The Wichita daily eagle., 1895-06-04

| Rains are First in Evidence and Other News
is PurposeIy Disregarded by the Major
| ity--Other Reports of Wheat Areas Too
| Far Gone for Rain to Help, Aid in g
Closing Recovery Almost Back to the
Opening Price--Unexpected Decrease in
| the Visible Wheat suppIy-Provision,
Firm and Unchanged.
| Chicago, June Sag and recovery
We're the features in all of the pits on
| the board Of trade today, and though
| the fluctuations in grain were rather
wide the close shows compare lively
small divergence from final figures on
| Saturday, wheat being Y cent, corn z
| cent and oats u cent lower Provis-
| ions are practically unchanged.
| Wheat opened weak on account Of
| the heavy rains which fell in the west
and northwest yesterday and during
| last night. The spring wheat crop
| thus received sufficiency of moisture
| for all present purposes and the corn
and oats crops, where the rain soaked
| them, got timely relief. The benefit
| thus conferred was made the most of
| by those who wish to see good heavy
! reaction in the price OF wheat. They
avoided the subject of the reports re-
ceived this morning regarding the COM
plete failure of the winter wheat in
places where something like crop had
| been promised UP to week ago. Many
OF those who are believers in ultimate
~ higher prices for wheat, but had
sold out from time to time on the
bulges, were quite as anxious as the
pronounced bears to see a drop in
price. Two rather strong parties We're
thus arrayed against the stayers
among the bulls, and when the signal
service report was issued and named
the probability of thunder storms for
Illinois, Indiana and lower Michigan
tomorrow, the market, which had for
half an hour previous been giving
symptoms Of weakness, became de-
cidedly heavy and prices had a severe
tuble. E. NJ. Thoman's crop report
was issued today and because of it's
indicating good yield of spring wheat,
although from a considerably dimin-
ished acreage, II seems to have been
appropriated by the bears. The most
significant features of the report are
the decrease Of 100000 in the acres ge
or winter wheat, and zoo. .0G0 acreage in
that of spring, and the great deteriora-
ton in the condition of winter wheat
compared with that Ola year ago. The
reporters most significanDremarks are
IN view of the possibility of contin-
uance of the unfavorable weather
which at the date of his returns had
caused the poor condition at that time.
He says: "Should poor conditions in
climate and soil be maintained for ten
days, practical failure would result.
where a half crop is now primised.
Practical failure of extensive areas in
1diana, Illinois, Ohio and Michigan has
. q W nd Il
in those states is still in progress,
abundance of testimony of that effect
being today added to what was pre-
ViOusly known about it."
The Missouri state crop report, which
perhaps covers the condition to still
later date than ThOman's, marks the
reduction in condition for the month
2S, as against Thoman's - points re-
duction for same state. The market,
which in the meantime had declined
2%centS from the opening, at once be-
gan to climb upward, assisted by a
greater reduction in the visible supply
than was looked for. The opening was
irregular, as usual, but sellers were
everywhere. The opening range was
from 1875 cents donw to 1885 cents for
July, with September at about u or "A
premium. 1t dropped to TSA cents at
once. recovered to 7S4 cents and the
raine PREDICTIONS and other matters al
ready referred to remained in force un-
til the price was down at 765s cents, at
which point the Missouri state report
was made public and the recovery to
the closing figure of 7S24 cents was be-
gun.
Corn was weakened by the rains IN
the west, and to some extent also in
sympathy with the early heaviness
1t recovered a good deal of it's eraly
loss when toward the end of the ses-
sion wheat showed the possession of a
recuperative power in spite of the in
crease in the visible supply. The OPEN
ing for July was from 521a cents down
to 50$4 cents as against 52@s cents on
1t reacted to 504 cents, as
the bottom of the decline. and recover
ed to 81 = cents at the close, closing q
cent off for the day. Receipts were COL
cars.
Oats was feirly active and showed a
decline at the close of "a cent on June
and July, l. cent on September and
Il cent on May. The feeling through
out the esession was very weak and
values much lower. There was free
selling by longs and other parties. This
was the principal fea tuTe of the early
drop in prices. The visible supply was
received showing an increase of !. .236. 900
bushels and further weakness was no.
ticeable. Shortly before the close, how
-
wheat and corn experienced a big reac-
ton, which oats followed. Then the
state crop report gave the
condition of the oats crop as 30 points
lower than IL was last year. This fact
was somewhat influential in assisting
the latter advance.
The provision market was moderately
active and closed firm after weakness
at the start, fiuetuating in sympathy
With grains. At the close pork showed
no change for September and ~ cents
higher for July. Lard declined cents
for July and 2la cents higher for Sep
tember. and ribs gained 2Ie cents for
both deliveries.
Estimated receipts for tomorrow:
66 cars: corn. as cars; oats, $40 |
cars; hogs, $4,000 head.
Never failing source OF light biscuit |
and muffins-Prce' Cream Baking |
Powder.