The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-23
PROVISIONS GO
ROLLING DOWN
Yesterdays Tumble Caused
Seventy Cent Loss.
ALL GRAINS WENT UP
Prominent Packer Is Under
the Wheat Market.

Chicago, July 22.-There was marked
variance between the slumping provisions
today and the highly manipulated condi-
ton of September wheat that influenced
sharp advances in all grains IN the face
of bearish conditions. Outsiders tired Of
carrying the load of lofty prices for the
packing interests. unloaded today with
such vim that pork broke Toe a barrel.
On the other hand the rumor that a
leading packer was under September
wheat pushed that cereal up sharply.
Sympathy did the rest and July and
September wheat closed &c up. July
corn nc higher; September corn 1G11kc
up: July oats &c higher and September
oats 161lsc higher Provisions closed 21z
to zoe lower.
Trade in provisions. although not
heavy, was almost panicky at times to-
day. Hogs at the stockyards had been
marketed much more freely of late,
tempted by higher prices. Today prices
slumped to a figure 80 cents under last
Fridays prices. Buyers were very bear
ish and as a result the temper in the
provision pit was bearishly Influenced.
The outsider who took on a good load
during the recent bull squirt, has grown
quite tired of the burden. General hqui-
dation, which set in to some extent yes
terday was very marked today. There
was vigorous trading on the part of the
professionals, but spectators wanted the
stuff, so apparent was the decline. Pack
ers seemed TO have abandoned their pet
market until toward the close when a
little stuff was taken TO stop the decline.
September pork. which opened 20 to &c
lower at s17s0as17.95, plunged down 20
SIPS and closed roc lower at 1870 Sep
TENDER lard opened nc to PKG down at
s1067ik sold at s10sO and then broke to
1880 closing very weak 221kc lower at
sl0.52l5 September ribs opened ~ to 1914
down at 5000 to slO.65. and sold at 5000
and closed weak 421kc lower at s10.25.
Wheat was very strong in spite Of a
percipitably early break Influenced by
good weather, heavy receipts and easy
opening cables. Immediately upon the
break a demand sprang up that fright
ened the shorts into covering as speedily
as possible. Rains were predicted in the
wheat belt and a few late showers were
reported. Statistics with a bullish trend
cid much to put prices up. Bradsreet
reported decrease of 1920 90 bushels TO
worlds available supply and estimates
for tomorrow's receipts were only 16C
cars The cash demand hung back,
frightened by the prospects OF big crops,
but the very low grading Of the wheat
coming to hand was an added bullish
incentive. Possibly as much as anything
to put gimp into September wheat was
the gossip that a leading packer was
taking control Of that option. Poor grad
ing reports came in from Kansas iCty
and St Louis and those markets bought
fairly here. Trade was good and the
July sold from 751zc to a net gain OF &C
at nc. September opened &c to 1sdAc
lower at 15sc to 71ssds4c. sold to 73c and
closed sc up at 72Hsc. Local receipts
We're ass cars, only nine Of contract grade
Minneapolis and Duluth reported pa cars
making a total for the three points OF
10 cars. against the same number last
week and 764 a year ago. Primary re-
ceipts were bearishly heavy at 1.10S, O0t
bushels. compared to $4,000 bushels last
year Seaboard clearances in wheat and
-four equalled 507 900 bushels.
Corn started out weak on increased re-
ceipts and a big increase in the contract
stock Good weather and dull market
also tended toward lower prices. but
there was practically no selling pressure
and fair demand sprans up at times
which together with the wheat strength
put corn prices up. There was still
marked nervousness over the possibilities
! of a squeeze in the supposedly dead
/ July DEAL Trade was generally quiet
I July sold from co.. to SIC on shorts COW
! eriug and closed strong nc up at sc
| September sold from 6oisc TO SEC and
closed strong at IGlisc up at 611zGSsc
1 Receipts were 500 cars. 81 contract grade
/ Contract stocks increased so7, 600 bushels
Oats had an upturn largely in sym
pathy with wheat and corn. July options
were let alone most Of the day. although
| prices jumped from sic 10 SIC and closet
Sc higher at sc. thereby Indicating thai
! the deal in this option was not quite
dead. September started weak on in
/ creased receipts and weather, selling a:
( low as &c. Shorts wanted the stuff. how
ever. and bid the price to strong close
lGllsc up - S4ssc. Receipts were 1S4 cars
/ forty contract grade.
Estimated receipts for tomorrow
Wheat. 50 cars; oats. s. cars; corn, 2
cars. hogs. e6.coo head
GRAIN AND PRODUCE MARKETS