The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-08-02
BIG MARKET IS CORN
Liquidation Ensues Upon FaV-
.orabIe Crop Reports.
LACK OF CASH DEMAND
Works Hardship on Wheat
Provisions Close Weak.

Chicago. Aug i-Corn was the big mar
ket on change. extremely favorable crop
reports causing liquidation that kas heavy
enough to cut SIS q "a cents previous
prices.
Wheat suffered from lack Of cash de-
mand and lost IL q 5-sc. Oats closed
1-sc lower. Provisions closed rather weak
but a shade higher.
Pronounced dullness was practically the
only feature IL wheat on the opening IN
til within three-quarters Of an hour Of
the close. During that time the range Of
prices was but 1-4o and for long periods
the pit was hah deserted. traders going
TO provisions and corn, where more ac-
tivity was apparent. The opening was
was rather weak at Q slight decline, Sep
tember starting 1-Sc lower at g 1-2 a g
$50 It advanced shortly after the open
ing to SO 3-4c, but soon fell back to the
opening prices and until after noon kept
within that range. Little long liquidation
was notdcible during the morning and al
though news as a rTIe was bearish, the
absence Of selling pressure prevented any
material decline. Cables were lower, but
they did not show the decline expected.
Reports from the spring wheat country
indicated a large crop, ana the weather
was favorable for grain. Northwest re-
ceipts were light. Minneapolis and Duluth
reporting 2s6 cars, against 2S2 last week
and 81 a year ago. Chicago receipts were
IN cars, s of contract grade. Little new
wheat was reported among the arrivals.
Total receipts at primary points were
$40 900 bushels, compared with $4,000
bushels a year ago Atlantic port clear
ances OF wheat and our amounted to 5l5,-
900 bushels. Bradstreet's report on the
visible supply due about noon, had
tendency to restrict trading in the morn
ing, as a bearish report was apprehended.
This surmise proved to be correct, the
decrease being put at only $4,000. against
S. T14,000 bushels a year ago. About 12:3o
the almost complete absence Of cash de-
n2nd, both here and at outside pSints
apparently oppressed the bulls with the
frtliity of longer holding their wheat. and
a iiquidating movement was started which
grow decidedly heavy as the session drew
to a close. The weakness shown by corn
acted as a spur to the disguised longs,
and large quantities Of long wheat came
out OH the declinue. Previous 10 the noon
hour, the September price had touched
60 IS a Tcc on a moderate amount Of buy
ing, principly by shorts, but Il declined
RAPIDLY under the liquidation and shortly
n,etore the close touched sc. The close
was weak at So 1-Sc sellers.
Corn was weak and at times quite ac-
tive. Reports from the corn belt indi-
Gated a large crop This and continued
favorable weather, and large receipts, SCI
cars, started important outside liduida-
ton. Local longs Joined the selling move
ment later and prices declined steadily. A
redeeming feature was the sharp cash de-
mand, at least $4,000 bushels being dis
posed of. September ranged from 30 20
20 s-4c and closed 5-s q $40 lower at 30
a 80 1-Sc-
Oats were dun but steady in spite OF
the weakness Of other grains. There was
a fair export demand at the seaboard and
enough buyers Of September to keep the
price steady most OF the session. Receipts
were heavy, 60 cars. Contract stocks as
a result IL the July deal. showed an IN
crease of $4,000 bushels for the week. Sep
TENDER ranged from 1ec TO 10 1-So and
closed 1-sc lower at 1Sc.
Provisions were irregular. The market
was strong early and advanced sharply
at the more favorable reports OF the yell
low fever conditions in the south. Later
the break in grain markets started liqui-
dation. under which nearly all the advance
WAS lost. The close was barely steady.
September pork 1-2c higher at s21 H.
sewember lard 1-2c higher at SIS and
September ribs unchanged at AS.
Estimated receipts Wednesday: Wheat
IS cars; corn $50; oats $40; hogs 1900 head.
oRAISASO PROoJcE NASxlr;
CHICAGO.
Chicago, Aug. 1.-The leading futures