The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-02-15
WHEAT WAS TICKLE
DOES NOTHING THAT IT COULD BE
EXPECTED 10 Do

Opens Lower, Contrary to Expectations or
Pr,ia alb Itie., Goes on On a Rampas e7us
Boom. Then at the Last Takes a Header
and Closes at a Loss of Three-Eigh ths
Cent Since ThursGay-Gold Export Re-
ports and Heavy Selling Orders From
the Northwest Assist the PIunge-Corn,
Oats and Provisions Weaken.
, Chicago, Ill, Feb. 1.-THE fickleness
displayed by wheat today would make
even ST. Valentine envious. Opening
lower, which was the first surprise, il
RAPIDLY advanced and held strong till
near the close when down it went, clos
| ing at a loss of Is cent since yesterday,
after having been nearly cent above
that price. Corn and oats were more
consistent and closed practically I'M
changed, as did also provisions.
In wheat there was a moderate spec
ulative trade, the market ruling rather
spasmodic, the range for the day be-
ing rs cents. The tone at the start
was weak, and initial trades showed
Is cent to 14@as cent less, but good de-
mand prevailed shortly afterward and
prices gradually sold up 1918 cents.
The treasury opening was attributable,
to some extent. TO the weaker cables,
Liverpool coming Il pence lower, and
then the cold wave predicted yester-
day failed to materialize, the weather
on the contrary being mild and favor
able and no doubt cut something of
A. Il, -,
market rallied on buying by promlnen.
houses and the advance was helped
along by the liberal exports, more mod
crate northwestern receipts and fair
cut-inspection here. The decline in
Liverpool in the face of the rise on
this side yesterday was also said TO be
due ito the reduction in ocean freights
more than anything else, and this eX-
PLANTATION was something of a help 10
the reduction. AS a rule there was
little in the news to warrant the ad-
vance but sentiment was undeniably
bullish and the telling that some upturn
was due, was quite general May OPP
ened about Il cent lower, at 6615 to 6623
cents, and started up and sold to 673s
az cents and at noon was 671z cents.
The market broke badly toward the
close of the session. Room traders
loaded up heavily above 81 cents for
May and in endeavoring to sell on.
caused a sharp reaction Besides the
report of $4,000 900 in gold taken for ex-
port helped TO depress values late in
the day. Heavy selling orders also
came in from the northwest and May
sold down to 66h cents, closing rather
weak at that price.
Corn was quiet but firm, influenced by
the strength in wheat, the continued
moderate receipts and the free ex>
ports. May opened unchanged al 301s
cents, advanced to 30as cents and re-
acted to 30A cents bid. The market
weakened during the last hour in SYM
palthy with wheat. May sold off to
'SO1s cent and closed easy at that price.
In oats the feeling was firm early,
but later, as wheat went down, the adj
vantage was lost. May opened frac-
tionally lower at 21B cents, f1uctuated
between 21AG3s cents and eased off,
closing at the opening price.
Provisions We're slightly weaker at
the closing, influenced by the unexpect-
ed large run Of hogs, but as yard prices
held well and wheat displayed strength
were noted. Later, however.
as activity subsidized and the grain mar
kets lost their early gains, provisions
did likewise. Closing prices for pork
and lard were practically unchanged
and ribs closed 214 cents lower
Estimated receipts for Saturday:
Wheat, 40 cars; corn, 2S5 cars; oats, |
23O cars; hogs, 1900 head.