The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-01-06
THREE BEAR FACTORS
Unite to Depress Wheat,
Which Closes Weak.
MAY DECLINES "a CENT
Provisions Close Considerably
Under thursday,

Chicago, Jan. 5.-Wheat, depressed fby
outside markets and good crop news.
closed weak, May &c under yesterday.
Provisions slumped on heavy realizing,
May pork closing 1Oa121kc, May lard 71aQ
1Oc, and May ribs 5G715c lower. Corn
closed 14c and oats &c under yesterday.
The wheat market opened easy on the
absence of any stimulating news May
shade under yesterday at 69l2d695sc.
This was the high notch for the day, for
thereafter the price went under puts and
stayed there, buying against those privi-
leges causing only the feeblest upward
motions. The poor export business was
one reason for selling; good crop news
from Argentine and elsewhere another.
The weakness of northwest markets
Minneapolis showing a greater falling off
than Chicago-and selling orders from
that section, was also a FACTOR in the
weakness. On the decline considerable
long wheat was let out. With this array
of gloomy news the fact rnat receipts
were more liberal and clearances small,
added but little to the discouragement OF
the bulls. Ten thousand bushels cash
wheat was sold for the seaboard, but in
view of the large stocks, the transaction
was contemptuously labeled retail bust
ness and forgotten. May slumped as
far as possible and then closed weak,
&c under yesterday, at 6S7sc. Primary
receipts were 501, S24 bushels, against 653-
66S last year, and Atlantic port clearances
in wheat and -four equal 10 $4,000 bush
els. Receipts here were 76 cars, none of
which graded contract. Minneapolis and
Duluth reported 453 cars, compared with
1913 last week and Az year ago.
The strength exhibited early by the pro-
vision market was overcome later by
heavy realizing prosecuted throughout the
session with great animation. Receipts Of
hogs, 6.o00 head, under expectation and
better prices at the yards was the cause
given for the slight gain recorded at the
opening. A good demand from new quar-
tiers and some conservative purchases by
others caused a further advance. Under
pressure of proft-taking, the gain was
all lost and the market turned weak. May
pork ranged from 0.721a to SO 95d10.9I12
closing 10Q121zc under yesterday; May
lard from s. 92l9 to Sc. G5d6 .07la, with the
close 71aG1Oc under, at s. So. and May ribs
from s5.721a to 1924, closing 5a712c down
at $5.72!ad5.75.
Corn, steadied by provisions for time.
later succumbed to the influence of wheat
ana the reacIlon OF provisions, ana clOSeu
rather easy. Country offerings were re-
ported a little freer and primary receipts
light-4S3 cars here. Clearances were fair
ly large. Scattered lots of long corn were
let out on the decline. Trade was dull
throughout the session. May sold from
32K to 331sc, closing &c down, at 327s@33c.
The trade in oats was small and prices
a shade lower, in sympathy with the
other grain markets, although there was
a fair demand for cash TO be loaded on
boats and held until the opening of navi-
cation. Local receipts were 1913 cars May
ranged from 2324 d237Bc to 24c, and closed
easy, &c under yesterday, lat 237sc.
Estimated receipts tomorrow: Wheat,
60 cars; corn, 40; oats, 165: hogs, 5000
head.