The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-05-26
JULY LOSES SOME
WHEAT FOB THAT MONTH WINDS
\ UP ONE EIGHTH CENT OFF.

Early Feeling IncIines the Market to Do
Better But Gives Place to Vicious Short
Selling and Liquidation Corn Slides on
Favorable Weather and Increased Re-
ceipts-Oats Follow the Same Course on
Like Conditions to Corn-Provisious
Lowest for the season and Lard the
Lowest on Record.
Chicago, May 25.-Weakness in coarse
grains and the demoralized condition
of outside markets had a disastrous
effect on wheat, and July, after a rather
encourag ing opening, closed at a loss
of Is per cent from Saturdays closing
price. Corn and oats both declined
sharply and provisions made new low
records.
Fair speculative interst was displayed
in wheat, the market attracting in
creased attention as the day advanced.
Operations are still. In the main, local
in character, with outside oredrs lack
ing. The feeling developed early was
fairly steady and for a while the mar
ket was inclined 10 do better, but a
weak tone set in later. The arly firm
ness was attributed 10 the unfavora BILE
character of the Michigan crop report,
which was, in a measure, confirmatory
of the damage previously reported. The
southern counties of the state, which
raise most of the wheat, were reported
to have been injured fully % per cent
This, taken IN connection with the
strength at the close Saturday, made a
! firm market early, and July, after op-
| ening about u cent higher, at 81 u cents,
sold up to 61A@613s cents, but the
selling then became heavy. There
| were numerous contradictions of crop
damage. The visible supply, while
showing a decrease of l 1856, 900 bushels,
was claimed to be less than expected,
| and the worlds shipments last week
were estimated at nearly 5000, 900 bush-
els. Whatever support the market had
early was soon Withdrawn and there
was vicious short selling and liquidation
Liberal northwest receipts and the de-
cided weakness shown by some outside
| markets were also influential in effect
| ing the decline which was later further
Influenced by the weakness Of coarse
grains. The market continued weak
during the last hour, July touching 80
cents at one time, but reacted slightly
near the close, and finally closed weak,
at 611s cents, a net decline of q cents.
Even the big decrease in the visible
corn supply, 1,163,000 bushels, had no
influence in checking the downward
movement starter by the favora BILE wea-
ther and the increasing receipts. July
opened about unchanged, at 291s cents.
| 6o+f n
ciined steadily and closed weak at 2S7s
cents after touching 2S24 cents.
Oats were active. The good weather
and forward condition of the crop had
the same effect as on corn and the
closing was decidedly weak. July OPP
ened IA cent lower, at 1875 cents, touch
ed ISL cents and closed at 1875 cents.
In provisions there is the same old
story TO tell. Opening lower on ac-
count of the large hog receipts, prices
sagged slowly on poor support. Later,
as the grain markets siumped, provis-
ions dropped more rapidly and the
closing prices are the lowest for the
season, lard quotations being the low
est ever recorded. July pork closed
% cents lower at s7.071a; July lard 10
cents lower at s4.271a; July ribs III
cents lower at S3.S5.
Estimates for tomorrow: Wheat %
cars: corn 725; oats 615; hogs $1,000
head.
VISIBLE GRAIN SUPPLY.
New York, May 25:-The visible grain
supply of Saturday. May %, as compil-
ed by the New York Produce exchange
is as follows: Wheat 81. 29S. 900 bushels;
decreas Sc 1.S4S, 900; corn 1890, 900, decrease
], TO-, 900; oats 7,615.O00 decrease 275, 900;
rye ,526, 900. decrease $4,000; barley 914,-
900, increase $4,000.