Salt Lake Tribune | 1917-03-27 | Page 18 | Pessimistic Reports Cause Sharp Rise

PESSIMISTIC REPORTS CAUSESHARP ' RISE Crop Advices Result in Rush of Buying in Chi-cago Chi-cago Wheat Pit. CHICAGO. March 2"!. Snow in Kansas and Nebraska oTfjot to pome extent alarming crop reports today which had canned a sharp advance in price?. The market closed weak at $1.5f'; to JI.SOH ror May and S! C';si to M-i'-V1! for Julv. with the rane as a whole off to 15rC up compared with Saturday's finith. 7atest trading left corn at "sc decline to 'c advance, oats down He to c, and provisions unchanged to lower. Crop advices that were classed as the worst yet this season led to a r'ish of buying in the wheat pit at the start and carried July and September to a new iiitrh price level. Damage In the winter belt was represented as so severe that forecasts were circulated Indira tin? that the government report in April would put the crop condition at one of the lowest stages in many years, with Kansas and Nebraska perceniages under 7e. Announcements that a famine whs threatened in Argentina tended further to Increase bullish sentiment, and so, too, did active military measures by the I'nited States. suc, 8Ji the calling out of militia and the steps to increase naval enlistment on a large scale. Definite heavy profit-taking on the part of holders, the wheat bulls retained control con-trol of the market until the last hour, although an the session approached an end considerable skepticism appeared to he developing as to whether the, crop-in crop-in iurv reports had not been wildly exaggerated. exag-gerated. Word of light snowfalls in western Kansas and Nebraska proved sufficient at. this juncture to increase selling pressure and to turn quotations at the finish sharply down grade. The fact was evident that the rapidity of the advance since Thursday had weakened the technical position of the bulls and had maJe at least a temporary setback almost al-most inevitable. Corn weakened with wheat. Barber, however, the market had risen to new top levels. On the advance, heavy profit-taking profit-taking by bull leaders formed the order of the day. Oats followed other cereals. A feature was the sale of 3f)0.000 bushels for immediate im-mediate shipment to New Orleans. Home slowing down in the demand for hogs made, provisions a little, easier. Pork was neglected altogether at times. RANGE OF TUB LEADING FUTURES. Open. High. Low. Close. Wheat ,. llav ....JI.SUJ J1.93i July .... l.fil'A 1.6?i 1.83',4 1.63i ' 'orn Jlav 1.17' 1.1714 1.15 1.13 A Julv .... 1.11 1.15 1.14 1.14 Oats , Muv SI Vi. .B1'i .601,4 .SO',4 Julv 5 8', 4 -iSli .57 .57 Pork , . llav .14.r.5 34.3o 34. a Julv 33.60 33.60 33.60 lJard May 19. S3 19.92 19.82 19.Sr Julv 19.90 19.95 19.87 19.87 Ribs Mnv ....IS. 02 IS. 10 IS. 00 13.07 July ....18.15 18.2T 18.15 IS. 23 CASH QUOTATIONS. Wheat, No. 2 red, 52.0414: No. 3 red and No. 2 hard, nominal: No. 3 hard, $2.01. Corn, No. 2 yellow, $1. 9&1.19 V2 : No. 3 vellow, $l.17V4rel.l9ii ; No. 4 yellow, $.iti $&'!. 17. Oats, No. 3 while, 6365c; standard, r.3"4 fa-us. live, Nos. 2 and 3, nominal; No. 4, ?l.o5 (S.I.SS. Hal-lev, 1. 03.311. 36. Timothy. J3.75(S'5.75. Clover. $12.006.18.00. fork. $31.55. I.ard, nominal. Ribs, J17.6718.17.