The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-05-27
IN SPITE Of LETTER
July, September and Later
Futures Break Away,
EVERYTHING ELSE DOWN
Worlds Grand Crop Prospect
Begins to Tell.
EVERYTHING ELSE DOWN

Chicago. May 2s.-Despite Mr.. Letters
efforts the wheat market broke away
! from him teday, so Gar as July, Septem-
Der and later futures were concerned.
July shows a decline of 21-4 and septem-
ber Is of lie. Corn is down ISL 1-Sc,
and oats s-8a3c. Pork and ribs are Sc
lower and lard 12c.
| There was a good deal Of excitement in
wheat, but the actual trading was some
what limited. The sentiment of the
crowd was unquestionably bearish but
the position of Letter and the danger CO
bull manipulation held the selling impulse
in check, and as a consequence the bust
ness was light in volume. Letter took
hold Of the buying side at the start. more
especially Of May and July, bidding the
former up to SIZE and the latter up to
s114 1-2. This made the shorts IN Septem-
Der and December somewhat fearful that
the prices for those two months might
advance in sympathy and there was an
effort to cover which sent September up
to sec. Later. however, the buying opera
tons of Letter were perceptibly lessened
and with tn loss OF this support and the
unfavorabie cable the market turned
weak and the bears began to show cour-
age and acted on their conclusions. The
market near the close of the session be-
came very heavy from old crop failure.
Letter continued to hold May and July.
July, however, got much too heavy for
the lifting power which he exerted in It's
favor or so slippery in the end from the
melting around 1t Of September and De-
cember prices that it went down in the
melee. Texas was said to be offering new
wheat quite freely for early June ship
ment. The great overshadowing fact kept
in mind by the traders was the magnif1-
cent crop prospects Of the world, and
that especially east of the Rockies in the
United States and Canada, otherwise SEN
timent would apparently have been all
that the most ardent bull could have de
sired. The receipts at Minneapolis and
Duluth were only 1858 cars, against 4o4 a
year ago. and as the price of cash wheat
in those markets today was from s1.55 to
s156. 1t is evident that wheat in first
hands in the northwest is about exhaust
ed. In fact, the larger part of Minneap-
oils receipts are now said to come from
the southwest. Chicago receipts were 216
cars. 1f1 of which were contract. The re-
ceopts a year ago were four cars. Ex-
ports from the Atlantic seaports were
equal in wheat and flour to $4,000 bushels.
July opened 3-4G1 1-Sc higher, at s1130
LIB ga, sold UP rapidly to s1.14 IA. de-
clined to s1.o9 1-2, and rallied to s1-1O ask
ed at the close. September started 1-2c
lower. at 81 7-s6SSc, advanced to soc. sold
off to IS 5-Sc, and rose to Sc lass 3-Sc,
the closing figure. May ranged between
s1.74G1.75.
Bull support steadied corn for a while
but this was offset by lack Of shipping
demand and the general disbelief in the
theory that the chances for the next crop
have been as yet jeopardized to any ex-
tent by backward weather. The break in
wheat also carried corn down. Receipts
were SIS cars. July opened 1-463-Sc lower.
at SO 7-Sf34c, sold up to "a 1-4624 3-sc,
then back to S9c. and up to 80 1888 LAC
at the close.
There was a good cash demand in oats
today and prices ruled higher until the
break in corn. eceipts were 2S6 cars
July opened 1-sc lower at "a S-4T24 7-Sc.
advanced steadily to 25d25 1-Sc, then fell
off to "a 1-2c at the cose.
Early in the session provisions we're
firm and at times decidedly strong. They
finally yielded some with grain Lard
was frmer compare lively than pork or
ribs The crowd thought that there was
Armour buying and Cudahy selling Hogs
are &c higher. July pork opened sc high
er. at S11 e5G11.97 -, advanced rapidly to
$3.50, dropped to SLIP 1-2, then rose to
s11.77 1-2 at the close.
July lard began 1-271oc better, at $3.50.
advanced to $3.50 Is, fell back TO Sc. %. ana
at the close was quoted at 1922 -.
July ribs were 1-2c up at the opening.
$3.50. rose to $500 IL. and declined to $3.50.
the final quotation.
Estimated receipts for tomorrow: Wheat
800 cars; corn LOO; oats AS; hogs, q. 900
head.