South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-05-02
BELATED SHORTS
MUST PAY PRICE
Traders Expected Farmers to
Rush Into Market When Re-
ports of Excellent Condition
of Wheat Were Received.
BY JOSEPH F. PRITCHARD.

CHICAGO. May 2.-Belated shorts
ia May wheat are to receive squeez-
ms f~om tie longs OF bI Us In that
month. Tstse who caye ftubbornly
remained out are the ones who will
suffer the greatest losses. They doubt
less expected that with ideal crop re-
ports coming forward from every
nook and corner OF the winter wheat
belt. that farmers and country eleva-
tor men would dispose OF every pound
II wheat they owned and that IL
would be an easy matter 10 not only
buy the cash article at lower prices,
but that IL would be easy sailing TO
get hold OF the May future in the pit.
When the crop prospects in the
southwest and the official crop re-
ports which have been received dur
ing the past few days are considered,
there is no room whatever for an ad-
vance in wheat prices The strength
however, is to be seen in the May flu
tere and there is but one loophole left
for the shorts. and that is to go into
the pit and bid prices up on one an
other. NOT only are crop conditions
IN Kansas and oklahoma almost per-
feCt, but reports covering the entire
country are quite favorable.
A Fading crop expert and statisti-
clan makes the condition OF wheat in
the whites wheat belt 93.7 against 81. Z
a month ago and 90.5 a year ago. The
acreage reported abandoned is %
per cent. or 81 10000 acres, of which
$4,000 acres is in Kansas. The par
figure for May I on the basis Of aver
age results for past five years is 1874,
80 that the present condition may be
regarded as foreshadowing a yield OF
17.2 bushels and a total crop of win
ter wheat OF 100000 bushels if the
crop experiences normal weather as
we'll as normal insect damage here
after.
There were $50. 900 bushels wheat de
livered on May contracts in The Chi
Cago market Friday and as this wheat
was taken in and paid for by one Of
the stronger concerns in the trade it
was reflected in the strength shown
by the May future. The more defer
red months were fractionalIy lower in
price and the offerings OF both July
and September We're Somewhat. larger
The cash sales for the day were O. 600
bushels TO millers and 10000 bushels
new hard winter wheat TO exporters
for August shipment.
The May option was a feature in the
corn market and while that month
closed lac higher the deferred
months We're is a 3-Sc lower There
were small cash sales of corn at 100
600 bushels. Part of the strength in
corn was a reflection of the price
gains in wheat. Some of those who
sold corn Thursday were buyers Fri
day. There was little pressure in this
market from Argentina
Oats were fractiOnally lower along
with the other grains and the volume
Of trade was fairly active. Cash sales
were 1850 bushels.
May longs IN provisions were again
on the selling side of the market, with
shorts or carriers the buyers The
opening advance was largely due to
the buying OF May lard by packers and
commission houses buying the July
and September deliveries. The offer
ings were liberal especially Of lard
Cash trade was still light and unsatis-
factory. Close.
WHEAT-May. 921-4d1-S; July.
So 3-S: Sept. 3-Sd1.2.
CORN-May. 81; July. new. 81 3-S
n II; old, % -; Sept. 81 Is, new:
old 50 SIS.
oATS-May. &c "a; July. sc $50
So: sept. 50 IS.
PORK-May. S19.42 10: July S19.-
rs; Sept, S1S.92 -
Sept. 5000
RIBs-May s1O.S5; July s11.05:
sept. S1117