to respond to the advanced prices for
live hogs in the packing centers. When
the final upturn in all the grains occur
red the provisions felt the effects of the
other strong markets and prices for the
different products advanced on an I'M
proved demand There was no recession
in the figures and all the products fin
ished practically at the high point. Final
figures on the May products were: Pork,
s24 921a, 121hc up; lard, $1S.45. 121lc higher,
and ribs. $13, 15c higher than the close