The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-24
CORN LEADS
WAR ON BEARS
Coarse Grain Makes Stand
But Falls at Close.
DAYS CLOSE is LOWER
Liberal Liquidation Winds Up
Uncertain Fluctuations.
DAYS CLOSE is LOWER

Chicago, May 2S.-Bearish argument on
crop prospects started late activity in
wheat and corn today and brought d
rather liberal liquidation. Corn was held
firm BY bullish manipulation most Of the
Gay, but succumbed to the pressure At
the close July wheat was sac lower;
July corn sake down and July oats a
shade lower. Provisions closed 5q71zc to
127zc depressed.
1t was dull days in wheat until short
J. before the close. Early in the day
there was some small strength on better
cables confirmation of good export bust
ness yesterday and light receipts Prices
changed however, were very small most
OF the morning. July opened a shade
higher TO unchanged at 74Q7fsc TO 74c
and sold up To 74l4c. After this slight
advance the market hung duh and listless
There were numerous bearish Incentives,
but the bears We're not inclined early to
do much with them. Argentine shipments
were literally increased. The crop pros
poets were exceptionally gOOd-warm.
forcing weather prevailing in most of the
winter states with copious rains along
the Ohio valley and clearing weather
northwest Kansas City was weak In
the last hour or business. the bears took
advantage of the apparent lack of energy
II the wheat market and put on pres
sures. Liquidation brought out some stop
loss orders there was no export support
and privileges slumped to q weak close.
July ssQS4c down at 73lzG733sc. Local re-
ceipts were Thirteen cars, one of contract
grade Minneapolis and Duluth reported
l08 cars, making a total for the three
points OF 116 against 100 last week and go
a year ago. Primary receipts We're 1885,
90 bushels compared to 35S 900 bushels
last year. Seaboard clearances in wheat
and -four eQualed 374000 bushels. Argen-
tine shipments were 10000 bushels
against $4,000 bushels last week.
Corn ruled the strongest of the pits I'M
I'll wheat broke. As has been the case
recently the small receipts were bullish
in their effect. Country offerings were
also small and cash business was good +
The trade early was active and there was
fair buying at the advance, but crop
prospects weer too good to give the mar
ket any decided bullish snap. There has
been much talk of bullish manipulation
and many spectators were relying on a /
squeeze TO start good business The out F..
side interest in the market was very
small although the southwest sent in .
some bullish reports on the cash run. {
Wheat had a weakening effect as the
market grew dull After several hours of /
dullness, following the early activity. IL /
CuiCatiQn set IN ana prices Iel or SDdIp- {
" July sold as high as 62a4c, but closed /
weak, 5sG54c depressed at 6I3sc. Receipts +
We're only Y cars
The oat pits was the center of more in +
terest than for several days past The I
general tone most Of the day was strong /
but trade was light and the weakness in (
other grains worked against the early
advances and she close showed a net loss.
today were that shorts in May
options VIII be squeezed by the big bull
holder May was pushed up TO &c for
time. although It closed at 43i2c- Packers
were on the buying side. The demand
was fair and offerings light until Just
before the close when they became more
liberal July sold at 5ISsc and closed
steady q shade lower at 3F40Ssc. Re
ceipts were l61 cars.
Provisions had too narrow market to
allow or the general liquidation that was
forced by longs unloading. The result
was decidedly slump after a very firm
start Hogs were steady and there was
some small early support When the
packers. however had pushed the price
up "a little stuff was thrown overheard
and the close was weak. July pork closed
12ikc lower at Sl7Q15-02l2 ~ lard sane
down AT Sl0l2ia and July ribs 5Q7isc lower
at S957ss
Estimated receipts tomorrow: Wheat
+ cars; corn. So cars; oats. $50 cars; hogs
is. 600
GRAIN AND PRODUCE Markets