The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-07-16
CORN On THE BULGE
Drouth Damage Used as a
Bull Argument.
EVERYTHING CARRIED UP
Big Business in Cash Corn
and Provisions.

Chicago. July ia bulge in corn. due
to buying or dry weather caused strength
in all the pits today. September wheat
closed SG1zc higher. Corn advanced IL
G19sc- Oats rose &c Pork left OF leG
l2iac up and lard and ribs &c each
Wheat started with prices a shade cas-
Ter on lower Liverpool cables and ex-
ceptionally fine weather for threshing and
marketing % the new grain The weak
nses did not least long. however. as the
corn market quickly developed strength
on a report that the crop was now
threatened by drought in many sections,
and this soon had its reflection in wheat.
1t was found that while the arrivals OF
new wheat were OF tke increase. they
could by no means be called liberal. and
were being taken freely. This. together
with the fact that July Sill holds at a
big premium. caused & growing reluet-
ance 10 sell September az the discount
and those already short we're disposed TO
cover The business oueside Of short sales
was done by the scalping trade The big
traders held of apparently having little
confidence in the present strength. and
yet feeling that the snort side was hardly
safe so long as the new crop was moving
so slowly and the cash premium was 20
well maintained. There was not much
wheat for sale, and hence the compare
tive frmness. Chicago received IS oars
Of wheat AZ of them new, against Is
cars year ago. Minneapolis and Duluth
De - ? hn
corresponding day of the year before.
Atlantic port clearances Of wheat and
-four were equal TO SIS, 900 bushels. July
opened &C lower, a. re, declined 20 7Z+.c.
then reacted TO 7314c at the close Sep
TENDER started 1sd.c lower. at s7Gs7l4c.
sold up Ii 673sc, then settled back 10
672.c bid. the closing figure.
Continued dry weather with the proba-
bilities favoring a continuance OF the
same condition for another thirty-six
hours, advanced corn. The temperature
throughout the corn country was not high
enough 70 suggest injury TO the crop from
dry weather after such a protracted wet
season as early corn had 70 contend with.
but a strong aggressive bull party that
was operating in the pit insisted on dam
age from drouth already done and more
to follow from its continuance. The
opening trades were at about yesterdays
closing figures but quickly began to I'M
prove and while some realizing saler
caused &c reaction after 1c advance. the
strongest phase in the market was dur
ing the last half hour A big business
was done in cash corn. and shippers
found difficulty in picking up cargo lots.
September opened unchanged. at 32Q32hc.
rose to &c. declined to S2z4c. then advanc-
ed strongly 10 93as at the close.
The irnness in oats was due TO the
strength displayed in corn. September
started unchanged to &c lower. at 1870.
advanced to 1910, then settled to 1879
1870 the closing price.
The consideration In provisions was a
good cash demand. both domestic and for
eign, together with the rise in prices for
hogs at the yards. Considerable lard was
accepted by the contingent over night.
September pork opened 21.c higher. az
50 %. sold of to ss.s215. rallied to s1o.i5,
then reacted 10 t1o.O2i4710.05. the closing
price. September lard began PIC up. at
s5s71k weakened TO s. e5d5 s7iz. advanced
TO S. 72I5. then declined 20 s. s7l1 bid at the
close. September ribs started e1zc better.
az SSH and $50; rose TO S75. then re-
acted TO s5.72iz. the resting figure
Estimated receipts for touorrow are:
Wheat. 80 cars; corn. rs; oats. %; hogs.
1900 head