The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-07
CARRIED BY BEARS
DAYS DOINGS IN WHEAT RESULT
IN A MARKED DECLINE

ness at the Opening-No Export Demand
Excessive Receipts-Importing Coun-
tries Fairly Swamped by Supplies
Large Decrease in the Visible Supply
Causes Temporary Rally--Compared
With Wheat, Corn Seems Firm, Though
| Lower--Oats Active but Lower.
Chicago, May e-The bears were win
ners in today's ironing inthe wheat
| market, July closing Is cents lower.
| The soaking rains and lower cables
caused the decline. July corn closed
| p cent lower, and July oats as cent
| lower. Provisions CLOSED practically
| unchanged.
| Wheat opened weak as the result of
| the rain storms throughout the country
since Saturday. The other market
news. outside of a heavy decrease in
the visible supply was bearish in gener-
| al as il has been for a week or more.
There was no export demand. Receipts
Were in excess Of those of the year be-
| fore; the other exporting countries
were still pouring wheat in great abun-
dance, more than was needed by the
importing countries. The opening trade
for July was at 636s cents down to 631s
cents with numerous sellers at the
higher and few sellers at the lower
quotation. So very radical a decline
since Saturday, and the fact that it
brought the price under the rate at
which puts had been sold. caused
some confident buying, which caused
a reaction to 635sGA cents in the
course of the first forty minutes. Fol-
| lowing that there was a gradual de-
cline to the lowest price made at the
opening and that was in trun succeeded
by another rise to 633s cents, the adj
vance being due to a decresae of $780,
| 600 bushels in the visible supply, or
a bout 1.500,0 900 bushels greater reduc-
ton than had been generally expected.
The visible supply being disposed Of
the market then came under the in
fuences with which the days dispatches
abound. Minneapolis and Duluth re-
ceipts amounted to 3S4 cars, compared
with 3l6 cars on the corresponding day
of the year before. The total Of the
primary market receipts was given at
POI, 900 bushels against 290, 900 last year.
Export clearances from the Atlantic
ports including flour and wheat amour
ted to IFS. AGA bushels. The amount on
ocean passage increased 600 bushels
and the English visible supply increas-
ed 10000 bushels. RusSa's contri-
button of last week shipments OF wheat
was reported at 100000 00 bushels Those
latter items taken together were the
Influences under which the market
broke very soft, following the first eff
feet Of the reduction in the visible sup
ply, and caused a decline to 6254 cents
about an hour before the close. There
being nothing heard concerning the
n Of LOFT Of J,
for shipment from here, nor any but
trifiing quantity at the seaboard and
a prediction that the days declines
here would add to the weakness of the
very weak cloSingS received from
abroad this afternoon, the decline gath
cred force as the end of the session
approached, and a minute or so from
the close 6214 cents became the trading
price, and that was still current as the
bell tapped.
Compared with the weakness in
wheat corn might also be called firm,
although it closed at a decline. Foreign
adviceS were encouraging and the ad-
vices from the seaboard were that
some was being sold daily for export.
The demand in the cash market was
good and car loads were easy TO dis
pose of, and the offerings of these had
been about all picked before the spec
ulative prices showed any radical
weakness. The heaviness in wheat
proved top much to contend against.
Receipts were $50 cars. The decrease
in the visible supply of only 1,754, 900
bushels compared with a decrease of
2,755, 900 bushels a year ago, was point
which counted in favor of the bears.
July opened at from 1917 cents to 49$s
cents, advanced to 497sG50 cents, de-
clined to 491s cents and closed at 1915
az cents.
Oats were fairly active and lower.
The market was governed principally
by wheat and corn. The recent rains
in the oats territory was still reported
as a weakening feature. The deferred
deliveries We're wanted to some extent,
but ruled lower in spite of a fairly aC-
tive inquiry. May sold from 2S1s to
2Sss cents. closing at the latter price
bid. July opened at 2S1a cents, sold AT
2S$s cents, up to 2S5s cents. declined
again to 2S1s cents and closed at 2S4
cents. The visible supply showed a de-
crease in oats of i0l 600 bushels but had
little if any effect upon the market.
The provision market was weak and
heavy for the most part, although very
little change in value resulted in the
end. Pork recovered a ten cent de-
cline, TO within 21a cents of its closing
value on Saturday. and lard and ribs
are actually without change. Hog re-
ceipts were q. 600 head and $1,000 head
are expected tomorrow.
Estimates for Tuesday: Wheat 45
cars. corn $50 cars, oats 100 cars, hogs
Is Gn0 head