The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-26
CORN SMASHED
UNMERCIFULLY
Liquidation in Bull Click
Causes Wide Breach.
WHEAT Hit HAs0 Toe
improved Conditions in Win
ter Belt Spurs Bears on.

Chicago Jan 2.-Reported improved
conditions in the winter wheat belt to-
gether with the decided slump II corr
caused an unue-ciful hammering Of the
wheat market today and May wheat
closed IisGss at IS. Corn was IN worse
dilemma than wheat and closed lssc
lower for May. Liquidation BY the bun
click apparently TO secure profits caused
the break. Oats closed sc lower in SYM
pathy with the other gains Provisions
ruled steady throughout the session
Wheat started fairly steady. mainly on
the sharp rally at Liverpool which was
quoted a4d higher. Light domestic re-
ceipts coupled with the closing hrmness
Of yesterday induced considerable buy
ing under which May opened unchanged
10 sc higher at 7sssG1s 10 sc. There was
not enough buying. however. 70 carry
the market up 10 any great extent and
after May had touched 7sssc reports Of a
generous snowfall throughout the south
west where the winter wheat had been
threatened with damage developed a de-
cidsd bearish sentiment and the slight
advanc was soon lost. A runor that
the advance al Liverpool was due 70 the
fact that three cent duty was likely 10
be imposed on the other side coupled with
a decided slump IN the price OF corn
started a selling movement that forced
the price OF May down 70 sc. The exc
cution Of stop loss orders also helped the
decline. There was little demand during
the break except from shorts who bought
sparingly to secure profits. A few min
utex before the end OF the session a fair
" good demand from the country brought
about slight upturn but the improve
ment was short lived and the market
closed weak within &c OF the bottom
price OF the day at 7Sise for May. Chicago
received 8 cars. graded contract. Mn
neapoiis and Duluth received IL cars.
compared with 2s5 for the same day last
year Total receipts at western primary
markets were ESs. 600 bushels against f0.0s0
@ year ago. 'Seaboard clearances Of wheat
and -four were equal 20 240.c00 bushels.
Small western offeroings and an adj
vance OF sd at Liverpool gave corn
strong start. but trade was slow and the
market soon showed a tendency 10 sag
of. There was only scattered selling At
first, but as prices worked lower lquida-
ton became general and the market
broke precipitously. The greater part Of
the selling was attributed 10 the Patteus.
who are said 70 have unloaded the re-
mainder Of their Ions line. Long corn.
however. poured into the pit from all
directions, St Louis IN particular being
a heavy seller. Stop-loss orders were
numerous on the decline. There was a
feeble attempt made 20 rally the market
toward the close but uqulda tion was too
heavy. and Improvement was only tenn
porary. the market closing weak. Nay
opened &c higher AZ s. to SIS. touching
SIS. declining sharply 10 6lis. rose 70 61a.
and sold of again to slls at the close.
Receipts. q cars
oats were Influenced by the weakness
in the other grains. At the start was
firm, but eased off under the persistent
selling. Trade was mainly IN July. one
northwest broker buying az least 1850 80
bushels May opened A0is higher. a. -
10 f5is and declined 20 ~ at the close.
Receipts were light. 1g7 cars, with Il
contract
Provisions were comparatively steady
while the grain markets were going
trough their liquidatirg experiences. BUS
mess was duh and trade in the hog mar
ket put a check on the desire 70 sell Nay
pork closed Ice lower AT sI5-3-lz. Nay lard
practically unchanged at $50 and May
ribs 2iz lower AZ ss.55.
Estimated for Monday: Wheat. % cars;
corn, s.; oats. rs and hogs A 900 head.