The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-21
BULLS LOSE HOLD
Rain and Snow Garry Bears
Over All Else.
PRICES 60 WAY DOWN
Wheat Closes Nearly Two
Cents Lower.

Chicago, Jan. Grain and snow break
ing the long drought IN the winter wheat
territory took al the argument away
from the bulls in the grain pits today.
and prices broke badly all round in con
sequence. May wheat closed with q loss
Of Ista17sc; May corn nc lower. and
May oats sc down. Provisions lost
from 10 10 IKE
At the opening in wheat there was an
attempt made to support the market on
the early small break, but il was OF no
avail. Cables were higher. but a small
rally was poorly held. Everywhere in
the suffering winter wheat country re-
lief was at hand. Light rains were re-
ported early with promises Of p4suty OF
moisture. Later snow fell in several
states, and every indication pointed to
an end OF the drought. Additional bear
ISL news arrived in the shape Of the
weekly world 5 statistics. Worlds ship
ments were reported as s,374,000 bushels,
against 81, 00o last year. Breadstuffs on
passage were increased 1.152. go bushels,
and the visible supply, instead OF being
decreased as was expected, was increased
il96.0o0 bushels. These Influences set
long holders TO unloading excitediy.
Prices at outside points were rapidly
dropping under Chicago quotations. The
northwest began selling here and St
Louis, frightened at the prospects OF
plenty of wheat from the winter cOun-
try, dumped something ike four million
in this market. Stop-Ioss orders were ex-
ecuted freely and May. which opened
3. 10 SO lower, at SOS 6sG3sc, and had
touched s0asc, slid 10 79isc. The general
opinion prevailing among traders was
that longs had overstayed in the mar
get rid Of their wheat. The decline was
unchecked and wheat was offered openly
from eli quarters. Contrary 10 former
breaks on this campaign, there was very
little demand at low prices. May closed
very weak 17.dI7sc down, at 79isG 79i4 C.
Local receipts were g cars, two or con-
tract grade. Minneapolis and Duluth re-
ported 551 cars. making total for the
three points Of 609 cars. against 1,016 last
week and 6o5 a year ago. Primary re-
ceipts were 657 zoo bushels. compared with
795 COO bushels a year ago. Seab0ard
cIearances in wheat and -four equalied
only 15300O bushels
Corn showed unusual early strength,
considering the weakness in wheat. Ca
bIes were higher, and on the theory that
the snow and colder weather predicted
would necessitate heavier feeding 10 stock
traders began 70 buy in. MAY opened
amount Of shipments last week TO Europe
and tie decrease Of the amount OF corn
on passage were bullish incentives. The
total quantity now on ocean passage IS
S0S6.eo0 bushels, or about half the
amount in that position year ago.
There was little sold at the outset, and
country offerings threatened 70 dry Up.
This strength. however, could not stand
against the bad break in wheat and SYM
pathy with that cereal. May corn, which
had touched e5i4c. dropped 70 63asc- Bulls
bought steadily on the decline. and held
10 great part Of their stuff Nay
closed weak, nc down, at 63ssG63zzc. Re
ceipts were 12s cars.
Oats had an early buiIish market
Following the corn strength and on bull
ish oats statistics, this Dit opned steady
and May sold up 70 1910. Corn was the
leading influence, however, and brought
a late break Commission houses were
the principal sellers. May closed sc
down at s55sc. Receipts were Isl cars.
Provisions opened fairly strong on an
improved hog market, and the early
strength IN coarse grains. There were
some early buying orders. but this de-
mand was light. and when wheat broke
badly selling became general Packers
did some buying on the decline. May
pork closed I7iac down. AZ S16.95; NAY
lard Ice lower. at s9.65 and May rios
1e012izc down. at S elGS S21s
Estimated receipts tomorrow: Wheat
= cars, corn Is cars; oats, Ia5 cars:
hogs 270g0 had