The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-04-19
END TURNED BEAR|SB
Wheat Loses "a Gents on
Chicago Market
MAY CORN FOLLOWED IT
May Oats IL Cent Down and
Provisions Depressed

Chicago. April E.-Grain speculation
was nervous and OF a see-saw nature to-
/ day. Traders realized that rain must come
soon 10 the relief OF the winter crop and
local opinion and prices swung upon this
point Every breath OF rImor suggest
ing moisture affected prices. N the end
the crowd turned bearish and May wheat
closed ss9zc lower. May corn sc down
and May oats &c lower.
Provisions closed z1zc to 121zc depressed.
/ There was not such a volume OF business
in the wheat pit as for several days past.
The crowd was IN guessing frame OF
mind and feared possible rain news might
cause a break at any moment There was
any quantity OF builish news, but under
the prevailing sentiment much was lost
sight Of and the trade seemed deaf 10
anything but rain possibilities. The con-
oltiOn as one expert put i, is one OF
dryneSs from Pennsylvania 10 Texas and
north 10 the North Dakota line. The
trade understands well what can happen
II rains do not fall.
The extreme Of the dryness centers in
KANSAS No rain, save an occasional
shower. has fallen IN twenty-fOur hours
and the forecast was for clear, dry
weather IN general. Kansas City reported
high winds and bugs inJuring Kansas
wheat one statstician put up q claim
OF 10 u points injury in Kansas since
April 1. Argentine advices stated that
the outlook was bullish, the government
helping By seed wheat At the opening
there was a short-lived squirt, May prices
starting sc 10 sc Up AT l49sc TO 341sc.
Gables were only steady and under the
influence OF the prevailing nervousness OF
the DIT, prices were somewhat erratic in
their fluctuations. There were frequent
dipS ana as frequent rallies, though the
latter were weaker each time. Gradually
the bears prevailed. There was a r7Imor
OF rainIalls west and profit taking and
some snort selling pressed until May
closed weak. Ss144c lower at 13z.Gi &C.
Local receipts were thirty-eight cars no
contract grades. Minneapolis and Duluth
reported ninety-efght cars. making q total
for points of only 136 cars against 49,
last week and 3ss a year ago. Primary
receipts were l9I0e0 bushels compared 10
$1,000 bushels last year. Argentine ship
ments for the week were e92, 600 bushels
against 10000 bushels the week before.
Seaboard clearances in wheat and flour
eQualled $1,000 bushels.
Trade in corn was inclined toward the
waiting attitude Business was moderate
" active at times. but the uncertainty
OF the course Of the wheat market was
par 70 marked sympathetic action. There
was disposition to wait for some one to
take the lead Reported Improvement in
country offerings was 4 drag on the bulls
ana break at ST Louis early in the
session was reflected by a dip here The
weather IS not much Of factor IN corn.
save as II Affects wheat oats hay etc.
Anything which tends TO shorten coarse
feed is felt By the corn trade and re-
ports OF hay crop damage did result in
q hurried up turn in corn at the opening.
May started i4Qi-c higher at 62Ssc 10 627sc.
but at once broke. Rallies followed wheat
somewhat. but the market showed bear
ish tendencies.
Oats contributed strength at times The
late wheat weakness brought Nav corn
TO a weak close, sc down at &c Receipts
were only s5 cars.
oats had a fairly sharp trade. Business
was big in general and prices fuctua ted
rapidly. The strength in other grains and
the fear that the dry weather would be
more dangerous TO ats than to any other
grain, pressed prices Up at the opening.
Receiving and commission houses bought
literally and the market seemed 10 take
on independent strength. Later consid-
cradle selling pressure came out and the
bullish aspect of the pit underwent 4
only moderate factors in the set back
Nav sold between ffc and sc. closing
weaker. &c down az the latter price. Re
ceipts were I26 cars.
Provisions looked like a manipulated
market today. Though trade was quiet
prices early We're strong on the grain
strength The hog market was only
steady. and may have contributed 10 a
growing weakness but prices were
pressed by the local bears. Packers sup
ported but little. May pork closed I21zc
lower at $3.50, MAY lard &c down AT
s9.15 and May ribs Zl2G5c lower at S9.29q
Estimated recezts for tomorrow:
Wheat. 20 cars: corn. 50 cars; oats. It5
cars; hogs. 5000 head.