The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-08-08
CORN GOES
ALL TO PIECES
Heavy Selling Brings 1t Down
| l-8c at Close.
LITTLE WHEAT ON MARKET
Good Demand for High Grade
Is UnSuppIied.

Chicago August AFTER considerable
early strength in grains today. The mar
kets suffered a severe break -c.Tn in par
ticular. The cause VAS that the year
promised TO be too prolific 10 suit the
bulls. There was goal demand ior high
grade wheat, and very little wheat Of this
sort was coming to market. This infu-
ence. however, could not offs.-t the incen-
tive to sell heavily ir the corn Lit whom
support was withdrawn. and when corn
broke jaggedIy other grains dipped in
sympathy. At the close September corn
was 1a11sc lower, September wheat sake
lower and September oats 1sGHc down.
Provisions closed TIC to 15c lower.
There was a desire to cover short con
tracts in corn by yesterdays sellers at
the opening and on a fair support by
big house and scanty arrivals prices
showed good gains The pit crowd for a
time acted very bullish under the lead Of
the crowd that bulled July stuff News,
however. was generally bearish. The yield
for the year promises 10 total nearly d.
600 900 bushels. Cables were lower and
the weather was perfect. Trade was not
heavy early. and when support began TO
wane sellers came out In great numbers.
September. which had worked up from
54ssc TO 559sc plunged down TO 53lsc and
closed after some covering support weak.
1G1isc down at 53iza535sc The cash de
mand was moderate The feeling through
out the pit was that much Of the arti
fetal strength had been hammered out Of
corn, and in spite of the continued slump,
that the crowd was overselling the mar
ket. Receipts were A cars.
The break in corn near the close worked
against an otherwise strong wheat mar
ket. The sympathetic selling was not
heavy, but as the support fell of and ex
cellent crop advices came to hand the
good early gains were lost. Trade was
light aside from a good carly demand by
elevator interests. The cash situation was
excellent. Prices at premium of as
much as 10c over September were being
asked in the northwest. Considerable
changing was done from September 70
December options al a difference Of 1c.
The fair-sized short interest in the mar
early upturn. September opened &c down
TO unchanged at 6S74c to 69c and advanced
to 69Slc. Crop advices. however. stated
that everything was favorable. The crowd
was in mood to bear the market, but
was deferred until near the close by the
cash support. A local statistician today
made comparison between last years
crop figures ard the prospective yield fo..
this year. by which all the maturing
crOps-wheat. corn and oats-excell those
Of last year by 70 per cent When corn
broke September wheat dipped to 6s5sc
and closed easy 1sdAc down at $50 G6S7sc.
Local receipts were 219 cars. one Of con
tract grade. Minneapolis and Duluth re-
ported 1874 cars. making a total for the
three points of $50 cars. against sos last
week and 49, a year ago. Primary re-
ceipts were 100000 bushels. compared with
S95, 900 bushels last year. Seaboard clear
ances in wheat and -four equaled $500
bushels
Oats ruled very steady until the corn
break. Trade was quiet with a little
buying by commission houses. Reports
were that oats were yielding well. but
thatthe quality averaged low. Receipts
pressure. but when other grains went of
there was decline in this pit without
much effort on the part Of the bears
September sold up to 323sc. broke to 3l&sc
and closed easy SAFE down at Si@.c. Re
ceipts were 179 cars.
Outside liquidation and a lower hog
market depressed provisions early. Pork
was wanted. however, and on the pack
ers support there was a good advance
until grains broke. Then there was lib
eral selling and the close was weak with
September pork 7l4c down at slss5; Sep
tember lard lee of Ak Sl0.75 and September
ribs i5c lower at Sl3.35.
Estimated receipts for tomorrow:
Wheat. 1876 cars: corn. 49, cars: oats. lSo
cars; hogs. 5000 head.
GRAIN AND PRODUCE MARKETS.