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Show Wheal Prices Boom As Crop Failure Looms CHICAGO, July 7 itu:i Wheat prices boomed aain I'jcltiy. as grain fields in the northwest withered with-ered under a scorching sun andi hundred degree temperatures. For the second consecutive day wheat futures on the Minneapolis grain exchange were forced up the maximum of 5 cents permitted permit-ted in one day's trade. Prices on the Chicago board of trade opened l'-j to 4',-; cents higher. Early trade was confined mostly to the fulfillment' of a large number of buying orders filed yesterday when no wheat was for sale even after an advance of 5 cents. Kansas City prices were 3 to i 1-S cents a bushel higher at the start. The Dulii'i':!, Minn., market roared up the limit. Corn futures 'in both Chicago and Kansas Cily swept up the 4 cent limit with reports that temperatures throughout Iowa, Illinois, and Indiana were going Well over the hundred degree mark. Sell Out Cattle CaUre raisers in the Dakotas and Montana where the drought has wrought tho greatest damage rushed their stock to market because be-cause of the deai'a of water and pasturage. Yesterday's receipts of 7.1,000 cattle at 2 important livestock markets were the largest of ivie year. Today's receipts at the Chicago yards totaled 7,000, most of which were from the northwest. The northwestern drought' which killed 100,000,000 bushels of wheat in June at an estimated cost to farmers of well over $100,-000,000 $100,-000,000 has meant money In the bank for winter wheat growers in the soulviwcst. Their crop Is harvested har-vested safe from the ravages of drought, dust storms, and rust. Their 500,000.000 bushel yield is expected to bring them at least half a billion dollars as a result of Xie sensational price gains scored by grain futures in the last three weeks. |