The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-26
WHEAT PRICES HIGHER
Fear That the War Will Be
Long Protracted
NEW HIGH RECORD MADE
Corn, Oats and Provisions Also
Advance in Value.

Chicago. Feb 25.-Heavy purchases OF
wheat today on the probability Of the
Russo-Japanese war being of lond dura-
ton sent the price of wheat for May de-
livery up TO S1.09 a busheL Compared
with last nights close this figure showed
a gain Of 252c and is new high record
mark for that delivery. The market with
May up &c and July &c May corn was a
shade lower, oats sc higher and pro-
visions 10 10 32Ec higher.
Higher prices in the English grain mar
kets impaired strength to wheat at the
opening. May started Izc hiher. while
July was &c to &C lower. 1t was init
mated in private crop report that the
weather in various parts OF the country
had been unfavorable 10 wheat Toward
the end of the first hour the selling was
of such an influential character that the
market weakened. The leading long was
said 10 have plenty of May for sale,
while several large commission houses had
liberal offerings of both May and July.
The price of May declined to S106&4 July
held fairly steady to 96c. AS soon as the
selling stopped the market became strong
back their wheat while traders general
ly had liberal buying orders. The big
bull interest was on both sides of the
market but it was believed that more
wheat was bought than sold for that ac-
count Offerings became extremely light
late in the session. Whether correct or
not the belief gained ground that wheat
supplies would be very limited before
another harvest. This. coupled with the
alarm in foreign markets over what a
spread Of war may do. served to advance
prices rapidly until May had touched
sl.O9 which is pc above the highest price
previously reached at any time in the
present bull campaign. July sold up to
1884. Heavy liquidation occurred during
the final few minutes Of trading. The
result was to suddenly carry prices down
ward but the close was firm with May at
S1.071. July closed at 9S1sc. During the
day the September wheat price which
was around Gle, last night was lifted TO
&c. Clearances of wheat and -four were
equal TO 213.5OO bushels. Primary re-
ceipts were 494,9C0 bushels against 399. 100
bushels a year age. Minneapolis, Duluth
and Chicago reported receipts of 253 cars.
against 299 cars last week and 81 cars
a year ago.
The sentiment in the corn pit was
somewhat mixed The close was about
steady. May selling between 57@s and 5Sc.
July was up Is at 5524c Local receipts
were 1S9 cars. two of contract grade
The feature in trading in oats was
the heavy selling by one or two of the
traders. May opened sc higher at 462sc.
advanced to 463sc, but declined later TO
451ec. The close was at i6isc. July showed
a final gain of Y at 4214c. Local receipts
were 12l cars.
There was a big general trade in pro-
visions. The feature of the market was
the buying Of packers and the great scare
ity of offerings. The strength in the
grain pits together with higher prices
for hogs was responsible for much Of
the buying. The close was strong. May
pork showing a gain of 32is at S16.57l2;
May lard was up 10d121ac a SSl21a and
ribs 15c higher at $S.02IzGSS.05
Estimated receipts for tomorrow: Wheat
p cars; corn. 265 cars; oats. 17G cars;
hogs. 5000 head