The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1897-04-04
GRAIN ANDPRODUCE
WHEAT SUFFERS SOME VERY
STARTLING VIOIssITUDEs.
Opens Strong and Keeps Ii mp Tor Two
Hours, Then the Modern MiIIer's Crop
Estimate Lands Upon IL and it Goes TO
Its Knees with q Look Of Intense Agony
Closes at Half Cent Loss-Other Mar
kets Weak From the Beginning, and all
Closing at Declines - The Markets In
General.

Chicago, April 5-Wheat opened
strong today and continued so for near
iy two hours. 1t turned suddenly and
radically weak, closing with half cent
loss after an early gain Of 3-4a7-S cent.
The weakness was caused by the Mod
ern Miller's crop estimate, and was
somewhat remarka BILE in view of the
tact that only few days ago the crop
was estimated at much larger figures by
Thoman's. Other markets were weak
from the beginning. Corn declined IA
ass cent, oats IA cent and provisions
1-2a12 1-2 cents India bidding for two
rargoes of California wheat off coast"
N England, was the reading of cable
gram which had much to do with a
strong desire to buy May wheat which
disclosed itself at thee pening. Besides
that, and perhaps because of it, Liver
pool quoted an advance of Id per Genital
zach for May and July futures, and SD
.or September. Spring wheat going from
Chicago for miller's use in Kansas ana
red winter wheat at great premium
over May price from Detroit TO Jackson
Vile Ill, were such picturesquely arr
ginai characteristics of this season trade
mat they had more than a passing in
terest il the current Of the traders
thoughts. Argentine shipments were
sgain very small, but ms has become so
common m occurrence as 20 excite but
little comment. The quantity exported
thence TO the United Kingdom and con-
trent this week was only 10000 bush
sls, compared with $4,000 bushels on the
similar week of the year before.
May wheat opened at from 7l$s to Il12
cents, as against 705s&1 cents at the
.lose yesterday. II rose in the course OF
he first hour to Tx cents. The charac-
ter OF the early news kept the market
strong until about forty-five minutes
from the end of the session, when
bearish estimate of the growing winter
wheat crop issued by the Modern Miller
5f ST. Louis knocked the recently erratlc
oullish sentiment completely off its pins
and again sent skepticism OF bad crop
report scampering around unbridleo.
The estimated winter wheat crop OF that
authority is 34,000,000 bushels, against
&c, eo0. 900 bushels estimated TO have
been harvested last year, and compared
with Thoman's estimate of 36S,0OO,0O0
bushels for the coming crop. Notwith-
standing all that, however, the private
reports from this state were generally to
The exact that he wheat crop was ali but
a tota! loss. Country milling demand
was again good and inquiries from the
southwest were numerous. The days
sales to millers amounted to 10000
bushels. Nothing was reported sold for
EXPORT at New York. After the receipt
If the Modern Miller's estimate the price
broke gradually to 70a cents, then
gradually to TOSS cents. 1t closed at
709s@701G cents.
Corn was weak. Only at the opening
was there any strength displayed. That
was through sympathy with wheat,
which was seen dissipated by the liqui-
Gat.In which was constantly kept up all
day. Country roads were said to be inn
proving and farmers already at work III
the fields May opened a shade higher
a. II 2-ia7-G cents, which was the nigh
point OF the day. II gradually declined
II II 8. cents and closed at "A 3-Sa1-2c.
oats was firm az the opening, but I'M
der rather free selling by local longs ana
through sympathy with the break IN
wheat ard corn. prices fell off at once.
For a short session a fair business was
transacted May opened a shade higher
az II S-Sa1-2 cents, sold off 10 11a17 Is
cents and closed at Il Is cents bid.
Provisions were decidedly weak al!
day Lower prices at the yards gave the
market weak opening, and under free
liquidation. particularly by the packers
prices ceclined steadily. The cash de-
mand was poor. At the close May pork
was Il 1-c cents lower at ss.35. May lard
I l. cents lower at s4.17 II. and May
ribs about ten cents lower at S4.55.
Estimated receipts for Monday: Wheat
Is cars: corn 21O cars; oats 225 cars; hogs
SO. 900 mead.