The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-02-15
ALL OFF N GRAINS
BuIIish Tendency Gives Way
to Weak Market.
WHEAT LEADS DECLINE
Close Is All Way From l-8 to
3-8 Lower.

! Chicago, Feb. 1.-THE bullish tendency
of yesterdays grain markets gave way
today to change in sentiment. Wheat
was weak largely because there was moth
ing to help bolster up prices. Neither
pits felt its influence and Nay closed so
&c down, May corn sc lower and May
oats 1.c lower. Provisions closed PIC to
7l5c down.
Wheat ruled dull and weak throughout
the day. Yesterday the hope of a better
export business and added short demand
strengthened the tone materially. Today,
however, there did not appear the better
export demand as expected and there was
practically no short dmand to keep up
prices. Gables at the start were a little
better but the slight gain was soon lost.
Outsiders ketp out of the buying side of
the market and locals sold generally. The
small cash demand and growing bearish
sentiment contributed to the decline Stop
loss orders were reached on the decline
and occasioned further selling. Weather
conditions were nearly perfect. Kansas
City which for some time has been the
weak plank in the wheat platform was
ward. The range was not large and there
was some recovery toward the end of
the session May opened a shade to ~
&c lower at 7S5sc to 7S1zc, sold off to 7Sc
and closed weak, sake lower at 7Slzc.
Local receipts were % cars; Minneapolis
and Duluth reported 239 cars making a
total for the three points of 26S, against
30 last week and 453 year ago. Primary
receipts were 407 900 bushels compared TO
$4,000 bushels year ago. Seaboard
clearances in wheat and -four equalled
262 600 bushels. Argentine shipments were
$4,000 bushels for the week against 50, 600
bushels last year.
Corn trade was small with a leaning
most Of the time to the selling side Lower
cables. local selling and an absence of
support brought weak tone early. The
break in wheat helped prices and after the
few commission house buying orders had
been filed the market soon went down.
More o ia bearish feeling developed in
The southwest and the markets there were
lower. The southwest looks with ap-
prehension on the approach of spring and
its probable effect upon winter shelled
corn that is held in elevators. Local
scalpers were bearishily inclined and
with such encouragement were free sell
ers. May opened lower. but at one time
touched 621zG@sc. yesterdays close. A
sharp slump tool. May down to 61%c The
close was weak, &c lower at 617d62c.
Receipts were 131 cars.
Trade in oats was very small and was
almost featureless. There was a small
early demand which strengthened the
lowering opening market. May advanced
slightly over yesterdays close a. 435sc but
the drop in other grains brought a small
decline in oats. May closed easy, sc off
at 1880. Receipts were 12S cars.
Provisions closed a little lower and cas-
Ter. But there was not much disposition
TO trade either way. Hog receipts contin-
ued large and there was some selling
credited TO packers. The grain weakness
also affected prices. May pork closed PFC
down at si5.s715; May lard. nc lower at
50 40, and May ribs 21sG5c down at $s.47ilD
$50
Estimated receipts tomorrow: Wheat. Is
cars: corn, 40 cars; oats so cars; hogs,
80, 900 head.
AMI OpnnnTrr 6sAcKETc