The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-07-03
CASH FIRMS IT UP
WHEAT MARKET STARTS OUT BY
BEING VERY WEAK

the Close Declines all Dealings and
Three Eighths Cent Besides-Good De-
mAnd for Cash Corn but Weakening
News from Texas-Oats Lower on Free
seliing-Provisions Shade Lower.
Chicago, July 2-Wheat was very
weak during the forenoon today but be-
came firm on liberal cash business.
winding up with gain of q cent in
September and IS cent in July. Corn
was very weak early in the day and il
communicated some of il TO wheat
Wheat rested with a net decline OF Is
cent. Oats are q cent lower for Sep
TENDER and provisions a shade under
yesterdays values.
Wheat opened without material
change since the close of the previous
days session. There was demand
enough to absorb the offerings for a
few minutes at between IFS cents and
715s cents. but inside of the n,.xt five
minutes the bulk Of the early buying
orders were filed and the bears still
had wheat for sale. Not only was
there bear wheat for sale. but when the
market began TO appear short OF buy
ing orders couple of good sized lines
of long wheat which had been carried
from higher prices. came upon the mar
ket and made prices slip of very quick
ly. From 71SqS cents September
had declined to Il cents about ten
minutes after the opening. with a few
sales at 703s cents before its decline was
arrested at that time. The trade was
light all forenoon and chiefly of To-
cal scalping character. The elevator
men had still some July wheat 10 buy
and they, Of course, endeavored TO buy
it as cheaply as possible. showing such
manipulative tactics as are usual. The
principal bearish features of the early
news We're the heavy northwestern re-
ceipts, the weakness of the foreign mar
kets, and the light exports. The re-
ceipts at Minneapolis were 90 cars and
at Duluth 337 cars, or 400 cars in all.
Today's shipments from Duluth were a
partial offset TO the receipts, the former
amounting to 100000 bushels. Liver
pool was quoted 1 pence lower at first
with little change; Antwerp IL centime
lower and Berlin from 3. TO / mark low
er. Boston was the only Atlantic port
which shipped any wheat in the last
twenty-four hours and the total OF
wheat and flour together from all the
principal Atlantic ports amounted 10
the small aggregate of 49,. 900 bushels.
The news from the northwest, apart
from the heavy receipts, was rather in
favor of the bulls. Several dispatches
reported some damage to wheat from
the frosts up there a week ago, and
some heads of wheat were being shown
here plucked southwest Of Minneapolis
which showed the tips blighted, pre-
sumably from the effects of the frost.
1t was also remarked here that the tenn
perature in the northwest yesterday
and today was too high for wheat and
dispatches from there conveyed the i'm
preston that uneasines on the same
score was prevailing where they were
experiencing the effect of 90 degrees
and over in the shade. Threshing re-
turns from the winter wheat fields are
principally of extremely poor yields.
st. Louis omitted 10 repeat the good
yields in the neighborhood Of Charles
ton, Mo-, which they, on several pre-
viouS occasions sent as courier-irri-
tant to the reports of small returns.
Reports from Michigan and northwest
ern Ohio were very bad. The market
acted extremely heavy all forenoon,
and it was not until after September
had declined to 701a cents that IL ceased
to have an appearance of extreme heavi
ness. 1t recovered from the latter point
to about the level of the opening figures
by about half an hour from the close.
Bradstreet's visible supply statement
caused temporary weakness after the
price had recovered TO 1% cents. IL
showed the worlds stock only about
600, 600 bushels less than a week ago.
which was considered unsatisfactory
and a reaction 10 702. cents resulted.
Cash bushes amounting TO 5000 bu-
shells here, &c. 900 bushels at Minneapolis
and $4,000 bushels at New York caused
firmer tone near the end and a rather
rapid recovery of all the days loss
and "a cent over. The latest trading in
September wheat was at 1lAG5s cents
and in July at 70q70ls cents. The spread
had thus narrowed TO a shade less than
rs cents as against 21a cents for mo-
ment yesterday.
Corn was extremely heavy until after
the estimated receipts for tomorrow
came to hand. Following that. and en-
couraged by the afternoon recovery in
wheat II assumed a firIner aspect FOR
'he remainder of the session. but could
not make up all its early loss. At the
opening September brought 46A cents
for a few minutes but there was sellers
at 466s cents at the same time 1t de-
clined 70 ASA cents, recovered TO 49,.
demand for cash corn was good and re-
suited in sales OF about 100000 bushels
for export worked by way OF New
York. A weak feature OF the situation
was that Texas was Offering corn for
delivery in New Orleans IN October at
equal TO 81 cents at the point OF de-
livery. Receipts here today were ga
cars but for tomorrow only IS cars are
looked for.
Oats were again active and under
cantinued free selling OF long stuff suf-
fered another decline OF values Trad
ing was more general today although
Schwartz. Dupe & Co, were again very
conspicuous with heavy offerings. The
close showed a decline Of iT5s and =
cents for September and May. while
July held comparatively stead. Sep
tember ranged from PAX cents 70 25i9d
23% cents and rested at 24I24ik cents.
The provision market was firm and
higher at the opening because Of the
days run OF hogs being only 1900 and
their price higher by from % 10 cents
The trading was not very active a.
though the fluctuations might suggest
an active business Septeu1 pork open
ed az 1920. sold as high as si2+5 and
down To 1920 with .l2-32is the closing
Lard lost ~ cents and ribs ~ cents
OF their previous days value
Estimates for Wednesday: Wheat. p
cars: corn. IS ears; oats, s. cars; hogs,
Il, 90 head
Chicago Market