The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-03-23
WAR IND WEATHER
Are the Chief Factors in the
Wheat Market.
TRADERS ARE UNCERTAIN
But May Closes | IA and
July IL Cent Higher.
TRADERS ARE UNCERTAIN


probabilities were the chief factors in to-
days wheat market. Fears of damage
from the freezing temperature rapidly
spreading over the winter wheat belt,
made the marke strong throughout, al
though the news from Washington had a
tendency to restrict trading. May closed
nc higher. and July nc. Corn and oats
were both affected by the weather and ad-
very dull and closed substantially IN
changed.
Wheat opened very firm, though quiet
and with advances in everything. July
started &c higher at S51zq5sc and May
Ag1zc higher at S1.O514. The cold wave
south as Kansas; with freezing tempera-
ture in many localities.
The weather bureau predicted that II
would spread 10 Illinois and Missouri, and
the aniety on this score was increased
by the high tempera lures ruling east of
the Missouri river and by the wet con-
dition of the ground. In consequence
there was quite a good demand from
shorts at the opening. The strength was
especially noticeable in May, as offerings
were very scarce in that delivery and a
good deal Of difficulty was found in COW
ering even moderate lines. The price of
May rose quite rapidly 10 s1.07; July in
the meantime advancing to S5zsc. At
those figures there was freer realiza-
ton by longs who had taken property on
the recent decline and who seized the OPP
portunity of making good profits and
prices slowly eased off, May to 81 0614, and
July to S55sc. There was another large
addition to the Chicago contract stocks,
but little attention was paid at first to
anything but the weather reports. Chi
cago receipts were 327 caras, double the
estimated number. OF this big total 131
cars were of contract grade. In addition
50 cars contract wheat were received from
mixing houses, a total of about 213, 900
bushels. Northwest receipts, however,
showed a falling off, Minneapolis and
Duluth reporting 800 cars, against 362 cars
last week, and 410 cars a year ago. Liver
pool showed no change at the opening but
closed slightly lower. After the decline
mentioned the market became exception
ally dull for a time, but about II o'clock
became strong again on some unfavorable
news regarding the California crop.
Heavy frosts were reported in that state
with great injury to the crop, which start
ed buying again and prices advanced to
the former high mark. Selling against
calls" then caused another reaction. July
declining by noon to S512q5sc, and May to
$1O6. The dullness of trade caused mainly
by the seriousness of the Washington re-
ports in regard to the Cuban situation
and the resulting Discrimination of traders
to go deeply, began to count against
prices then as support except from pro-
fessionals was withdrawn. Nevertheless
little selling pressure was evidenced ana
after July had declined 10 S54Q$sc COW
ering by shorts started prices on the mend
and strength was shown to the close.
Bradstreet's report of the worlds visible
showed a decrease of 1851, 900 bushels. AT
Iantic port cIearances were equal to 629,-
600 bushels. July advanced to S55sQSGc,
and closed steady al S55sQ4c. May closed
at s106.
Corn was quiet but firm at a little over
Yesterdays prices. Shorts covered all
day. influenced by the bad weather and
prospects of smaller receipts, ana by the
strength of wheat, selling was scattered.
May ranged from 1880 to 291sc, and closed
1sG4c higher at 2914 a2sc.
Oats were quite active early, but slow
later. There was some investment buy
ing. Shorts also brought a good deal The
weather was an influence. Shippers re-
ported good foreign bids, which was also
a strengthening factor. May ranged from
26;4c to 257sc, and closed 14G9sc higher at
26SQAc.
The market for provisions was extreme
" quiet. Trade was again restricted by
the uncertainty of the outcome of the
Cuban affair, both buyers and sellers
holding off for this reason. Prices held
steady within a very narrow range the
advance in grain markets sustaining pro-
visions. At the close May pork was IN
changed at s9S7lz. May lard unchanged
at $50. and May ribs 212c lower at sos.
Estimated receipts Wednesday: Wheat,
LIS cars; corn. 30 cars; oats, 10 cars
hcgs. 30. 900 head.