The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1898-06-08
WHEAT Is DEPRESSED
July Loses 2 Cents and Sep
tember IL to So.
CORN AND OATS HIGHER
Provisions LiverpooI's
Slump in Wheat.

Chicago, June 7.-Nquidation by longs,
a sharp break IN the Liverpool market
and excellent crop conditions caused a de-
preston in wheat today. July closed with
a loss of &c and September 12q5sc. Corn
gained &c; oats PC. Pork left OF Is cents
lower. Lard and ribs are down cents
and 21z cents respectively.
The Liverpool market, which has been
steadily declining for several days. was
especially dencraI!zed today, and report
ed a drop eQ-al 10 S12o per bushei in July
and SIC in September, with the continen-
tai markets also lower. The crop OUT
look continued all that could be desired,
with the grain in large areas ready for
the reaper. The Kansas report for June
shows the condition 103-the highest ever
reported at this season Of the year. The
report set at rest the rumOrs about chinch
bugs and rust. AS a result longs quickly
began 10 liquidate. There were urgent
short selling, sales on stop-Ioss orders and
on exhausted margins. Under the pressure
the market went off rapidly. The rally
which followed was due to the fact that
many shorts were disposed TO take ad-
vantage of the break to secure profits.
ume to cause a temporary reaction Chi
cago received IS cars, against Is year
ago; Minneapolis and Duluth 116 cars,
compared with 212 the year before. The
Atlantic port exports were astonishingly
heavy, amounting in wheat and flour TO
about 100000 bushels. The figures gave
the discouraged bulls heart enough 10 take
on some wheat and caused many shorts TO
get out and De in position 10 contemplate
the situation philosophicaly for a while.
The total stocks in the worlds visible,
as compiled by the Chicago Daily Trade
Bulletin and Liverpool Corn Trade News,
is 100000 bushels, against 100000
bushels a year ago. While the crowd
were battling over the small domestic
receipts on the one hand and the bearish
figures connected with the worlds stocks
on the other, a heavy thunder storm
Drove over the board OF trade building
that settled the fight. The sorts rushed
to get their wheat in out Of the wet and
the market became quite strong. July
opened 214q224c lower, at 8512qS6c; sold
up TO SG1sc, down TO S5l2c. up again to
STAG, then fell off 10 86l4c at the close.
September started 1G1l4c down, al 742s1l
zoe, advanced to 75?c, down 10 75c, rose
20 76l4d76?c, then fell off to 75?47512c, the
closing figure.
After a weak opening corn became
strong on unfavorable crop news from
Kansas. There was no export, however.
This, together with the decline in wheat,
caused a decline in prices near the close.
July began ?d12c lower at 317sc, declined
to 31Ac. advanced to 321a43214c, then fell
off at the close to 31@40917sc.
Selling orders predOminated in oats at
the opening. Later, however, buyers took
hold and the market steadily advanced
until a gain OF sc over yesterdays close
was made. A slight reaction took place
at the close. July opened ?G7sc lower at
2212q23c, sold up to 231sc. down TO 22l2c,
up to 23Ac, then reacted to &c at the
close.
Heavy grain shipments and lower prices
for live hogs weakened provisions. One
or two heavy selling orders were on the
market, but at the decline in prices
there wer plenty of buyers. July pork
opened 1715G25c lower, at $101Od1017l5. ad-
vanced to $1O.27I2 declined TO 1910 and
rose to $102G at the close. The range OF
values in lard and ribs was inconsequen-
tiaI
Estimated receipts for tomorrow: Wheat
40 cars; corn, $50; oats, 10; hogs, $4,000
head.
NEW YORK DEMORALIZED.
New York, June Heavy offerings by
foreign houses were a feature of tOday's
wheat market, and with demOralized Liv-
erpool cable, sent July down to 9012c in
the early trading. A cent rally took
place later in the day burt the market
was at no time susceptible TO bull ef-
forts, and closing prices showed some
decline from the top and 2d2I2c loss from
yesterday. One of the most noteworthy
features Of the situation at present IS
the steady reduction Of receipts at the
west and the enormous movement from
New York and the seagOard. July sold
from sO12c to 93lac, and closed at 93a4c.