The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-17
RAINS N KANSAS
And Oklahoma Tends 10
Lower Price of Wheat.
CORN OPENED FIRM
But Reports of Freer offerings
Caused Reaction.

Chicago. May 1.-the grain markets
ruled easier and rather quiet today. July
wheat closing &c lower as a result OF
rains. July corn closed 9sa1zc and July
oats xa5Lc lower. May corn dropped 81
while provisions showed q closing ad-
vance Of 5q75zc in lard. PFC in pork, ribs
being unchanged.
Rains of more or less plentifulnes over
the state Of Kansas, together with q good
drenching administered to the young crop
OF Oklahoma and Texas was taken in the
wheat pit as justfying a lower level Of
prices and July at the opening was offer
ed literally A0ssc 10 4zGSsc lower at rs
to TIC at Tic. some buying orders were
reached and as cables were steady north
west receipts and there was an euleX-
pectedly stiff demand for May, July raj
lied TO 715ac during the first hour. The
demand for May, which raised that deliV-
cry TO sc premium over July tone time
was reported 10 be due to the necessities
Of New York shorts and not 10 export
sales as had been thought at first. This
explanation caused a slight reaction and
the remainder Of the day the market rul-
ed duh and at times entirely neglected
The close was rather easy, July pc lower
at 7lsdAc. May closed with i4Qesc or
its premium stiu held. Exporters report
ed 50 loads taken. Primary receipts were
$1,000 bushels compared with 10000 last
year, while seaboard clearances in wheat
and -four were equal to 244.0O0 bushels
Minneapolis and Duluth reported l9S cars
against 1S9 last week and Z55 a year ago.
Local receipts were - cars, one Of con-
tract grade. Argentine shipments last
week. according TO a board OF trade cable
were IA, 600 bushels compared with 544,-
900 bushels the previous week.
IN corn the expected squeez in May did
not materalize on the contrary the bull
leader who has the delivery cornered was
credited with liberal sales Of that option
as well as of July. The opening was
firm and higher because Of falling OF IN
the receipts but the lack Of bull support,
the wheat easiness and reports Of freer
country offerings caused a reaction and
the close was easy The trade in May
was on a larger scale than for some time.
The opening was unchanged at Sc, Sell
ing, believed to be for Phillips caused
quick drop to soc. A rally of 1iac
followed and then the decline was re-
sumed and was checked only at 53i9c. It
was offered at SIC. but no sale took place
and the close was Slsc lower at 5llzc. July
sold between $50 at the opening and AZ
and closed 2xq1sc down at 44s.47sc. Re-
ceipts were "a cars. IS of contract grade.
| Sixty-four additional contract corn were
transferred to the public stocks from pr
vate warehouses.
Oats opened steady, but weakened later
on the rains and heavy selling by Phillips
and the bull party. Trade at first was
active but became later. July sold be-
tween 2SiL and closed 1sG14c lower at 2SA-
May sold between Sic, equal to yesterday s
| best price, and 2e24c, closing sc down al
COO Receipts were IA cars.
Provisions were quiet and steady on
light hog receipts. July pork sold be-
| tween S1475 and s14971z and closed 12l5c
higher at S14S21k. July lard from SLS21z to
s7971s. closing SIC Up at s7.97lz and July
! ribs between S7S5 and SlS-15 with the
/ close unchanged at S7.85.
Eestimated receipts tomorrow: Wheat
IS cars; corn, 30 cars; oats, 1855 hogs
/ 2, 900 head.