South Bend news-times. (South Bend, Ind.) 1913-1938, 1914-03-24
CORN ADVANCES
ALL ALONG LINE
Speculation and Bull News
Sends Grain Soaring in All
GradeS-Big UnIoadingS Fail
to Break Prices in Pit.
BY JOSEPH +. PRTrCHARD.

CHICAGO. March 24.-Corn had a
big day here today. Some of the
larger spectators who were short
good sized lines Of corn, attempted to
break the price by throwing large
quantities into the pit early today, but
the grain was absorbed quickly and
when the big people attempted 70 re-
trace their steps by covering they
were followed by nearly every specu-
latOr in the corn world and prices
we're bid up sharply. The May show
ed an advance of nearly 1c, the July
was up l lac and September gained
1-2c. Resting spots for the day
were 3-S01-2c below the highest lev
els The trade was wholly "A specula-
tive affair. and there was more bull
than bear news in the market The
price of this grain has pivoted for
some time on the cash situation and
there was nothing in the cash article
to cause any such advance as was eS-
tablished. Chicago was unchanged to
1 c higher. Peoria was unchanged and
ST. Louis was steady for most grades
and lie higher for selected parcels
Kansas City about 1-2c higher and
Omaha unchanged to 1-2c higher. The
advance here came late in the session
in sympathy with the upturn in the
future market.
One of the larger spectators who
has favored the bull side advanced the
opinion that the upturn today was, in
his opinion, OVerdone and wholly the
result Of pit conditions, more than any
thing new in the cash surroundings
The cash buyers of corn at the east
are disposed TO save 13c per bushel
and take the Argentine grain instead
of the corn raised in the United States.
Large quantities were offered at New
Il. IL -
100000 bushels at the eastern sea-
board last week and goOdly quantities
in the southwest. The asking price
yesterday for this corn was So for
June-July and &C 12 for May. The
first cargo of the new crop from that
country will be shipped tomorrow and
il is expected To arrive in America on
April 25. Cash trade in corn here was
confined to 60, 900 bushels.
Wheat responded 20 the statistical
position of that grain today, helped by
the strength in corn. The visible sup
ply of wheat decreased 1877, 600 bush
els. Worlds shipments were smaller
than comparative periods at a little
less than 100000 bushels. The
Canadian visible showed a fair in
crease for the week, but is some small
er than for the corresponding time in
i2la. Minneapolis and Duluth re-
ported the cash markets as dull and
the latter point said that export bids
were greatly out of line. Cash trade
here was dull with sale of $4,000
bushels to interior millers.
There was no encouraging news TO
wheat bulls from the markets of the
old world, as they were mainly lower.
Oats were up 3-S a 1-2c in price to-
day and this mainly as a result Of the
strength in corn. The visible supply
decreased $4,000 bushels and Chi
cago stocks decreased $50, 900 bushels.
The strength in corn was help to
the market for hog products as it
caused some buying not only by men
who are generally to be seen in the
wheat and corn pits, but by others in
the way of investment.
Resting spots for the day were prac-
tically unchanged.