The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-06-27
GREAT BIG RECEIPTS
At Primary Points Control the
Wheat Market.
EXTREME BREAK 2 CENTS
Nearly All Recoverable
and Oats Higher.
EXTREME BREAK 2 CENTS

Chicago. H., June 2s.-wheat at one
time today showed a decline Of nearly 2
cents from Saturday, but ultimately re-
covered all but 9s91zc Of this break. E2nor-
nous receipts at primary points controlled
the market. Corn and oats wee fairly
strong, closing &c higher each. Provisions
declined slightly al around.
For few minutes around the opening in
wheat II looked as If Saturdays sharp de-
cline was t ODE repeated. The same in
fiuences-heavy receipts, weak cables and
favorable cop conditions-wee present and
influenced considerable new liquidation.
The opening on September was at 74AG
142sc, compared with Saturdays closing
price of 74l2G7+Ssc. The market broke still
further under heavy selling pressure, longs
liquidating freely. putting out new lines,
September touching 737sc on the decline.
Covering by the shorts who were satisfied
with their profits. and buying against puts,
then caused a rally to 74I4c. but before II
o'clock the market started on a decline
which carried It to point almost cents
under Saturdays final price. The trouble
was again with the heavy receipts. Min
neapolis and Duluth reorted sS1 cars,
against SAG last week and SO a year ago.
Chicago receipts were 155 cars, I Of con-
tract grade. The trade has become some
what accustomed to heavy receipts at
those points, but when Kansas City re-
ported 200 cars, compared with 26 a year
ago. prices went down with a rush. The
decline was so fast in fact that sellers be-
came too enthusiastic and when about II 80
O'clock the liquidation of long wheat let up
temporarily, the market recovered with a
suddenness that indicated that shorts had
considerably oversold. There was quite a
little scramble to cover for a time, the
price of September advancing TO 74EsG74%c
before noon. The market evened I'D TO
some extent, and the tendency thereafter
was downward. The news would admit Of
no other course when conditions were nor
NAL. and prices gradually slipped of 10
74q74bc for September, which was the
quotation at the close. The visible in
creased 10000 bushels. Total primary re-
ceipts were 121S.0DO bushels, compared with
$4,000 bushels a year ago. The seaboard
reported 40 loads taken for export. The
cash demand here was slow. July liquida-
ton was especially prominent during the
morning and a good deal of buying was
done later on the theory that this factor
had been eliminated. Corn was fairly ac-
tive and irregular. The market was weak
during the morning. on the enormous re-
ceits, 1870 cars, favorable weather and the
break in wheat. Elevator people were free
sellers. The market later became firm and4
more than recovered the early break. The |
cash demand was excellent sales here be- |
ing reported at 10000 bushels. New York |
put the export engagements at 112 loads !
Shorts covered freely during the after |
nooon. September ranged from 3S5sc to |
SiSsc and closed &c higher, at 34lsc.
Oats. I'm common with corn, ruled weak |
and lower early, but when corn advanced !
oats followed. There was a good demand /
FOR July from shorts, and this option closed |
&c higher. The olcal stocks showed a de-
crease Of 10000. The cash demand was
fair. Receipts were S74 cars September
ranged from 211zc to 21&sc and closed &c
higher, at 21iSI21ssc. Provisions were weak
early, due to liberal hog receipts and con-
sequent liquidation. An excellent cash de-
nand helped the market later. nearly all
Inc decline being recovered. At the close
September pork was 2isc lower. at s.. S2i5:
September lard a shade lower. at s5121kH
'.15. and September ribs a shade lower, at
4 S2ls94S5.
Estimated receipts Tuesday: Wheat, 145
,ars; corn 100; oats. 2s5; hogs. $1,000 head