The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-24
GRAIN BEARS
ARE TRAPPED
Tickle Weather Market In
duCed Them to 0verSeII.
ADVANCED AT A RUSH
July Corn, Wheat, Oats and
Provisions Higher.

Chicago, June 23.-Grain bears were
caught in trap today and were squeezed
to the good proht of the bulls On a tickle
weather market bears were induced 10
sell until the market was oversold. Early
weakness. however, especially in wheat,
was dispelled before the very builish argu
ment of greatly decreased stocks and
everything on the board rallied and ad-
vanced with a rush. At the close July
wheat was &c higher. July corn 11sc
higher and July oats nc up. Provisions
closed 121zq35c higher at record reakibng
prices. Clearing conditions in the wheat
fields as shown by the weather map.
augmented by lower cables, induced lib
eral early liquidation and short selling of
wheat. After last weeks bullish argu-
ments on wet weather. followed by Sat
urday's break. the bears thought the
prices were much too high for the fair,
warm weather they had in their mind for
the harvesters. The excitement over
wheat scarcity abroad seemed TO have
subsided and this gave the bears en-
couragement. Bulls who had paper profits
that were threatened FASTENED 10 take
them. AS result July opened 5s9s4 to Z
q5sc down at 727s to 73c There were
few early bullish statistics that were lost
sight of for a time, but soon the crowd
perceived that the pit was oversold. Big
decreases in stocks frightened the shorts
and the rest of the day the trade was
busy pushing prices up as the shorts cried
for cover. July worked up rapidly to be
411Q5s with apparent ease. Buying was
Il -,
conditions were bad in France and the
threshing returns were generally unfavor-
able In the main. however, the tide OF
trade was turned by shorts covering on
the decreased stocks. Predictions late in
the day were for showers over much of
the standing wheat. There were a little
dip from top prices on>proft taking but
July closed strong SAC up at 74AG&sc.
Local receipts were twenty-four cars,
seven of contract grade; Minneapolis and
Duluth reported 42S cars, making a total
for the three points of 452 cars. against 462
last week and 4s4 cars year ago. Pri-
mary receipts were SOL. 900 bushels. com
pared 10 LOCO bushels Seaboard clear
nnces in wheat and -four equalled 3D.
00U bushels. The visible supply showed
decrease of 2,5S5. 900 bushels where only
!, 10000 bushels decrease was expected.
On passage breadstuffs decreased 2.s32. 900
bushels. Worlds shipments were 7.476.-
coo bushels against 1851, 600 bushels last
year
Corn was very nervous all day. Early
in the day there was marked artificial
strength on July options caused by arbi-
trary higher bids by the bull leaders with
out considerable purchases Fluctuations
were erratic and July quotations could
hardly be called a criterion Of the corn
strength. Wheat, however lent good aid
to this pit on its upturn and there was
urgent buying in the deferred futures at
times especially Of December, which was
oversold. Too much rain and cold weather
has been a bullish factor in corn of late
and in some sections of the corn belt
in Iowa, these conditions now
prevail to some extent In other sections. /
however, crops are said to be in good
condition. July at the opening jumped
from Sc TO size, then back to 661kc and
closed 1isc up at &C. Business was not
large. however. in this option. Septem-
Der sold from 5S7s 10 soc and closed strong
lc higher at $3.50. Receipts were liberal
at 22l cars, thirty of contract grade
Cash corn was improved: No. 3 selling at
S2Q64c.
Oats were strengthened by the advance /
in the other grains and by their own ex-
rellent cash situation. Early trades were /
at slight recessions on the inuence Of +
temporary clear weather. Selling how {
ever. was only scattered and there con- /
tinued 70 he some talk Of too much rain /
Some sections reported good crops bat 1
with cash No. white selling at 4gT1zc 4
prices advanced. July sold from 30 to lie 1
and after a dip on profit taking closed 4
firm &c up at ie7sc. Receipts. 125 cars.
Provisions again made top prices for /
he year. Hogs sold at S7.S5 at the yards: (
also the years record price and inucnced /
4 coed demand il the provision pit.
Selling was only scattered. Packers now
hold almost everything in the pork list I
md Weld up very Iittic OF It. This condi- /
ion naturally brought sharp advances. /
July pork closed at top 92l4c UP at SIS. . /
September Sslza35c aighe~ at $3.50 /
July lard closed &c up at Si06s and July
lbs 12iec up at 5000. The cash demand /
leid up fairly we'll. but there seemed stiH I
o be a strong nanipulauye aspect 10 the /
BIT Estimated receipts for tomorrow:
wheat. IS cars; corn. 81 cars; cats, 80
'ars; hogs. 5000 head.