The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-28
CORN PRICES
CLIMB HIGH
July Jumps Up | IL Cents
and Leads All.
INFLUENCE WORKS GOOD
Wheat and Cats Also Make
Good Strides Upward.

Chicago. May 27.-Corn prices went
climbing today and aided other grains
in sympathetic upturn. Many condi-
tons favored better prices in all the
pits. but it was largely through the fear
of corn shorts that the long predicted
squeeze was coming that brought the
advances. July wheat closed ss95zc
higher; July corn 1a.dl1kc up and July
oats Ease advanced. Provisions closed
5Q714 to 1oc higher.
After making good gains yesterday
corn easily took the lead again today
both in point of activity and in gains
The tone throughout the session was
very strong. and the buying that puts
prices up was Of the very best character
Nearly everything favored the bulls.
Cold weather started the upturn, small
receipts with smaller TO come. higher
cables and a good cash demand were the
added influences that frightened the
shorts into thinking their day Of reckon
ing had come. Reports OF liberal country
acceptance-about 300, 900 bushels-on last
nights bid had no effect on the crowd.
At times the pit was quiet because the
crowd showed no disposition to sell stuff.
Late in the day came the greatest ac-
tivity when the big bull house began TO
augment the demand Of the commission
houses by bidding freely and at higher
prices. This started a sharp furry and
shorts covered at rather heavy sacrifices.
The fact that the weather favored
movement, disturbed the prophets who
have been predicting an increase 10 sew
eral hundred cars here daily. July corn
opened 1scGk to sc up at 6Si1c TO e3ssQ
q. jumping TO 64Ac and closed strong
ISsQ1kc UP at 6l1kc a rumor was
started early 70 the effect that the
leading bull house. which is supposed to
be long ten million bushels. was calling
te nper cent margins. Stocks here de-
creased 1.o55 900 bushels for the week.
Receipts. 167 cars.
Wheat made further moderate advances
today. The corn strength as much as
anything was the factor General SEN
timent was bullish. but there was some
bearish influence at work In the main
the commission houses are getting a little
more business from the country and the
pit consequently showed a more fairly
active condition. Cables were slightly
higher. but Influenced only a steady open
ing. Crop prospects were still very good
and cash demand and the premium for
cash over the nearer options together
with the decrease in stocks, wsre the
principal bullish factors. Traders were
paving some attention 10 reports of Off
Gals of the Northern Pacific and Great
Northern railways 10 the effect that the
Northwest has practically no wheat TO
offer and that up to the present time
these roads have carried fifty million
bushels Of wheat more than during the
fiscal year of 1901. Biadstreet visible
supply showed decrease Of 2.7790O
bushels and Influenced some advances.
July opened a shade lower TO shade
higher at 1855 10 1874 70 74sc and closed
firm at &0Ac Up at 74ssc. Receipts r
cars. one contract; Minneapolis and Du-
luth reported ninety-nine q total for the
three points OF 126, against 13S last week
and 315 q year ago. Primary receipts
were "a 900 bushels. Local stocks de-
creased 7S7. 600 bushels this week The
seaboard reported the export inquiry
dead Trade in oats was slow. save for
a sharp upturn On n few transactions IN
Efay stuff Corn advanced with an IN
nuence and there was a decrease here
IN stock OF 200 bushels, the total con-
tract amount now here being only 42f9oo.
IN view Of the fact that there are molly
four DAYS more in which MAY shorts can
cover and also considering that the lead
ing but interests have been shipping out
stocks as fast as possible, the crowd was
very nervous May sold up to li4c In a
short time, but later simply showed fair
advances. The fear Of 3 squeeze In the
May deal kept many traders ont CT
the market. July sold 70 37-sc and closed
ar1a s.aAc higher 1t 57ssG.c. Receipts
2Sa cars.
Provisions were very strong early on
the higher prices fer boss ard On the
very small offerings. The sentiment vas
very huilish for time and here was a
good packers support Commission
houses die some fair buying. The selling
was mainly scattered for The outside
account en- the way OF litigation Toward
the close the profit taking caused loss
Of some OF the advance but the tone was
stin strong. Julv PORK closed i0c up at
~ 7us: July lard 5G7isc higher az si0i7
and July ribs 7isGloc up II S9.s5i5
Estimated receipts for tomorrow Wheat
- cars: corn. 81 cars; oats, i45 cars; boss.
.-1