The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-22
BEARS DRIVEN BACK
Rally in Grain Pits 0vercomes
Wet Weather News.
CLOSING PRICES HIGHER
Opening Is Weak but Gains
Fair Strength.

Chicago, Jan. H.-Au grains rallied
from yesterdays depression today. Early
markets were inclined 10 carry over the
wet weather weakness, but covering
saved the day for prices. and May wheat
closed re higher. May corn s4a5sc up,
and May oats ssqs4c higher. Provisions
/ lost TO 121zc.
The news of general precipitation over
the winter wheat country set prices back
from yesterdays close at the opening to-
day. The foreign markets were nearly
all lower, though not to such a degree s
characterized local pits yesterday. A
good deal of wheat was for sale early
| and outside markets started out weak.
Shorts were numerous, however. and COW
cred freely. Longs, who began to unload
early, were soon bailed out, and the stop
| loss orders that depressed prices still
further ceased shortly after the open
ing, May started a shade to Ease lower,
at 1915 to 1850, and sold down 10 7Slsc.
| There were reports of damage TO Rus
sian crops from frosts. and when the
opinion began TO be voiced among traders
that this dip was the elimination of the
wet weather liquidation prices rallied.
Several heavy professional shorts COW
cred openly and influenced followers. A
commission house demand sprang up and
May advance to 79l2c. There was an
other slight dip on profit-taking, but buy
ing set in again and May went TO 1910,
closing firm, nc up, at 795sG79$zc. Local
receipts were "a EARS; Minneapolis and
Duluth reported 49,. making total for
the three points of 4oS cars. against 479
last week and 410 last year. The world s
visible supply increased $4,000 bushels.
Last year there was over 2,0O0 600 bushels
decrease. Primary receipts were z54. coo
bushels, compared with $4,000 bushels last
year. Seaboard clearances in wheat and
-four equalled $4,000 bushels.
Though English cables in corn were
lower following yesterdays Chicago de-
cline corn opened with a fair show Of
strength. Western offerings were light
and commission houses had good buying
orders, while shorts covered literally.
Wet weather brought fears of slower
country movement. The cash demand was
somewhat improved. Rains in Argentina
were roptred insufficient, and after a
small early dip prices went up readily to
Csc and closed %47sc higher. at 641@c.
Receipts We're Isl cars.
Oats were rather independent Of other
grains, The early tone was strong on
light offerings, the wet weather and fur
Their decreased stocks were other factors
in the strength. At the early low prices
almost nothing was offered and after
prices advanced well liquidation was lin
tied. May sold up TO 46iac, but lost some
of its strength on the dips in other
grains. The close was fifirIn, ss031c up. at
1914 d462sc. Receipts We're $50 cars.
Provisions were inclined toward weak
ness through the whole session on liberal
hog receipts. The opening prices for hos
products were lower all around. and the
early grain weakness influenced slight
dips. The later grain strength helped the
tone a little, but May pork closed PIC
lower at SIG S215; May lard sc lower. AT
80 60. and May ribs unchanged at IS. 6eg
S.6215
Estimated receipts for tomorrow:
Wheat, 20 cars; corn. so cars; oats, l2O
cars; hogs, 1900 head.