Los Angeles herald., 1905-05-23
CHICAGO GRAIN MARKET
Advance Of Six Cents for May Corn
Wheat Higher and Oats Firm
nv Associated Press

BY Associated Press.
CHICAGO, May 22.--The wheat mar
ket today opened extremely strong,
with an active demand for the May de-
livery. Initial quotations on May were
up 1c, at g9c. July was a shade lower
to %@kc higher, at SS@SSRc.
The weather was again disappointing
to those who had become satisfied that
growing wheat needed moisture. Rains
were reported both in the northwest
and southwest. In addition wheat
prices at Liverpool were higher. The
May option appeared to be in strong
hands and efforts of shorts to dislodge
offerings failed until the price had been
bid UP to $1.03 Meantime July ad-
vanced to S99sc. On the four-cent adj
vance in May there was enough profit
taking to cause considerable reac-
tlon. At the same time, factors that
had been apparently unheeded early
in the session began to have their ef-
feet on the future deliveries.
The worlds shipments were about g.
000 900 bushels in excess of the amount
generally expected. The amount of
breadstuffs on passage showed an In
crease of 100000 bushels.
In addition a report of a Minneapolis
crop expert who is now investigating
the winter wheat situation In the south
west was considered of a bearish char
acter. 1t had been expected that the
report would be quite bullish, hence an
estimate by this authority of fair
crop proved a disappointment to the
bulls.
Another weakening influence was an
increase of 25 per cent in primary re-
cepts. The market, however. closed
firm. with May 4c higher, at $1.01. Final
quotations on July were up ss@%c, at
SS%c.
An advance of &c bushel in the price
of corn for, May delivery was the fea-
ture of trading in the corn pit. The
volume of trading which was trans
acted while the price was making the
sudden upward leap was extraordinar-
lily small, it being estimated at not
over 100000 bushels. There was no ap-
parent pressure put on the main shorts,
who seemingly had convinced them
selves that they were in bad predica-
ment and the sooner they made the ne
cessary sacrifice to get out the better
they were likely to fare. All that the
leading longs could do was to refuse to
sell any May corn. This they did un-
til the price of may had jumped from
53c at the opening to SOC within half
an hour of the start. At Soc the liberal
profits in sight started moderate liqui-
dation and a reaction soon followed.
May closed firm, with net gain Of
4Bc, at 56Bc. July closed at 4Sc, a net
gain Of Nc.
In sympathy with the sharp advance
in other grains, the oats market was
firm. July closed Bc higher, at 29$c.
Provisions were firm early, as re-
suit of 10c advance in the price of live
hogs. Later sentiment became easier
on profit taking. At the close, July
pork was off &c, lard was off 21sc and
ribs were a shade lower.
Market Ranges
The leading futures ranged as fol-
lows:
Wheat, No. 2--May, $1O1 July, ssAc;
September, S2@S2Ac.
Corn, No. 2-May, 56Bc; July (old),
4SB@4SAc; July (new), 4Sc; September
(old) 477sc; September (new), 47kc
Oats, No. 2-May, 9O3sc; July, 29%c;
September, 2SBc.
Cash quotations were as follows:
F'lour-Firm.
Spring wheat-No. 2, $1.o5@1 90; No.
8, $1.00@1.06 No. 2 (red), $1.0S@10S.
Corn-No. 2, 56Ac; No. 2 (yellow),
56%c.
oats-No. 2. 8o%c; No. 2 (white), s2A
@33c; No. (white), 31@32kc.
Rye-No. 2, 77h@77%c.
Barley-Good feeding, 39@40c; fair to
choice mailing, 46@49c.
F'laXseed-No. /, $126; No. north
western, $1.42; prime timothy seed,
$3.50
Provisions-Mess pork, per bbl., s12.5O
@1255; lard, per 100 pounds, $1,000
7.22R; short ribs sides Qoose), $7O5@
IT'S; short clear sides (boXed), $7.12h@
7.25.
wv.