The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-01-04
GRAIN PIT NERVOUS
Wheat Makes Poor Stagger
Toward Better Prices.
CLOSES lac LOWER
Corn and Oats Do Better and
Close Higher

Chicago, Jan. 3.-A nervous, active
wheat market, based on the conflicting
influences of weak cable list and bullish
domestic news, had only a small infiu-
ence on other pits today. and though May
wheat closed 1saAc down. May corn at
the close was A@ssc higher. and May oats
&c advanced. Provisions closed a shade
to SC lower.
At the opening prices in wheat were
depressed by lower Liverpool cables.
Gossip had it, however. that the cables
had been influenced over night by the
local bull clique, the leaders of which
were credited with having sent selling
orders to the other side with a view to
depressing the market here in order to
buy in for campaign at low prices
Many traders sold early on the bearish
foreign news. but as soon as the story
got out, and leading bulls began to buy
in heavily, the early short sellers re-
pented their rashness by buying back
their own stuff at loss. On top of this
factor came the news that the south
cash article were reported to New York
and the southwest at better prices than
May was commanding here. The cold
weather also had its bullish effect for the
winter belt was reported bare of any
snow protection. Receipts also were
small. May, which opened CSC to &c
down. at s2ss to S29sc, jumped quickly to
s31zQSSssc. The volume of business for
the day was not large, but a considera-
BILE selling pressure to realize turned the
tables on the bulls and May reacted
closing only easy, 1sQ1zc lower, at S21zQ
$3.50. Local receipts were only 30 cars,
none of contract grade. Minneapolis and
Duluth reported 800 cars, making a total
for the three points Of $50 cars. against
513 last week and 81 a year ago. Pri-
mary receipts were only 435, 900 bushels,
compared with $4,000 bushels last year.
Seaboard cIearances in wheat and -four
equalled $4,000 bushels. Argentine ship
ments for the week were $4,000 bushels.
as against no shipments last week.
Corn was influenced early by wheat.
but later in the session turned individu-
ally strong and even lent strength to
wheat. Gables were lower and led to an
easy opening, but a marked improve
ment in the cash demand from the east
resulted in advancing prices. A leading
house reported 40 cars of No. 3 yellow
corn shipped to New York points. This
set bulls to buying and shorts covering.
At first offerings were small, but as the
price struck 671z for May selling be-
came more popular and more corn came
into the pit. Despite the late sag in
wheat, corn held rather firm and closed
with a good show Of strength, 1402sc up,
at 667sc. Receipts were 292 cars.
The corn advance and an improved
cash demand kept oats moderately active,
with generally better prices. The opening
was lower in sympathy with other grains,
but a fair outside and local professional
demand sprang up, shorts severed and
the market took a fairly strong turn.
May sold up to 461ac but on the reaction
in other pits followed suit and closed
only firm, lsc higher, at 46lzc. Receipts
were 1873 cars.
Hog products hardly held steady. The
feature was the continued selling of long
May lard by brokers. Commission bus
mess was less active than expected.
Prices were slightly better at the yards,
which brought fairly steady opening.
Narrow fluctuations were the order of
the day. though selling depressed prices
slightly May pork closed PIC down. Ak
81. 27lec; May lard &c down, at 1896, and
May ribs a shade lower, at $3.50.
Estimated receipts for tomorrow:
Wheat, Is cars; corn. AS cars; oats. IS
oars. hogs 20 ON head