The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-21

SPECULATION
Bull Movement Succeeded a
BeariSh Tone.
JULY WHEAT CLOSED UP
Oats Higher; Provisions Lack
ed Tone and Closed Down.

Chicago, May .9o--Corn took the lead in
grain speculation late today and relieved
the session from the dull, hot weather
monotone that has prevailed for several
days. At the opening OF the market
weather reports were so favorable thac
the crowd was stin inclined TO the recent
bearish view. But good bulge came
when it was apparent thar the much
talked Of increases in corn receipts were
not to uateriaIize al once. Other grains
worked up in sympathy and July wheat
closed &c up, July corn 2sa7se higher and
July oats &c higher. Provisions lacked
tone and closed 21z95e TO nc lower.
corn ruled strong the greater part Of
the day although early the absence Of
business IN Liverpool because OF HOLIDAYS
ana the excellent growing weather started
business very duu. There was a small dip
al the opening on the good crop prospects
and reports Of freer country offerings.
These offerings, however. failed to mater
ialize and when the estimate receipts for
tomorrow were posted IT 80 cars, the
crowd that had been selling short on the
prediction that receipts would soon run
between 200 and 300 ears got badly fright
ened and covered The leading bull house
that has been credited with recent manip-
ulaton Of both July and September op-
tons also came into the market to push
prices up Late in the day St. Louis came
IN 70 buy and enhanced values somewhat
There was some small early selling by
commission houses on the early bearish
sentiment Stocks were reduced and cOun-
Try holders refused to accept advanced
bids. The general feeling OF traders late
IN the session was that the big manipu-
lators had the crowd prettey Well short
and could pinch il badly If they so desfr-
ed July sold from else up 10 s2I1c and
closed strong. AG7sc higher at SIC. Re-
ceipts were 81 cars.
Wheat was inclined TO duIIness all day
but showed fair strength AT times. The
good growing weather in the winter states
absence Of Liverpool cables and reports
OF more liberal country offerings started
the crowd somewhat bearish. Bull news.
however, was in better array Receipts
were small, there We're very heavy rains
IN the northwest which continued TO re-
tard spring seeding and the visible sup
ply decreased 2.2e4 90 bushels where only
l,i5e0o0 decrease was expected Reports
from the Red river valley stated that
there was but 30 per cent of last years
spring acreage seeded IN the main trade
was dull. July opened q shade lower al
7412c. but aided by corn mounted 10 75c.
Liquidation took Off some Of the gain and
July closed only firm. &c up at 74s. a74ze
Some Of the strength was due 20 more en-
couraging talk Of prospects Of foreign de-
mand. Receipts IS cars. three Of contract
grade; Minneapolis and Duluth reported
50 cars. a total for the three points of l3s
against l3 last week and 10 a year ago
Primary receipts were $4,000 bushels
compared 10 245.60J last year. Seaboard
clearances equalIed H1,000 bushels The
seaboard reported 26- loads taken for ex-
port which included p loads worked from
Chicago late yesterday
An easier cash market and reDorts of |
good crop prospects induced an early
easy feeling in oats. The corn strength.
however. together with same active pur-
bases by the leading May bull sent prices
Up smartly and gave the pit some fair /
The big professionals played |
short early, but soon had 10 change their /
tactics. Tie general tone was very firm. /
July sold from 36is G36llc 10 37i4c and clos /
"a firm. &c up at $3.50. Receipts were /
.26 cars
Provisions were duh and unattractive /
TO the trade. The ear " hog market was /
weak and induced opening weakness in I
III the products. Grain strength with ad- /
vices that the general run Of hogs at the I
zig western markets were much smaller /
han last year. Firmed values for time. +
late. however. there was a lack of sup
Dort and liberal offerings brought recess
'ions July pork closed TIC lower at
17171a; July lard 7izc under at S1aI7lz and I
July ribs 21sG5c down At 1885.
Estimated receipts tomorrow: Wheat !
o cars: corn 80 cars; oats 100 cars; hogs +
; a19 head