The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-04
GRAIN BULLS
LOSE GROUND
Bears Take Control on Promise
of Southwest HarvestS.
WHEAT CLOSED LOWER
Corn Down, Oats Unchanged
and Provisions Higher.

Chicago. June s.-BuIls in the grain
pits today lost ali the gain they made
yesterday. Under the spell OF the excel
lent growing weather. the promise of
early harvests in the southwest and for
eign weakness bears took control again.
After an early show Of strength pressure
was put on wheat and corn and July
wheat closed a49Ac lower. July corn IA
1Isc down and July oats unchanged. Pro-
visions closed unchanged TO sc higher
AT one time wheat gave promise of a
good bulge. Liverpool cables were weak
iuxurian growth was reported from west
fields. and the weather was all that
could be expected. This caused an open
ing weakness, but support in the way OF
buying July started an upturn. "Tailers"
came in on the buying side as did COM
mission houses and July. which had open
ed ssd1sc lower, at 1%G715sc, advanced
IN 1212c. Part of this strength was given
through the decrease of 5.417,000 bushels
in the worlds visible supply. This price.
however. could not withstand the con-
slant selling pressure that was brought TO
bear from the southwest and the north
west Early crop talk Influenced the
crowd to change sentiment and soon
everything was on the down turn. July
slumped sharply 20 Ike and closed weak,
stQAc down, at 1AQ1sc. Local re-
celpts were 80 cars, three of contract
grade; Minneapolis and Duluth reported
In cars, making a total for the three
points of 15s cars. against 12s last week
and 49, year ago. Primary receipts
were liberal, at $4,000 bushels, compared
to $4,000 bushels last year Seaboard
ciearances in wheat and -four equalled
$4,000 bushels
Corn ruled weak all day. cables were
rather firm, but the foreign markets were
dull and affected by the early drop in
wheat and heavy receipts of 524 cars July
corn opened asq1zc to 1sGAc lower, at
62d52Ac. The big bull interests were
buying for a time, but succeeded only in
steadying the decline. Offerings were not
excessive, but there was constant pres
sure on the bulls Primary receipts were
very liberal, at 1.04s.0o0 bushels. Crop
reports were excellent, and although the
country movement was not markedly in
CT eased. the recent acceptances and heavy
receipts caused cash houses to reduce
their bids. which. together with a poor
cash and export demand and reports of
excellent fodder growth, induced slumps.
July slid down to 61Hc, after having sold
az 6224. closed weak. 1G1hc lower, at
6lssc. ESTIMATES of only 200 cars for to-
morrow did not steady the market.
Oats were stronger than the other
grains today, but were dull and feature
less as far as trading was concerned.
Receipts were not so large as of late, and
there were fewer cars of contract grade
in the 231 received today. This steadied
the early feeling induced by the depres-
sion In wheat and corn. She late weak
ness in the other grains took of small
advance that was caused by some small
buying, and July closed unchanged at
s6S4c.
Provisions showed strength after
weak opening. Hogs were firm at the
yards. in spite OF the transfers strike,
and heavy reductions in ribs stocks in
1uced good buying. Lard and pork
stocks were increased somewhat and
caused free offerings at the opening. but
support started a good though short
lived activity. July pork sold TO 80
and closed 211c up. at $17.20; July lard
closed unchanged. at s10.25. and July ribs
&c up, at s.s71z
Estimated receipts for tomorrow.
Wheat. 10 cars; corn. 200 cars; oats, 90
cars; hogs, $4,000 head.
Chicago.
Chicago. June 3.-The leading futures