The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-11-11
SURPRISE IN WHEAT
Argentine Shipments Give the
Bulls Paralysis.
PRICES GO STILL LOWER
Coarse Grains and Provisions
Generally Lower.

Chicago, Nov. 10.-As result OF sur
prise in the snaps of enormous Argentine
shipments, wheat today went even lower
than yesterday, closing at a decline of
3-sd1-2c. Corn exhibited relative strength
on small country business, December
closing unchanged and May a shade low
er. Oats closed 1-SG1-4c lower for De-
cember and shade under for May. Pro
visions closed slightly lower.
Information completely discouraging to
bull sentiment caused an opening break
in wheat of 1-2q5-Sc. December started
at 81 1-2c and May at II 3-Sa1-2c. Liver
pool was weak and grew steadily weaker
with the progress of trading, but the
chief factor in the decline was the heavy
Argentine shipments which caused a LOO
of liquidation by local longs. The Argen-
| tine supply was generally supposed to
have been exhausted and the news that
shipments from the other side of the
| equator were 1752,00 bushels came as a
surprise. The price held for a short time
on the buying of shorts and against puts,
December touching 81 3-4c and May II 5-Se,
| but the letting out of long wheat caused
decline, December dropping to 81 Csc,
and May to Il 7-Sc. A report that the
Argentine crop had been injured by frost
and dry weather caused a rally from the
! bottom, but as there was no confirma-
ton of the report the little gain was
soon lost Covering by shorts near the
|
! December going to 81 5-Sc, and May to
! II Csc, 3-SG1-2c below yesterday, and the
| close was at those prices. A feature of
! the market was the narrowing Of the
| December May spread to 8 SAC, with a
good deal of changing as If the elevator
people were accepting the difference.
Seaboard clearances were $4,000 bushels,
Receipts were light. Primary points re-
ported receipts of 1855 bushels as COM
pared with 1,541,412 a year ago.
An undercurrent of confidence in the
future value of corn rescued that cereal
from the demoraliation which struck
wheat The belief was largely based on
the smallness of country offerings. Cash
business at the seaboard was reported as
discouraging. Argentine shipments were
large and Liverpool lower, but traders
continued to buy and the price to hold its
own. The opening was at a loss of 1-Sc,
with wheat, but buying by shorts and
traders and the close-fisted attitude of
holders of the long article caused a rally
which held to the close. December clos
e at 81 1-4Gl3-Sc, unchanged from yester-
day, and May closed a shade down, at
80 5-Sc. Primary receipts were $4,000
as compared with 743OOO year ago. At
lantic port clearances were 100000 BUSH
els. Fifteen loads were reported taken
for export.
Oats were neglected by spectators.
selling within range of lac and acting
in sluggish sort of way with corn. Ship
ments for the month have about equalled
receipts. Receipts were 217 cars. Deem
Der closed at p 3-Sc.
Provisions excited little interest. Buy
ing of December pork tided the price for
time, but the weakness of the grain
market and lower hog prices counteract-
ed this. January pork closed sc lower at
1857 1-2; January lard a shade under, at
$5.25, and January ribs lie lower.
at $500.
Estimated receipts for tomorrow Wheat
95 cars: corn $50 cars; oats 175 cars, hogs
10000 head.
GOVERNMENT CROP REPORT.
Washington, Nov 1O.-The November
report of the statistician of the depart
ment of agriculture viii give 25.2 bushels
as the average yield per acre of corn, &C
cording to the preliminary returns OF the
aprrasppr6ap+c
liminary estimate last year was 24.s bush
els, that of 1897 23.7 bushels, and the
mean of the preliminary estimates OF the
last ten years "a bushels. The indicated
yield per acre in the principal corn states
is as follows: Pennsylvania, 81; Ohio "a;
Indiana, 81; Illinois, s.; Iowa. 81: Missouri,
%; Kansas, %; Nebraska, p bushels.
The preliminary estimate OF the aver
age yield of buckwheat is 1902 bushels
per acre, against 17.3 bushels last year
and 30.7 bushels in 1897. The averages in
New York and Pennsylvania. the two
states of principal production. are 10
bushels and 20 bushels per acre. respect
lively
The estimated average in condition OF
potatoes is S&7 bushels per acre, as COM
pared with 80 bushels last year, 64.6
bushels in 1897 and 40 bushels. the mean
of the preliminary averages of the last
ten years.
The estimated average yield Of hay Is
1.S5 tons per acre, as compared with ! 70
tons last year. I-42 tons in 1897 and p
tons, the mean OF the preliminary aver
AGES for the last ten years. There Is a
decided decrease IN the rate Of Weld
throughout the eastern. east-central.
lsouthern, southwestern and Rocky Noun
tain states; in fact, Il is only in Kansas.
Nebraska, South Dakota, North Dakota
and the Pacific states that the yield per
acre exceeds that OF last year
The usual report or the wheat crop will
probably be made on December 10 ny
which time the department viii BEN nos
session OF the results OF special invez-
tigation now being made in the principal
wheat states