The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-06-05
RISE In MAY CHECKS
MATERIAL. DECLINE
New Crop Futures Fall Then Advance Sharply
Reports Unfavorable and Short Sellers Ner-
vous--Rumors Of july Deal.

4 New York, June 4.--Weakncss gov
erned in domestic wheat markets early
/ in the week. but a material decline
was partly checked by the rise in May
contracts in Chicago the May price
! there moving 5 cents higher than in
the preceding week. Big bull leaders
| took in all the wheat rendered on
| contract. aggresnting. 1t was esti-
mated, close TO 100000 bushels; con
! sequentlr. 1t was alleged that they
control almost half of our visible sup
ply. This unusual state of affairs
| naturally led to lot of conjecture,
| mainly as to the intentions of the
! bull leaders. With harvest time APP
preaching. the question naturally
| arises: ''Will the holders OF this
wheat find a market without causing
a sharp break r. This query in turn
led to the question as to whether the
bulls will be compelled to give July
contracts strong support in the at
tempt to dispose of their cash stuff.
This view of the situation served to
make bears cautious about selling
July.
AS result of the high prices ruling
for May In Chicago, shipments to that
centre from other points were fairly
heavy, and this brought about an
unexpectedly large increase in the
visible supply. The general depression
in the distant or new crop contracts
was ascribed materially better weather
west of the Mississippi River,
where lower temperature and
moderately widespread rainfall brought
much needed relief. The precipitation
was by no means adequate in the Cen
trail West. Tho markets downward
trend was checked partly by the UNI
favorable Oklahoma State report,
which placed the wheat condition at
90, against So a month ago, and SIS a
year ago. SteadineEs was also caused
BY encoura ging cable advices, Euro
pean markets being influenced by the
slightly smaller worlds exports, which
brought about fairly large reduc-
ton In the quantity on passage.
Strength Follows Reaction.
Late in the week wheat developed
decided strength. particularly in July
contracts. Rumors from Chicago to
the effect that the bull leaders Sc
riously contemplate deal in July.
which would enable, them to market
their cash holdings to advantage. were
responsible. Buying was stimulated
partly by the receipt OF unsatisfac-
tory crop reports from various parts
of the winter wheat belt where
drought and high temperature have
caused deterioration. According to
SciiS lHe COnQl-
ton of winter wheat is down to S2.5,
against SIS month ago, and this
is regarded as ting a probable
yield of +52,ooo.0O0 bushels, against
is9,S25,o00 bushels indicated by the
official report last month. The loss
In Kansas has been s per cent. This
may be partly counterba lanced by the
favorable outlook In spring wheat ter
ritory. where the area is unprece-
IDENTIFY large, the acreage being placed
at 2o.56o,o 900, an increase of 4 per cent.
Assuming that reasonably good
weather obtains from now until har-
vest. this would suggest a total of
approximately 300.ooo,oOO bushels, or
the largest yield on record
Decline and RnllY In Corn.
Corn was slightly weaker early in
the week, as the weather in the belt
was favorable, and receipts at pri-