The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-29
CORN PRICES
DASHED DOWN
Coarse Grain Losses | 1-2c at
the Close.
SELLERS TOO WILLING
Other Grains Borne Down in
Sympathy.

Chicago. May 2S.-Bears had their turn
at the grain markets today. General con-
ditions were moderately bearish. but as
only the action in the corn pit that turned
the tables and all grains on the list were
forced TO a weakness greater than yester-
day. was strong The whole situation
hinged on the liberal acceptances Of Chi
cago bids by country holders Of corn.
These were so. much greater than had
been anticipated that prices broke oacly
IL the corn pit and other grains suffered
sympathet.cally. July wheat closed II 70
1850 lower. July corn 1lz41ssc down, aho
July oats &c lower Provisions closed IN
changed 10 a shade lower.
Weakness ruled in corn from the open
ing. The sharp advance here yesterday
Influenced cash houses 10 advance their
bids in the country, and the farmers
jumped at the higher prices eagerly. Be
fore noon advices indicated 1,OJ,p90 BUSH
houses that bought this stuff at once sold
against IL and forced prices down below
the low price beyond yesterday bulge
Other 'adVices were bearish and were in
fiuences in the depression. Cables were
unreSponsive, crop reports were good anu
good weather was reported IN the corn
belt Early in the session the big bull
house unloaded with some profits after
the successful manipulation Of yesterday.
AS prices plunged downward there was
some fair cash business. but II dad not
serve to steady the market much. Wheat
weakness which started on the corn re-
action was an additional bcarish incent-
i've. The weakness showed no signs. Of
abatement, and July, which yesterday
was worth 642tc and which opened today
a. 64Q634c, closed weak. 1l5Q1ssc lower.
at 627s Q6s;c. Receipts were small at 10
cars, but because of the free acceptances
the movement Is expected to increase.
Wheat showed some early weakness on
the foreign weakness. which was based
or the favorable government weather re-
port here The southwest was bearish
on crop prospects and sold freely Inere
were very few short accounts open and
consequently as prices declined there was
little to arrest the weakness. There was
/ q heavy selling trade. although lew
commission houses bought. Weather
was good everywhere. The cold weather
scare was found 10 amount TO nothing
! so far, and although the GOODNESS was not
| a help TO forcing growth, yet It had done
no damage. AS corn turned very weak
wheat was depressed still further and the
, weakness it developed seemed to be so
4 thoroughly saddled upon the market that
even late reports of IS loads sold at the
seaboard for export and four loads work
/ eo here direct, failed more than 10 steady
/ the slump trihe over the bottom figures
July opened IA &c up, at IS,sa 49,
slumped to 725sd72&.c and closed weak
/ IA G12sc down, at 72%4dI21sc. Local re-
| ceipts were &c cars, six of contract. Min
neapolis and Duluth reported 100 cars
making a total for the three points OF lz'
cars, against 100 last week and rs year
ago. Primary receipts were 23l,0 900 bush
| els. compared to 100000 bushels a yeal
ago. Seaboard clearances in wheat and
i -four equalled $50 900 bushels. There were
| little of interest in oats. The weakness
of the other grains and exceptionally
! good crop reports induced selling and
/ brought small recessions. Features, how
ever were unimportant- The May deal
/ which has been the bugaboo Of this pit
| and which has restricted trade in II fol
some time, will be out Of the way Satur-
| day after which the traders expect more
interest in the pit. Traders generally
concede that there will be. considerable
| settling by shorts with the May bul
leader without deliveries. July closed ~
down rather weak al 37lsG37Ac. Receipts
were smaller at 1876 cars.
Provisions were dull. after showing fail
strength early In the day. The hog situa
| ton was fam and early buying was fair
The grain weakness. however. caused
| LIQUIDATION and loss Of the early gains
Packers did not support the market lat,
in the day July pork closed unchanged
| at s17.071h: July lard a shade lower, a
$40. Is 10 IN. and July ribs unchanged, a
50. 621z.
! Wheat % cars: corn. $50 cars; oats, 70
cars hogs, IS 900 head.
GRAIN AND PRODUCE MARKETS