The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1891-07-22
wEArAER RIIIIETIN.

UNITED STATES SIGNAL OFFICE,
WICHITA, Kan, July 81, 1891.
Forecast for Wichita and vicinity
Fair weather, stationary temperature.
The highest temperature was S6', the
lowest 67o and the mean 76, with
warm cloudIess weather and fresh south
winds.
Last year on July 81 the highest temper
ature was 9O0, the lowest SOH and the mean
$50.
Two years ago the corresponding temper
atures were 94N, &C. and so.
FRED L. JOHNSON, Observer.
WASHINGTON, D. c., July 2L-Forecast
until p. IN. Wednesday;
For Kansas: Generally fair, stationary
temperature, southeast winds.
THE SPECULATIVE GRAIN MARKETS.
New YORK, July 21.-Henry Clews, in
his weekly commercial circular, discuss
ing present and prospective prices for
grain says:
1.-THE new crop of wheat is weighing
heavily on the market just now, and, as
we foreshawoed in our last letter, prices
have continued to yield slowly even when
news Of strengthening nature IS received.
The near options have shown the most
weakness owing TO the fact that the large
short interest in those options had been
largely eliminated, and the threatened
corner in the July option, which was made
possible by the exceedingly small stocks
on hand, especially in New York, has
thereby been averted. There has also
been free liquidation Of long wheat, owing
to heavier receipts of new wheat than were
generallyHl for SO early in the season.
The western farmers generally appear to
be in better circumstances financially than
e., gSsNr.s -
hold the greater portion of their wheat
for while as they are believers in higher
prices later in the season. The unexpect-
ed movement therefore has precipitated a
considerable amount of long holding
on the market, and westerners have also
sold freely here, as our market has pre-
Sented a somewhat better front than the
others, having been buoyed up to great
extent by the large exports from the sea-
board. Bulls have been disinclined to
give much support to prices, feeling that
before any big advance takes place options
are quite likely to sag further under the
receipts, and are consequently waiting for
lower range of prices before making
more than their present modest purchases.
Foreign houses have done comparatively
little during the week, being moderate
purchasers early and sellers later, and
this, with the dull and lower European
markets has aided the decline The crop
and the interior movement of the new
wheat is the one absorbing topic at the
present time, and although the foreign
situation and the prospective demand
for our wheat arising from it, is given
careful consideration, it seems to take
place of secondary Importance, as u is
looked upon as being the basis of higher
range of prices later on, but not at present.
Everything in connection with the '9l
crop is, as it has been for some
time, in a highly hourishing condi-
tion, and although the next two or three
weeks are the most critical of the season,
there seems to exist few fears of any i'm
portant deterioration in spring wheat. The
harvesting of winter wheat has now
reached the northern portion Of the belt
and threshing returns are extremely salts
factory in most cases. There is undoubt-
edly disposition to hold wheat back from
the market, for throughout the west the
idea appears to be growing that the brisk
foreign demand is bound to cause higher
prices before the end of the crop year.
These views are certainly not without
foundation, for, as we have before pointed
out, the European requirements will be
larger this year than for several years
past. and as Australia, India and Argen-
tine republic are expecting but Indifferent
yields, it is quite natural that Europe
should be obliged to look to America to
supply the deficiency. Stock of contract
wheat in New York is now l68, ,55S bushels,
a decrease of 135, ,539 bushels from last
week. Wheat on passage decreased COS, 900
bushels. Visible supply decreased 777,7l4
bushels, and BradsUreet estimates a de-
crease in supplies east and west of the
Rockies of l, ,423, 900 bushels.
Corn has been quite irregular at times
but on the whole has presented a strong
front, with an active covering of short in
terests on the unexpectedly small interior
receipts together with climatic conditions,
which have kept the crop about at stand
still at the time of year when the most de-
velopment is expected. The latter feature
is the result of the low temperature for
this time of the season, which has pre-
vailed for about two weeks past. The
condition at present is somewhat irregu-
lar. In Kansas, Nebraska and Missouri,
an unusually wet season has prevented
proper cultivation, and the corn is there
lore backward TO the extent of two or three
weeks in these states. In Iowa, Illinois,
Indiana and Ohio the condition is better,
and the crop doing fairly well. Favorable
weather from now until the middle of
August, however, ought to insure a fine
crop"