The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-22
NEW CROP LOOMS Up
Soaring the Wheat Market
Out of a Piece of a Cent.
IMPROVEMENT IN RUSSIA
Corn and Oats Heavy--PrO-
visions Little Changed.

Chicago, June H-The specter OF the
new crop doomed up before wheat traders
today and was big factor in the decline
OF -4G7-sc which marked the days trad
ing in that cereal Continued heavy do
nestle receipts made its effect more ap-
parent Corn and oats were rather heavy,
but closed only a shade lower. Provis-
ions showed practically no change at the
close.
Any hope among wheat traders that yes
terday's late steadIness was the beginning
Of reaction was dissipated before the
opening by reports of much-needed rains
in the Don district Of Russia, improved
crop prospects in that country and an
early decline Of sd in Liverpool cables.
The effect of this news on spectators
was partly nullified az first by rain in the
northwest, where too much moisture has
already put the wheat fields perilously
near the danger line, and after about Is
minutes Of weakness the market developed
some strength on covering by Shorts.
Opening sales Of September were made at
closing price Of 70 7-sc, and the liquida-
ton that started at once carried the price
down 10 IS CSC. On this early break the
southwest was a heavy seller, owing to
the receipts Of new wheat. Covering by
shorts who saw danger in the northwest
rains corried the September price back 10
10 3-4c, but before IL O'Clock the market
again developed extreme weakness, and
from that time until within a few minutes
of the close selling was persistent and
heavy. Northwest receipts were heavy.
Minneapolis and Duluth reporting 719 cars.
against 434 last week and 81 a year ago.
Chicago receipts were 125 cars, Of con-
tract quality. The total at primary west
ern points was 100000 bushels. against
1900 bushels a year ago. Atlantic port
clearances OF wheat and flour amounted
to 603.00 bushels. There was only moder-
ate cash demand here. while the seaboard
reported light business with the other side.
Late in the session. however, liquidation
was checked by reports of continued heavy
rains in the northwest. and by some I'M
favorable advices from Kansas. Late
Russian advices were not so favorable,
but traders had apparently lost their in
terest in the foreign situation and had
turned their attention TO the domestic
crop. September had in the meantime de-
clined 10 - 1-2G5-Sc but enough support
materialized in the last half hour to cause
a reaction to 76G1-sc and give some ap-
pearance of steadiness to the market.
The close was at 76G1-Sc.
e.
extent, but the narrownees Of trading
prevented any material decline. Receipts
were liberal, $50 cars, and crop advices
were favorable. A good export business
was done at the seaboard. Shorts COW
erel to a moderate extent, and in the alb
sence Of selling pressure the market re-
covered nearly all the carry decline. Sep
tenIber ranged from "a Il 10 "a 3-4c, and
closed a shade lower at 81 1-245-sc.
Oats were but fairly steady, July show
ing "a slight advance at the close. Sep
TENDER felt in a degree the weakness of
wheat. but the good cash demand helped
prices late In the day. Crop reports were
favorable. Receipts were 1ss cars. Sep
TENDER ranged from q IL TO 81 7-Sc and
closed a shade lower at p 5-szT3-4c.
Provisions were almost at a standstll
There was little selling by grain peo-
pie. but no pressure from packers. At
tire close September pork was unchanged
at A.s2 -; September lard a shade lower
at Sis and September ribs a shade higher |
at As5a4s7I-2
Estimated receipts Thursday: Wheat, |
lis cars; corn. 100 cars; oats. 200 cars;
hogs. 5000 head