The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-11-13
SLUMP N GRAINS
Heavy Liquidation and De-
pressed Feeling Lowers Prices
CORN AT BOTTOM PRICES
Day Is One of Steady Decline
in Cereals.
CORN AT BOTTOM PRICES

Chicago, Nov. 12.-Heavy liquidation. a
market depressing heavy with bearish in
huences brought a general slump in
grains today. December wheat closed
1Aq1Hc lower; December corn 114Gl9sc
down and December oats Ease depressed
and provisions closed 21aa5c down.
Wheat-In absence of any definite sup
! port the trade of the wheat pit resolved
itself into steady decline. Both Liver
pool and Paris cables were lower and this
started trade with decline of i4assc 10 IS
axe for December at 725s to 721zc. News
from Argentine told of too heavy rains,
and on short covering and a light COM
mission house demand early, the indica-
tions were that business would have an
upward trend. Almost Immediately,
however, a stream OF wheat began COM
ing out and prices sagged rapidly. Pri-
mary receipts were more than double
those OF the same day a year ago. Clear
ances wer esmaH and Bradstreets report
ed the worlds visible increase at three
million bushels. Chicago stocks were
considerably increased and the stream
from the northwest was undated. Then
the commission houses stopped buying
and turned sellers and the only support
came from the pit itself. quantity was
absorbed TO stop the decline but this came
OUT again later ana december SOlu OUM II
to Use, closing weak 1lsq1Ac lower at
nZc. Local receipts were $50 cars, IS of
contract grade. Minneapolis and Duluth
reported 1880 cars, making total for the
three points Of 1,220 against 1.1S1 last week
and 705 year ago. Primary receipts
were ,444.00O bushels compared with 10000
bushels last year. eSaboard clearances
in wheat and -four equalled $4,000 bushels.
The seaboard reported 30 loads taken for
export.
Corn-Corn was heavy, influence of the
government report on the crop condition
being blamed for much Of the weakness
This report which showed a condition of
IA bushels to the acre over 5000 bushels
had been expected and was no more bear
ish in itself than had been forecasted.
This influence, however. with weaker ca
bles brought decline for December of Is
G1<c at the opening. There was moder-
ate early support both local and by COM
mission houses and prices advanced sc.
Trade was dull and on an attempt to un-
load several long lines, prices sagged.
The decline in wheat added another straw
to weaken the market and December clos
ed at its bottom price weak 1l4d12sc lower
at 5s1zG5S4sc. Receipts $50 cars.
Oats showed considerable independence
of other grains though the heavy liQuida-
ton had some influence. Trade was good
an dthe ash situation was strong and
there was some professional buying. De-
cember opened sQ2sc lower on fair offer
ings, reacted slightly on demand but
gradually weakened to $3.50 on the pres
sude in the other pits. Covering brought
back the loss, but at the close December
was easy 1+Q2sc lower at $3.50. Receipts
were 800 cars.
Provisions were dull and ruled easier.
There was a heavy run of hogs with
lower prices but this influence was modi-
fed by their light weight. There was a
small local demand, either by packers or
shorts. January pork closed sc down al
sl495; January lard 21zG5c lower at 1856
GS5712; January ribs 212c down at S7.651.
G7.70.
Estimated receipts tomorrow: Wheat,
20 cars; corn 65 cars; oats 135 cars; hogs
IS, 900 head.