The Wichita daily eagle., 1894-03-06

CHICAGO. March 5.-Wheat was weak at the
start today but afterwards recovered and
closed "a cent higher for May. The mild
weather, large northwestern receipts and
lower Liverpool quotations caused the early
decline, but the liberal clearances showed a
decrease in New York stocks and an increase
in the visible supply turned the tide and May
closed only 1s cent from the top May corn is
u cent higher and May oats "a cent higher,
but provisions closed lower all around.
The cold wave, which it was feared might
damage the wheat plant, did not appear on
schedule time. The early cables reported an
increase Of 7l2,000 bushels in the quantity of
wheat and flour on ocean passage, and Min
neapolis and Duluth returned 5SS cars as the
receipts at those two places today. year
ago they got 5l9 cars. The Liverpool market
was quoted weak and Il pence lower, with
more disposition On the part of holders to sell.
Inc bulls, having such number of material
ly bearish matters arranged against them at
the start, had wheat for sale as soon as an
opportunity was offered and the bears who
were short were unwilling buyers as rule at
over 59Z cents for May. A few lots found
buyers at 5Sss cents at the opening. That
showed decline since the close on Saturday
of from to n cent There were no symp-
toms OF recovery for some time, and not until
the price had bumped several times against
bS1s cents. The recovery which subsequently
occurred was caused by New York advising a
reduction In the stock there for the week of
100000 bushels. The price under the latter
annuence rose to 5SN cents. There had been a
good deal Of buying against puts on the early
decline. and on the rally all the wheat SO
bought was on sale. Much of it was disposed
Fat between 5s18 to 59sz cents, but the quanti-
ty proved too heavy for the demand and a
drop to 50ss cents was brought about. The
days clearances from the Atlantic ports
amounted to about 4S3 900 bushels. The in
duence of the early news again came into
play in the absence of any outside demand for
cash wheat and the price for May wheat again
went down to 593S@59la cents about 1890
O'Clock. The English visible supply was es-
timated to have decreased 100000 bushels
during the last week. The price touched 597s
cents early in the day andgsold sparingly at
that price second time near the close. The
latest trading was at 5sA cents.
In corn there was moderate trade, the in
tcrest increasing somewhat as the session ad-
vanced, the bulk of the trade taking place
after the early advance. The opening was
easy on the spring like weather and liberal
receipts, but the market was quiet and very
little life Was manifested until a brokerage
concern started in to buy, which caused
prices to advance "a cent with little trading
cents for July. Prices were fairly well sus-
tanned for while at the advance, receding
later 1s@4 cent, at which point they held
steady and closed with May only "a cent from
the top.
In oats there was firmer feeling prevailing.
The prices advanced ID to 5s cent and closed
steady at the top. The strength was due
largely to sympathy with corn and to the de-
crease in the visible supply.
There was very little doing in provisions
early in the day, dull feeling prevailing.
The market opened weak and lower in sym
pathy with the decline in wheat and then
ruled fairly steady on some little disposition
being shown by the packers TO support it.
There was, however, some selling of lard by
one of the packing houses but the offerings
were taken readily by a foreign commission
firm. Ultimately the market broke on free
offerings, particularly that of pork. by some
of the packers who turned sellers, few stop
loss orders coming, no outside support, and
continued trading by the commission houses
before referred to. The weakness was en-
phasized to some extent by the cores ponding
condition of live hogs at the yards. Later on
there was moderate reaction in pork on the
commission house turning buyer with the
closing steady for pork, and lard and ribs
weak. Compared with Saturday May pork
was 151s cents lower. May lard ~ cents lower
and May ribs Is cents lower.
Estimated receipts for tomorrow: Wheat.
10 cars; Corn, $50 cars; Oats, 275 cars; Hogs,
d, 900 head.