The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-03-21
grain WAS PAN|CEY
Markets Followed an Erratic
Course All Day.
WHEAT CLOSED HIGHER
But Corn and Oats Show a
Small Decline.

Chicago, March 2O.-Grain markets fol-
lowed a nervous and cratic course today.
| Spectators were adverse to the consid-
Grafton of anything but weather reports.
and these being abundantly bearish prices
| slid downward until wheat seemed TO
! have arrived at an export basis. Large
sales on the decline revived the dormant
bull sentiment and helped other pits sym
pathetically. At the close May was a
shade higher, May corn 1sc lower, and
May oats Mc lower. Provisions closed
5 to 10c higher. There was a general
| landslide in grains before noon, led by
wheat. Rains in the west and southwest
smashed prices. Corn was weaker on
the warmer weather and southwest sell
ing, and oats felt panicky for time.
| Wheat opened easy on cables and the
weather, but was met with fair support
for a time. 4 fair number of buying or
ders were executed, but soon came the
slump in the southwest. Kansas City
and st. Louis were earnestly bearish, and
prices In those markets were rapidly
slipping off. At one time st. Louis was
2isc under yesterdays May closing price.
The local crowd here who had been TAX
ing in some stuff, turned about to SELL
Longs liquidated, stop-loss orders were
met, causing still further weakness, and
before May had stopped on its downward
course almost one cent was lost. Spec
ulators overlooked bull news. Liverpool
continued steady ct a small decline, sea
beard clearsnces We're large and receipts
were small. Statisticians reported the
crop in . less favorable position. Theer
was a better continental demand re-
ported early, and millers were reported
large buyers OF May. Notwithstanding
these conditions the weather seemed all
powerful. May, which opened Is to sc
lower, at "a. .73s4c. sold off to 73i4c. Then
came some covering and the break was
stopped. The big influence, however, came
late in the shape of reports that wheat
vas on an export basis. New York report
ed 90 loads taken for export, and local
cash traders worked the same number.
The earlier bullish factors then became
more apparent to the trader and May
wheat shot Up to n steady close, shade
higher. at 74s. 44c. Receipts, q cars.
none contract Minneapolis and Duluth
received 800 cars. or 366 for the three
points, against 400 last week and 4S9
year ago. Primary receipts were $4,000
bushels. compared with 637 600 bushels
last year. Seaboard ciearances equsIled
701 600 bushels.
Corn, like wheat, had a firm support the
first hour. then a shharp break. This
market was influenced largely by a bear
ish feeling in the southwest. St. Louis
was SELLING here. There was a large
trade, much of which was liquidation
The sentiment generally seemed bearish
or the good weather in the southwest,
which is expected to hasten pasturing
and an increased interior movement. Ca
bles were lower. Stop-loss orders brought
further declines, as did news that condi-
tons favored seeding. Wheat wheat re-
acted. corn followed. There was a fair
cash business, and some stuff was worked
here for export The recovery, how
ever, was not so good as in wheat, and
May after selling down to 60i& .6l3sc,
closed easy, &c down at 605sQ6lc. Re
ceipts, y cars.
Speculation in May oats was very nerv-
Gus, and was hammered down 1isc. At
this time large quantities were unloaded.
Again the market was comparatively
strong, and there was nothing for sale.
The weakness in corn and wheat affected
the market accordingly. and the later re-
1ival of strength helped in a recovery.
Added to these factors, however, was the
rumor that the leading bull in
May had unloaded his holdings. July and
options suffered with grains.
but closed fairly well. May, which open
ed unchanged to SO down, at 435se34315c,
dropped TO 42l5c, reacted and closed easy,
sc lower. at 431Ac. Receipts, 70 cars.
In spite OF q large run Of hogs. a lower
hog market and the depression in grains.
provisions held up strongly. Packers and
commission houses were buying all pro-
ducts. Ribs were particularly purchase.
and the strength in that product helped
pork and lard. At no time did any OF
the list show a tendency TO decline. May
pork closed 10c higher. at s15.5zl5. May
lard sc up at ss.45, and May ribs sc
higher, at s..
Estimated receipts tomorrow: Wheat
. cars; corn, 105 cars; oats, 10 cars;
hogs, g, 900 head