The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-10-15

Caffiea wheat ana Oats with 1t
Changing From December to May and
Liquidation by Longs Do the Work
Market Some-Corn Weak at Chicago
From tho Very Start-Corn's Drop in
New York-The Markets in General
Chicago, Oct. 14-Corn led the grain
markets today when it sold at the low
est points in months and carried wheat
and oats with il. Changing from De-
cemoer TO May and general liquidation
by Disguised longs resulted in a decline
Of 1AQ12sc for December. Wheat de-
clined s4@7sc, bullish foreign news
steadying the market to a certain ex-
tent Oats closed &c lower. Provisions
were helped by an improved cash de-
mand and closed 21a97kc higher.
About all the strength the wheat mar
ket showed today was confined to the
first few minutes trading. December
Started at 91%@Kc with one or two
sales as high as 92c, as compared with
yesterdays closing price OF 91gc, and
for about half an hour the price held
at about that figure. Opening in1u-
ences affecting wheat were the higher
cables and the revised estimate by the
Hungarian minister OF agriculture re-
garding the worlds wheat ard rye crop
situation Liverpool before the opening
here had advanced ss61Ad over yes
terdays prices, while Paris was - CEN
times higher. The Hungarian figures
made the worlds wheat production for
this year $4,000, 900 bushels short The
worlds rye crop this year was estima Ted
al 10000. 900 short of last year The
northwestern receipts showed a rather
marked falling off. The total at Duluth
and Minneapolis was 7S1 cars, against
1,04S cars week ago. Chicago receipts
were also very light, 165 cars The ef-
feet Of this was offset in measure by
the Cincinnati Price Current, which
said that rains had SO improved the
outlook that an enlarged area was prac-
tically assured. Although the opening
was strong, there were quite number
or holders who were willing to take
their profits and selling OF this sort was
sufficient to start the market in the
opposite direction. Very bad reports
concerning the Russian wheat produc-
ton came in while the market was
weakest, but it itself was not noticeable
Beerbohm's special correspondent said
the Caucasus province would not export
over 24,0Oo.0 900 bushels Of wheat, against
IS, 600, 900 bushels last year. Very little
life was shown after the opening furry.
Realizing sales by longs, coupled with
the weakness in corn, and there was
steady drift downward The decline
was not rapid, as the trade was too limp
TO warrant much movement. The early
selling by the longs simply supplied the
more urgent Of the shorts, after which
the market was left largely to it's own
!, 0S1, 900 bushels, against 1,03S,000 bush
resources. The exports for the day were
equal 70 595, 900 bushels. Primary mar
ket receipts were 1.0S1 900 bushels.
against !, OBS 900 bushels a year ago. De-
cember gradually settled down to 90ss
Q12c and closed az 9Ok@%c.
Corn developed great weakness almost
from the start. An attempt was made
by the holders Of the December future
to change their property to May. In
doing so the difference between the two
months widened out to 4 cents per BUSH
ell. December declined 1c per bushel
during the first hour. Large quantities
OF corn were thrown on the market as
the session advanced, much Of which
was credited to New York longs. To
add 70 the weakness, there was appar-
emily no short interest, an at times it
was very hard to dispose of offerings.
Cash demand showed aslight improve
ment. Receipts were 500 cars. Clear
ances were small. $4,000 bushels. The
Price Current said offerings Of new corn
will be early. December ranged from
% to 261aQsc, closing a. 1AG$c lower
al 25ssc bid.
Oats suffered with corn. There was
no trade OF Importance and the market
was entirely a sympathetic one. There
vas some selling Of oats against pur-
chases Of corn. Receipts were Eighth. 298 !
cars. Charters were for 265. 900 bushels. |
December ranged from 1914 10 1914, clos |
ing sc lower al 1880 bid.
Considering the weakness OF corn, pro- |
visions showed considerable strength. |
The market started strong with some |
outside support and on the better cash |
demand. There was a period OF weak |
ness due 10 the decline in grain. then |
luiet but steady buying by shorts start |
ed prices upward again, and kept the !
market firm for the remainder of the |
session. Al the close December pork /
was 21sc higher at s7.75; December lard |
,Ec higher at s4521aG4.55.
Estimatedr eceipts Friday: Wheat SIC |
cars: corn SIS cars; oats 325 cars; hogs |
9. 600 head. $3.50
CORN'S DROP IN NEW YORK.
New York, Oct. 14.-There was quite
/ speculative stir in the local corn mar
>et today, accompanying a cent drop
n prices. The break was caused by
heavy unloading Of stuff bought some
line ago. when all Indications pointed |
o a strong bull movement in this ce-
'eai Wall street parties hold a big lot
II corn. and il was understood that q
,art. at least. OF these important hold
ngs were tapped by todiy's break. De-
embe- was hammered down from $3.50
D SiSc, closing at the lowest figures.
NJ other grain markets were affected
" the drop in corn. wheat losing 2.R
&c for the day, and oats i4Q5sc, in
pite OF liberal export dealings in both
markets. IN fast, practically IL the
Jews in wheat today was bullish. but o.
title avail when opposed 20 the Gemor-
lization noted in corn. December wheat
Did 95S 10 1850. closing a. 9S7sc.
GRAIN AND PRODUCE MARKETS.
The following official range OF prices on
rain and provisions az Chicago IS furnish
a by the Chr.stie-S.reet Commission Co,