The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-16
TRADERS ARE TIMID
RECENT FLUCTUATIONS TOO MUCH
FOR OONFIDENCR

Wheat Closes Weak and Three-Quarters Of
Cent Lower-SelIing Orders, Longs
Unloading and Argentine Shipments on
the One Hand and Buying at a Decline,
Shorts Covering and Moderate North
western Movement on the Other-Corn
Sells Up But Loses the Advance-Oats
0uiet-PrcFisions Lower.
Chicago, Feb. 15.-SIore from lack Of
support than anything else, wheat today
was weak and closed about q cent lower.
Traders have become timid from the dis
astrous effects of the past weeks sur
prising fluctuations and as a consequence
have become exceedingly cautious. Corn
and oats were but slightly affected and
closed unchanged. Provisions had a down
ward tendency and show material losses.
There was a fair speculative trade in
wheat for short session, the market hav-
ing 5sGI1 cent range. The feeling develop
ed was a little unsettled and prices rather
nervous. The start was weak. There
were good many selling orders on the
market and some Of the early sales Were
as low as Goa cents, or at y cent decline
from the close last night. But the de-
cline started some good buying, the
cold wave would invade the winter
wheat region tonight and possible damage
10 the growing crop was feared As the
strength developed, shorts began TO cover
and it did not take long to advance the
price to 65Ss 065i2c split. Among other
routine news which helped strengthen
fluctuations was the more moderate north
western movement, and reports that the
bulk OF the same was coming from the
elevators. But the buying fever gradually
led nd who ha q
realize, they found that the demand was
exceedingly tame and in the effort TO ger
rid of their holdings the price was grad
ually lowered nearly l cent and there was
not much recovery. The Argentine ship
| ments were quite a factor in producing
weakness, for the trade has heard so
much Of the shrinkage in the crop and
| the bad quality of the wheat that the StC,-
900 bushels shipped was a surprise. Yet
the total shipments for the first two
weeks, Of February this year have been
only 1,40o bushels, against !, 10000 bushels
the same time last year and 100000 the
same time two years ago. May Wneat
opened about Il cent lower, with sales al
| 6J2i T66c, improved gradually to 662s a6612c
split, then turned weak and sold of TO
| 6512c, closing at 651zc bid
Corn was fairly active and sold UP
sharply early but finally lost all the ad-
vance. It was Influenced some by wheat
and also by the impression that the pros
pectiVe change in the weather might cut
| off receipts. 1t followed wheat on the last
| break. May opened fractionally lower al
| 30d3OJsc split, sold up gradually to 5000
but weakened later to S0lsc, where il
closed.
Trading in oats was exceedingly quiet
nearly all the trading being done by coun-
| try dealers. The market was influenced
| almost entirely by the action of wheat
| May opened unchanged at 2llsc, sold up to
2i2sq2112c and closed just steady at A7sc
| bid.
Provisions were heavy, said to be be
cause of the selling out Of long stuff by
| stock yards firms in anticipation of a
| heavy ru nof hogs next week. May pork
started at a decline of from 2la cents &c
/ Is cents, dropped another 10 cents and
wound up at a net loss for the day OF
| 121A cents, at SOLO per barrel May lard
! at the close was worth $50, as against
| So 20 on Friday afternoon. May RIBS, which
| closed yesterday at S535, rested at SOP:
! today.
| Estimates for Monday: Wheat, 80 cars
| corn, 300 cars; oats, 200 cars; hogs, 5000
| head.