The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-19
BULLS FOOLED
MARKET WEAK
Firm Opening Marks Mon
days Grain Pits.
SHARP SLUMP CAME LATER
And Close Is Lower for Wheat,
Up for Corn.
SHARP SLUMP CAME LATEI

Chicago. August 1s.-Grains had an
elusive bull turn today.
Wheat started firm. Conditions in the
northwest were considered as unfavor-
able for the maturing wheat There was
too much moisture and even frosts were
feared England had had bad weather
and sent over comparatively firm cables.
There also was a decrease OF 1,5os,oOo
bushels In the visible supply and a
marked falling off in worlds shipments.
The fair early advance was something of
surprise inasmuch as the accumuia-
tions from heavy receipts over Sunday
were expected to bear the market. Out
side markets, however, started well up
and September somewhat sympatheticany
opened shade to 1sdhc higher at zoe to
70lsc and sold to 7c1zc. A selling move
ment. augmented by unloading by mantp-
ulators of the Decem Der spread. brought
sharp slump. The fact that the sea-
board cleared 1,o2s.o0 bushels in wheat
and -four did not stay the downslide.
Estimates for tomorrow's receipts at 465
cars and generally heavy movement.
especially in the southwest were factors
in the weakness. Possibly as much as
anything. however. in the downturn was
the natural bearish influence of the big
wheat yield which sooner OF later must
press on the market. In general it was
heaHsh sentiment against bullish stats
tics. September houndered at CSC and
closed weak &c lower at e9G1sc- Local
receipts were $50 cars. only three of con-
tract grade. Minneapolis and Duluth re-
ported 1913 cars. making a total for the
three points of CTS cars. against SOS last
week and s4S year ago. Breadstufrs on
passage, increased 1.64S,o 900 ushebls
Worlds shipments were 10000 bushels,
against II, 344,o 900 year ago. Primary re-
ceipts were l.4ss 900 bushels. against 1424,-
900 last year. The seaboard reported u
loads taken for export. 4 4 M
Corn held TO it's strength better than
the other grains. After the early squirt,
trade lapsed into a slow, narrow market
The course OF the market was partly IN
fluenced by the cold. rainy weather and
by the action in wheat. Iowa had floods |
Of rain. Local operators were scalpers |
on the bull side buying September |
briskly for the first hour. Offerings were |
light; early receipts were small at 4S |
were reported in Kansas These foctors !
started September unchanged to nc up |
at size to 51Ac, but soon took II to 52jLc. |
Then came liberal selling by the early /
supporters and predictions of better |
weather. The cash demand was small. |
although contract stun was scarce. On /
the selling and the dip in wheat. Septem-
Der fell back to 51kc. slight rally
brought a barely firm close, September
ssc UP at 51ltc.
Oats started strong on the bad weather
IL Iowa and on general buying There
was no unusual feature, however. and
although the cash demand continued good
offerings were not excessive. prices fell
back with the weakening Of wheat and
corn The close showed fractional adj |
vance. September sold from 32xdXc |
to steady close a shade up at sMQ32c.
Receipts were liberal at Isl cars. % of
contract grade.
Provisions were rather dull. but showed
their strength. The hog market was
steady and together with support by
packers worked against slight pressure
from the outside. There was a good rally
after an excited opening. but prof, taking
late in the day took of most OF the gain.
September pork losed PFC up at 81 s5:
September lard be higher at slo35 ana
September ribs PIC higher at 60 u. Il
Estimated receipts tomorrow y heat,
4s5 cars: corn, As cars; oats 80 cars; hogs,
iIoO0 head