The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-10
ALL GRAINS
DROP DOMN
Wheat Loses Heavily 10 the
Chicago Market.
BULLS CEASE SUPPORT
On Account of More Favorable
Weather Conditions.

Chicago. June 9.-Sunshine came to
cheer the grain bears today Fears they
had expressed over the possibilities of a
vet harvest were banished and the bulls
ceased to give an advancing support when
they heard that the heavy rains had stop
ped. AS a result wheat slumped. Corn
was carried down with the leading cereal.
but was held UP TO some extent by the
muscle of the big bull party. At the
close July wheat was 1G11sc lower, July
corn 7za7sc lower and July oats ssassc
Gown. Provisions closed 5a71kc to 20c up.
Wheat was depressed by the fine
weather more than by anything else. For
several days the short interest had been
much worried over the prospects of dam
age to winter wheat BY a wet harvest.
In consequence there was considerable
covering and the bulls bought recently
10 a fair extent. Today all this was
changed when the weather map showed
clear weather prevailing generally. The
southwestern markets We're weak at the
start, the St. Louis being down &c and
selling here on the weather. The local
crowd was very bearish at the start and
July opened 15Q5sc to IS down, at 7l2zQ
1SsQ112c, soon tumbled TO 71isc. The ces-
sation of demand from shorts augment
ed the otherwise bullish influences THAI
might have been expected from a decrease
o. 2,64OO00 bushels in the on-passage
stuff and of 2,5130 600 bushels in the visible
supply. Even some talk Of exporting
new stuff and fair show OF strength at
New York on the French demand at
weakened prices had no effect. Wheat
was very heavy and seemed unable TO
help Itself. and as no support came to
its aid, the close was weak, July 1M11sc
active and selling heavy. Local receipts
were q cars, four of contract grade.
Minneapolis and Duluth reported 81 cars,
making a total for the three points of S9S
cars, against 376 last week and go a year
ago. Primary receipts were $4,000 BUSH
els. compared with 7S9 600 bushels last
year Seaboard clearances in wheat and
flour equalled $685. 600 bushels. World 3
shipments were 6. 460, 900 bushels, compared
TO 7,712O0O bushels last week and 10,S27,-
600 bushels a year ago. The seaboard re-
ported so loads taken for export. Seven
loads were sold here for direct ship
ment.
Corn opened off sharply on favorable
weather for cultivation and on freer
country offerings. Southwestern markets
showed marked weakness and commits
.
There was. however, active buying of
July by the big bull party that is sup
posed to be in control of that option, 50
that before noon the future had more
than recovered its decline. Receipts
we're free at 4l3 cars, and worlds ship
ments showed 6,230.00G bushels, compared
to 1867 900 bushels last week There is
little talk of cash business, but from day
to day stuff IS moving out and stocks
have been decreased in spite Of better re-
,ceipts. The weakness. however, prevailed
in spite of the fear of the deal in July
options. and July, though recovered TO
6a4c, after selling as low as 621zc, closed
weak. 15GSsc down, at 62izd62%c.
Oats broke with the other grains and
ruled weak. The weather talk was the
principal 5earish argument. although re-
cent liquidation for profits has had a de-
pr essing effect. The disparity between the
cesh price and that Of July helped in
small rally, but late trade was dull and
July, after selling from 3S5sc to SSisc,
closed weak, 5s0Ac down, at SS12c. Re
cc,pts were d21 cars.
Provisions did not feel the grain influ-
ence, and were pushed up TO higher
prices. Hogs were higher, there was
fair demand for shorts, and little stun
vas offered by the packers who controlled
ali the holdings July pork sold between
sl35 and $17.57ls. and closed DC up, at
SO. 32i5, ard July ribs zoe higher, at
Slr.371s.
Estimated receipts for tomorrow:
Wheat. 40 cars; corn, 500 cars; oats, 30
cars; hogs. q, oee head.
GRAIN AND PRODUCE MARKETS.