The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-29
CORN CLOSES
CENT LOWER
Sunshine in Corn Fields
Makes the Bears FriSky.
LITTLE REACTION OCCURS
Wheat and Oats Follow in
Downward Trend.

Chicago. August @-Bright weather
generally was the bearish feature in the
grains today. All cereals suffered re-
cessions at the start on general and free
liquidation By longs. and for some time
bears had free rein. Later there was
something of natural reaction. especially
in oats. The close, however. was weak
in the main. September wheat sale
down. September corn llsc lower and
! September oats PC higher September
provisions closed TO 3Zlk depressed.
In Wheat Pit.
Wheat ruled weak and was active only
in spots With lower cables and wether
the best that could be desired, there
was good amount of long selling early
and prices took quick turn. There was
constant talk of a big movement of
spring wheat soon and good prospects
for little better grading. Active thresh
ing of the new wheat was reported under
way. Following weeks of adverse wealth
er, the sunshine turned all the crowd to
the bearish view and stop loss selling or
ders came out. After the break. however,
there was good buying at times. Sep
TENDER felt the most strain because Of
poor support. Late cash business was
fair and the seaboard reported 301 car
loads taken for export. In general the
aspect Of the wheat market indicated
that the big longs wanted to get out OF
the market before it found lower level
and the support was largely by those
who covered for profit September
started 11to 24c lower at TOSS to 701sc. dip
ped TO 6924c and then fiuctuated very
narrowly, closing weak and sc lower at
6s7sQ70. Local receipts were 239 cars,
two of contract grade. Minneapolis and
Duluth reported 316 cars. making a total
for the three points of 555 cars against
500 last week and 7sS year ago. Prima-
ry receipts were s36, 900 bushels. against
1.243, 600 last year. Seaboard clearances
in wheat and flour equalled 504, 600 bush
els.
In Corn Pit
Corn felt the effects of fine weather.
lower cables and rather freer offerings.
Receipts were still light at "a cars, one
of contract grade. but promises we're
for a much better showing. The crowd
turned uniformly bearish at the open
was at one time &c depressed. Almost
everyone in the pit had stuff for sale.
In general the spectators in this pit
through manipulation in September was
at an end. but a latent fear that such
might prove the case held this portion
somewhat nervous and given to quick
fluctuations on any definite news. Kan
sas City sent out conflicting reports !
to the effect that plenty of corn would |
be plenty of corn offered there within I
fifteen days, but that new corn would J
not grade there until October Is. There /
was no doubt. however, that there was /
selling pressure in the southwestern mar /
kets because of news OF new offerings. |
September sold from IS to 55ia in the |
first few minutes of trade but rallied to |
56l2 on fairly good buying Late fiuctu-
atoms were narrow and September clos
ed weak. Use lower at $3.50.
In Oats Pit.
Oats displayed the best strength Of |
the grains and ruled strong after an
early dip The opening break was in
with the other grains and on
fine weather. Excellent buying by cereal
concerns. however. put a firm tone in
the pit. Shorts covered sharply Sep
TENDER sold from 32s4 to S2lk early ad-
Vanced TO S35s and closed firm &c up at
$685. Receipts were liberal at 263 cars.
Provisions.
Weakness in the hog and grain mar
kets worked against provisions early in
the day and there was an effort on the
part of the packers to support the mar
ket, but free offerings resulted from the
general bearish sentiment on the floor
and there were marked slumps all along
the line. September pork which sold at
'1117z closed 15c down at 1850: ribs
closed 221a off at s9.s7l.
Estimated receipts for tomorrow:
Wheat. z75 cars: corn, 50; oats, 800: