The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-06
AL PITS DECLINED
july Wheat Takes a Tumble
Downward.
CORN AND OATS ALSO OFF
Rains in Kansas Had a Big
Effect on Prices.
CORN AND OATS ALSO OFF

Chicago, May 5.-Acting on the belief
that the drouth rules in grains is over,
SPECTATORS pressed the markets today
and declines were registered in all pits
It was a day clearly governed By the
appearance Of The dry weather bogy,
and at the close July wheat showed a loss
of llzc, July corn 5sq&4c, and July oats
sc. Provisions closed shade to sc lower.
Bears started in TO dominate wheat at
the sound Of the opening gong. Bearish
news was at hand in good array. Cables
were lower Receipts were Improving, but
the greatest of all factors was the heavy
rains that had come to the relief OF Kan
sas and Nebraska. Private wires had re-
I ports or crop damages IS usI1-. pul t--e
trade came % the speedy cOnF-clOn bnat
all was not lost in the southwest. EST
mates Of the Kansas " heat yield that mad
been as low as twenty-five million bush
els week ago were raised toGaE Dy
conservative people 10 5J,epJ,rJJ bushels.
Moreover statisticians were showing that
with even that small yield the Kansas
crop would be more than average. Ln-
der these influences some heavy lines Of
wheat owned locally went overheard and
st. Louis and Kansas city sold heavily
both here and IN their own weakening
markets. The only governing bulllsh fac
tor was fear OF more rain IN the over
soaked spring wheat country July wheat
I
751sc. touched 75c. and then slumped to
745sd7424c. There was d large short in
Jerest in wheat, and on the decline OF the
offerings We're absorbed 10 cover ac-
counts. Prices for July rallied u 75c but
at the close was weak, lisc lower, at
1f7sIl5c. Local receipts were = cars, two
I OF contract grade. Minneapolis and Du-
luth reported ~ cars. making the tolal
for the three points is cars, against 225
last year and rs 81 year ago Urinary
receipts were $4,000 bushels. compared
Sci. l1fr loo ta.af r rft
clearances in wheat and -four equalled
6S4 900. Worlds shipments were S.6JS.uVJ
bushels, against S.06S 600 bushels year
2gO. Breadstuffs on passage increased
$4,000 bushels. The VisiDly supply in
/ creased 2121.090 bushels. The seaDOard
reported - loads taken for export.
Corn ruled weak on the influence OF
rains and the depression in wheat. The
southwestern markets were selling hber-
any, and were weaker, kansas city be-
ing &c Of at one time and a discount un-
der Chicago prices Long corn was
dumped freely in the pit and traders eV-
erywhere argued bearishly because of the
good growing weather. The rains nave
started farmers 10 giNlnS up their corn
stores more literally. RumOre were cur
rent that some deal was on in this pit.
but shorts continued 10 sell TO some ex-
tent Cables We're weaker and inhu-
enced dips and receipts We're more liberal.
July corn started %sG44c depressed ana
siumpeG TO 6tlsc, a loss Of ltsc. There
was a rally 10 Gle on covering. but the
close was weak, July 58GSsc lower, at
60@4 W60fsc. Receipts We're ll0 cars.
Rains had a weakening effect on oats
and under the influence of the breaks in
other grains this market declined stead
lily. Trade was not large and cash bus
mess improved, but offerings were in
creased on the general good crop news.
Receipts were much larger than Of late,
232 cars. July closed sc lower, at 45l5c.
Steady hog prices at the yards held
prices OF provisions from slumping in the
pit. Products were inclined 70 follow
grains in the down turn and longs start
ed In 20 liquidate. Packers gave some
support. buying literally of lard. The
close was about steady. July pork closed
a shade lower. at $40, July lard PIC
lower. at SIC. liz, July ribs down 1T $50
a9.52l2.
Estimated receipts for tomorrow:
/ Wheat. 50 cars: corn. 210 cars oats, %
cars, hogs, 1900 head.