The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-07-22
BEARS RULED
THE MARKET
Fair Weather Has Depressing
Effects on Grain Trade
DAT STAMPEDE FAILS
September Close One Half a
Cent Lower.

Chicago, July n.-Bearish sentiment,
engendered by fair weather and better
movement in grains. was in the ascendant
today on the board of trade. For short
time July oats threatened to stampede
the crowd of shorts by touching a new
record OF sc, In the end, however. selling
was free in everything and September
wheat closed ssa1zc lower. July wheat
&c lower, September corn &c down. July
corn &c lower. July oats 15sc down and
September oats Ssq2c lower. Provisions
closed nc TO BIZ lower.
After almost constant rains for such
long time that shorts were in despair.
the fine weather OF today with plenty
more predicted, put the bears in fine
feather Both in the northwest where
the spring wheat harvest began today
and in the southwest, where wheat is in
shock. the conditions were very favor
able. Wheat cables were Indifferent to
the local dip here Saturday, owing prob
ably TO the fine weather in England and
France. But this influence dbl not work
against a lower opening. The wheat
crowd was bearish on general principles.
Immediately, however, on the early break
buying began, influenced by marked de-
crease in the worlds shipments Of last
week and in the decrease Of 2.560,o00
bushels of bread stuffs in passage Re
ceipts We're very liberal, but contract
stuff remained very light. Export bust
ness was almost nothing. bids being 1zc
TO &c out of the way and at Baltimore
buyers were reported asking TO have con-
tracts cancelled. Whe nestimates for to-
morrow's receipts were posted at 40 cars
and the visible supply increased COZ. 900
bushels, the early bearish sentiment was
revived and local selling at once depressed
the market. Trade was fairly large but
was much mixed during the day. Sep
TENDER opened &c to ssa1zc lower at 2
to 72lsc, advanced TO 729sc. broke TO 715k
d2sc and closed weak s.d14c down at
n7sc July sold at 777s on shorts cover
ing, but closed easy, &c lower at 7614c.
Receipts, 2lS cars, five of contract; Of
these Dos were OF new wheat. but of the
new old one old one car was Of contract
Minneapolis and Duluth reported 2s1 cars,
total for the three points of 49s against
627 last week and eS1 year ago. Worlds
shipments were $50. 900 bushels. against
7,7ol, 900 last week and 7.16l, 400 last year
Primary receipts were 10000 bushels,
against 1.5l5.0O0 last year. Seaboard
clearanees equaIed SIS. 900 bushels
Corn was dull and Hstless most of the
day, buoyed UP only momentarily by
little short covering on the influence OF
the temporary wheat strength. Receipts
were not large at 276 cars, 70 contract.
But private elevators turned out 213 cars.
a total of contract stuff amounting to
$4,000 bushels. After the early rally
support was wanting. offerings were
made freely by the local crowd and lit
tie stuff was wanted. There was not
much disposition TO sell short, but the
fine weather. and the arge estimated
receipts brought weakness. September
sold from 6Ossc up to e1ssc. broke TO 6i5.c
and closed weak. ssa1ac down at sOlac
July sold early at &C, but closed weak
&c down at 65s4c.
Oats were weakest OF the grains.
although this market made the best snow
of strength early in the session. A break
of &c early in July gave rise TO the rumor
that the shorts had settled in this option
But at once the price was put up 10 &C
on good support and a sharp trade re-
suited for a short time. Receipts still
were small at 90 ears, Is contract. but to-
day there were IS cars OF new oats Iowa
sent reports that one-third Of the crop
Of that state had been damaged. In the
end the fine weather prevailed against the
bulls and all prices weakened on liqui-
dation. Selling said 10 be for the interest
that control the short lines now helped
break prices. September sold from S3Tsc
down to Sslsc and closed weak. ssds4c
lower, at s3AGssc. July closed weak nc
down at Csc.
Provisions were heavy and were for sale
all day in larger quantities than the
crowd wanted at the asking prices. Hogs
were aboundant and had 70 sell at dis
counts OF 10 10 15c. The selling was so
concerted that it appeared to be FOR the (
purpose OF breaking the market. Sep /
tember pork closed s7l4c lower at $3.50: (
September lard l5c down at sos and I
September ribs nc lower at sl067lkc.
Estimated receipts tomorrow: Wheat, /
$50 cars; corn, As cars: oats. Is5 cars: (
hogs. 1900 head
GRAIN AND PRODUCE MARKETS. |
Chicago.
- TIL