The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1900-06-29
RUSH OF LIQUIDATION
And Short Selling Put Wheat
Slumping.
CLOSE WEAK, 3 So DOWN
Coarse Grains and Provisions
Also Lower.

Chicago, June ga rush of liquidation,
together with considerable short selling,
caused a sharp slump in wheat today,
and though there was some Recovery to-
Wards the end, the close was weak, 35sc
under yesterday. Corn was firm, but
under the influence Of the wheat weak
ness closed 4 to AQssc lower. Oats
closed ssc to ss92c down. and provisions
121a to 2214c depressed.
There are nearly four hours to the reg
ular sessions of the board Of trade, and
those hours today were occupied princi-
pally in getting rid of recently acquired
wheat The market opened lower be-
cause Liverpool was down and the long
pressure was on the market. Under a
demand from Wall Street and the north
west and some covering by shorts the
markets regained the initial dip, but this
and a lot more was lost later. Local
longs of the influential type started in
10 make the weakened demand look like
nine-spot, and simply tchoked up the
opening through which much high-priced
stuff has recently disappeared. Outside
longs on the decline Joined the ranks Of
sellers and the market became SO one
sided that it dropped 41sc, with only mo-
mentary checks. The bottom was reach
ed near the end of the session and COW
ering by shorts caused a little recovery,
but not a sufficient amount 10 relieve
the market Of the charge of decided
weakness. The August option was the
more active, although July was anything
but slow. August opened at S324c 10
SAC, advanced TO S4zsc, sagged 20 So9sc,
and closed 33sc down, at S14c. July
opened at S3dS212c, sold between S35sc
and 7S1<c, closing 35sc depressed at SOC.
There were rains in North Dakota and
Manitoba, but private advices from these
sections and other parts Of the stricken
northwest did not vary much from the
recent tone. The Price Current, which
is of influence with some Spectators,
made the total estimate crop, winter and
spring $50 100000 bushels, 00G00,000 bush
els of it spring, compared with Statisti
clan Shows estimate of AGO, 0G0, 900 bush
els. 1t declared that with the reserve
supply the crop would be equal to the
demand, and that the crop yield would
be per cent ~fligher than the average
for the past five years. However crop
considerations generally were overshad-
owed by the selling which appeared to
be the result of a general desire to get
out before the price got any lower. New
York reported IS loads for export and
the cash demand here was slack. Clear
ances at the seaboard in wheat and flour
were equal to 2l3.00s bushels. Primary
receipts aggregated 81, 900 bushels, CON-
pared with $4,000 bushels last year. Min
neapolis and Duluth reported 1898 cars,
against 314 last week and 81 a year ago.
Receipts here were 116 cars, Of con-
tract grade.
Corn was rather quiet, but considering
the wheat weakness it was firm. The
excellent cash business done during the
past few days was continued today,
about 10000 bushels being worked from
here. This formed the main support of
the market. There were good rains in
the corn belt. and country offerings were
moderate July sold between 4SH and
42c and closed Nc down, at 42}5c; August
sold between 437s044c and 425sc, closing
kd2so depressed at 461sc. Receipts here
were s23 cars. The opening was 1kG14c
under yesterday in sympathy with wheat
and the top price followed early with
that cereal.
Oats. compared with the wheat weak
ness, were steady early. but the market
yielded some later out Of respect to the
downward path followed by wheat The
northwest was reported to show pros
poets Of about half a crop in both oats
anu Hdgt anu TINS was resisting lNUGGNCe
against wheat. The country was q
buyer. July sold between 25ssc and 24isc,
closing &c down, at 245sc. August sold
between 2S and 2i7sc and closed &Gatc
down at 25G25isc. Receipts were 914 cars.
Provisions were weak despite light hog
receipts A drive was made at pork
by longs and the whole list. as usual,
suffered. The wheat weakness was
factor in the declines There was a fair
cash demand. but It was not equal to
the task of sustaining prices against the
influential selling OF today. At the bot
tom the market steadied on covering
by shorts. September pork sold between
Sc. 9fls and s12s713. and closed 22f5c down
at So so: September lard between s7.2l
and 81, closing PIC down, at s7.65. and
September ribs between S!25 and sT12l4
with the close 1s1sc depressed at s7.159
: .1-ilc
Estimated receipts tomorrow: Wheat.
$40 cars; corn, 745 cars; oats, 20 cars;
hogs, 5000 head