The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1895-05-05
BULGE PLAYS OUT
WHEAT Is LOWER FROM A LARGE
VARIETY OF CAUSES.
Fridays Advance and the Mornings
of Heavy Rains in the Wheat Area
Changes All That--Excessive Primary
Receipts and Absence of Foreign De-
mand Assist the Weatber-Corn Gets
Independent and Goes HiEher--Oats Ac.
tive but Lower on Rain News


Chicago, May 4-Wheat at he close
today was IS cent lower than at the
corresponding time OF the day before
and is cents below the highest price il
brought near the opening. The wea-
Their was to some extent the cause OF
the break. but heavy receipts at pri-
mary markets compared with those OF
last year and a complete absence OF
foreign demand at present prices, were
likewise influential features in the days
news. Corn was Independently firm.
closing Is cent higher and oats closed
Is cent lower. Provisions were weak
and lower.
Wheat on the curb got as high as 65E
cents yesterday afternoon. This morn
ing the curbs larm had subsidized con-
sideralby and the regular session OPEN
ed with sellers at from 60 cents 10 e47s
cents, but those figures were still from
Il cent to Is cent above the closing quo
tations of the regular session yesterday
1t did not take long, however, to shake
the prices down to about the level OF
the previous days closing figures and
after that the market became compare
lively quiet for an hour with the price
kejt within a range Of about Is cent, or
between 64ss cents and Gas. cents. The
bulge on the curb yesterday and at the
opening today had its origin IN a dread
that the warm, dry weather would do
Treparable damage to the growing
wheat Very general and in some places
heavy rains throughout the upper lake
regions and upper Mississippi valley,
with predicted severe local storms in
Missouri, Illinois, Iowa, Minnesota, the
DakotaS, Wisconsin and northwestern
Nebraska, caused the lecline which fol-
lowe dthe opening jump. The cables
brought higher quotations from Liver
pool and the continental markets but
the statistical items connected with
the daily and weekly receipts and chip
ments. were bearish and that, in con-
nection with the rains present and pros
pective had an ultimately depressing
effect. Minneapolis and Duluth re-
ceived 300 cars compared with $50
year ago. Primary market receipts for
the day were 31i 600 bushels against
24l,OoO bushels year ago. The weeks
exports of wheat and -four both coasts
amounted to 2,555. 200 bushels against
2,45l goo bushels the week before. Clear
ances from the Atlantic ports for the
twenty-four hours were ouly equal TO
12s,0O0 bushels. Argentine shipments
last week were 1920, 900 bushels. Ber-
lin, Paris and Liverpool all closed at
considerably higher prices than on the
day before, but the markets here be-
came weak and declined TO 81 cents
with that price bid at the close.
The corn market was strong at times
and firm from the start until within
a few minutes OF the close, when IL
weakened a little in sympathy with
the decline in wheat. The strength
came from the strong cash situation.
One cargo was worked from here via
the ST. Lawrence and orders are here
for several cargoes a [ a small fraction
below today's prices. Receipts were
1S2 cars and 2SS,000 bushels were re-
ceived at all primary markets, as COM
pared with 325, 900 bushels a year ago.
The opening price for July was 1870
90 cents. Brought 80 cents but the
proice most frequently paid was 493.
cents. Near the end there was a drop
to 1855 cents and 1t closed at 49%. cents
Oats were fairly active. An easier
feeling was prompt and prices suffered
decline. Rain in the oats territory
and prospects of moro was the princi-
pal weakness OF futures. May started
at 2S1a cents. sold donw to PSI cents,
rallied again to from % to 2Slh cents
and was offered at price until the end,
showing a decline OF 1s4A cent from
yesterday. July ranged from 2Sk1
2S&s cents. resting at 2S3s cents bid.
The provision market ranged from a
declining hog market. At the close
July pork was quoted S11.95 after sell
ing as low as 81. compared with 1920
al the close Friday. July lard lost 10
cents Of its previous days value and
ribs declined from 12ls cents to ID
cents. Receipts for Monday-Wheat
80 cars; corn 135 cars; oats $50 cars;
hogs $4,000 head.