The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-07
FOOLS BOTH SIDES
WHEAT OPENS STRONG, REACTS AND
CLOSES AT IN ADVANCE.

Corn. Oats and Provisions also Share the
Good Fortune of the Leading Cereal
Argentine Movement Slow and Damage
to the Crop by Rain Reported, While
Russian Ports are Frost-Locked-Inter-
Tor millers Take Winter Wheat-Lsrge
Northwestern Receipts-Corn and Pro-
visions FIrmed nv Probable Receipts
Chicago, Ill, Feb. 6.-Wheat was a
surprise to both sides again today, ep-
ening strong and, though losing some
of its early gain, closing 4 cent higher
than yesterday. It seemed 10 be the
general accepted opinion that wheat
is being manipulated by few powerful
operators. Corn, oats and provisions
were all firm and closed with some gain
for the day.
In wheat there was not as much ex-
element and the trade was not as
large, but the market nevertheless was
sensitive and nervous, the range for
the day being l cent. The trade, too,
was mainly local, with less doing for
account. Initial trading was at 12qS
cent advance, early trading in May be-
ing at 6SQ6SB cents. The strength was
due to a cablegram from London &C.
knowledging the almost complete de-
pendence of the United Kingdom for
supplies until May, on account of the
late movement of the Argentine wheat
and the fact of the Russian ports be-
ing closed by frost. Gables were re-
ceived from London this morning which
said that Argentine was offering wheat
more freely and that Russia was offer
ing heavily for April-May shipment.
The latter dispatch encouraged some
selling and caused a decline TO SIS
cents. which, however, the market
quickly reacted from TO 6724 cents when
Bartlett-Frazier sent two or three bro
kers into the pit and took about 20O,-
600 bushels. The Liverpool market
was reported II pence higher at the OPP
ening and q pence higher at the close.
The northwestern receipts were again
very large, 514 cars, The Atlantic
seaboard clearances of wheat and flour
were 100000 bushels. Reports concern
ing the flour trade were not encourage
ing, the general advices being 10 the
effect that the price Of flour did not
respond to the advance in wheat. The
weather last week was generally favor
able for the corn. Reports regarding
Argentine wheat were conflicting. One
set of them claimed that continuous
rains prevailed and We're of course, in
juring the crop, and another that offer
inGs from there to the United Kingdom
had increased, but We're said to be
chiefly for March-April delivery. A
good inquiry from winter wheat millers
resulted in the placing since the close
Of change yesterday up to noon today
of 10000 bushels, GO, 600 Of which was
for St Louis. That assisted in hold
ing the market steady. Nay, after
falling 10 671s cents, sold up to 675s
cents, and al noon was 67Ia cents. Dur
ing the last hour wheat had a squirt TO
67& cents, but soon sold off to 6712G9s
cents, where il closed. The cash bust
ness done with country millers was
swelled to POI, coo bushels before the
close and the seabo2rd reported the
fourteen boat loads taken for export.
Corn was quiet, but the prospect OF
small receipts for some time helped to
give confidence to holders, and copse-
quently a firm undertone to the mar
ket May opened about - cent higher,
at 3O5s cents, and sold 1-16 cent higher
about the start and then settled down
around S015 cents for the remainder of
the ady and closed at that
Oats were Influenced a good deal by
corn and sold higher, holding fairly
Well May opened 4 cen thigher, at
Zl12Q3s cents, weakened to N$sGk
cents, and closed ait Ply cents.
Provisions were firmer on the pros
poet Of small receipts for some time 10
come on account of the fearfuIly bad
state of the country roads. Good buy
ing OF ribs and lard by packers also
helped TO sustain the market. The
best prices of the day were made at
the opening, when May pork sold at
$lO.62la. 1t closed S10.5712, or 10 cents
Improvement over closing prices of
yesterday. Lard opened up 215 cents.
but closed unchanged. Ribs opened
at S5.42$s and closed at $40 for Nav.
against 500 yesterday.
Estimated receipts for tomorrow:
Wheat. &c cars; corn, 100 cars; oats, 80
cars; hogs, =.
GRAIN MARKER