Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-04-05
OPERATORS FEAR A CORNER
JULY WHEAT ADVANCES Ic, MAY
lie FOR THAT REASON.
Orange Judd Farmer Reports the Rest
wheat Prospect In Seven Years
-inuinn Shipments Larger
Than Expected.

Shioago, April i--Bearish statistics and favorable
reports on the growing wheat crop were offset i'm tba,
market to-day by belief that the present Nav oorre,
was proving a success and fear that a corner in July
was in process Of formation. July closed a cent
higher ana May &c higher in consequence. Other
markets were strong. partly with wheat. Urn and
oats advancing bGhc each, and provisions closing
leGe2iac higher.
Wheat started at an advance of La@c for July at
sf@qsissc. After a few moments Of hesitation. dur
ing which time the price touched Sinc. the market
assumed a decidedly bullish aspect, and under active
general buying July was pushed up steadily IN SIX
s5ssc, that price being reached before the end of tbs
hrst hours trading. Buyers and sellers We're quite
evenly divided II first. Worlds shipments were
large. even without India, being nut at : ses oS
bushels. The Orange Judd Farrser 49, ',o-S.yVo
crop oondiion put the average at So. This was NOT
80 bearisl as expected, but as the average was tho
hl6hest IN seven years. 1t had its effect. Northwest
srh receipts were fairly liberal, $50 cars, against 32S
last week and $40 a year ago. Chicago receiuts were
60 cars. There was another large addition to the
sources. while mixing houses contributed 81 cars and
$500 bushels. a total of about les. 800 bushels. On
wheat. though futures were irregular. The strength
SHOWN by stocks was the real incentive for the early
puyine ny the crowd. Then another factor was de-
veloped. Heavy buying of late, which has hee,
credited by some TO Armour. was continued TODAY.
and strengthened the belief trat n corner in JuIv
SIMILAR n The one in May. was IN process of lorna.
ton. The belief in this was general enough TO scare
shorts who made a concerted rush to cover when
shat was supposed to be Armour buying was renewed.
oherinEs were much too limited for this demand, and
n advance TO A5ssgS5Ac resulted. A marked reac-
toh then followed. India shipments rather stag
sered the bulls. exports from that country being
placed at about 1000. 600 bushels. Another big sur.
prise was the increase OF i62. 900 bushels in the visit
Ole. The trade had been led to expect a decrease of
about 10000 bushels. Quite free realizing took
place the price being forced of to Sc. Here the
market turned again and the highest prices of tbe
DAY were reached about noon. July getting mn m
hsAc. Letter reported further cash sales of about
10000 bushels. Atlantic clearauces amounted IN s.s
900 bushels. The frmncss of the Continental ana
Liverpool n2rkets at the close also had a good ef-
rect Liverpool being hTld up on spot wheat, with
futurcs hTSd higher. Paris was IN SOLO Confines
ana Antwerp S7ikqJ0 centiInes higher. Late in the
Gay another speil Of realizing caused a reaction in
July 70 SShc. that price being reached near the
close. July closed at s5K dSJ%c.
Corn was influenced mainly By the action of wheat
Trading was quite active early, with doubling up on
some important Ions lines. and prices advanced ma
teriaily. There WAS also an urgent demand fnm
shorts clearances were heavy and local receipts
light Realizing later caused some recession. but tbe
market closed firm. May ranged from 2ez6csAc 10
zshc. and closed hGkc higher at cssc.
Oats hrn. but very inactive, hardly anything morr
IMAM a little scalping and changing trade. Light re- |
seipts and the strength of wheat were the Influences. |
higher at .SMc. "~~'
Provisions were decidedly active. Prices advanced |
SHARPLY curing the morning under the influence of
hsht hog receipts and small stocks. buying beinr |
general Offerings were heavy at the ton. and =
shsrp reaction followed, but the market LITER 6rmed
no again under 4 renewed demand. and closed steady
NAY pork closed 22tc higher at 9.Ss, NAV lard 49, |
hiEner al Ss-a-h. and May ribs Toe higher at IS. q.
Estimated receipts Tuesday: Wheat. 100 cara: corn
10 cars; oats. I'D cars: hogs. 10000 head.