The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-05-17
LOWER PRICES
GENERAL RULE
Trading in Grains at Chicago
Mostly Professional.
GOOD CROP PROSPECTS
Practically Ruled the Grain
Pit During Day.
GOOD CROP PROSPECTS


Chicago. May 1s.-Good crop prospects
ruled the quiet grain pits t'day. Trade
vas almost entirely professional IN char
acter and although wheat had q few
bullish influences. lower prices were the
general rule jay wheat closed ssc lower.
July corn %sQ7sc lower. and July oats ~
&c up Provisions closed ~ 70 ne de-
pressed.
Early in the session wheat showed some
tendency toward q good movement ca
bles were higher or steady. regardless OF
cur losses yesterday Receipts n the
northwest We're stiB very small. tntlcaJ-
ms the bulls mad an actual and serious
depletion of stocks il farmers hands.
II addition 20 this, rain began falling
again IA the northwest and advices from
the Red river valley told very pulllsn
story Of delayed spring seeding. Offerings
~ the opening improvement were not
sufficient for the small demand, and
prices worked up TO l5@s 1s5'sc Tor July,
after opening shade 70 1sNAsc up, al
47ss % 45ssc. General harvest news, now
ever was promising I ne north p eSteILl
curJailmenL OF receipts We're beginning 10
lose some OF their buHish effect and OF
much importance was the fact that eX-
ceptiouaily seasonable weather IN most
% the country was keeping the outsider
from the market. As general rule, the
farmer never sells stuff short. and the
fact that he Is not buying has Influenced
general crop prospects Further. the eN-
port demand was inactive Kansas nil
lers made report Of the CONDITION OF
their state crop. indicating a yield OF
Slxty-three million bushels, quite a bear
lSh advance over the recent scare or a
reduction 10 25,9eo,eoj bushels. These
bcarish factors in the end served 10
start some fairly active selling mere
vas little support-mosJ Of the crowd
waiting for a leader. july sICmped
sharply &c and closed &c down. at 90.
75c. Local receipts were p cars or
contract grade, Minneapolis and Duluth
reported only - cars, making total FOR
the three points OF lf9 cars, against ~
last week and III a year ago. Primary re-
ceipts We're 1885, Go bushels, against 303,0)1
bushels las year Argentine shipments
were 624, 600 bushels. compared So 1900
a year ago. SeabOard ciearances in
wheat and -four equaled 10000 bushels.
The sea board reported three loads taken
for export
Corn showed weakness all day. Gables
were lower u start with, and from ev-
eTyWhere came reports of fayorSb le
weather and promises OF a bumper yield
Of corn this season The cash den~and
was slow, and what there was OF II being
filed easy Freer offerings Of cash stun
were reported from interior points or
Iowa and Illinois, and receiving houses
were moderate sellers against purchases
in the country. The bull party made no
apparent effort 70 support the market,
end the demand came chiefly from shorts
with profits. Local receipts showed So
far but utpe inclination 70 increase but
tips from the country Insisted that within
q week the daily run here would be DO
cars where now It is generally below 50.
Trade was much restricted. but the de-
cline was steady. July sold down from
6Z2sc to q weak close, %G7sc lower, al
6lsG6l5sc Receipts were IS cars
Oats were very dun and made almost
no appreciate changes There was no
outside business IN the Pit and the local
scalpers we're waiting developments.
There was general disposition not .
sell short nCch further until more de-
c-dedly bearish news came 70 hand. The
moist weather northwest deferred the
bears from following the action of the
ether pits July new sold al 367.c and
closed is(ii4c up at 35SsQ36sic. Receipts
were leo cars.
Provisions ruled weaker ard needed the
81 pport that came -neagerly from the
crowd heavily Interested on the bull
side The larger run OF h0gks at most
% the western packing centers and the
lower prices at the yards Induced liberal
selling. Trade was rather quiet. July
pork closed 1iac lower. at $ll-s5, july
lsrd 5-lac down. II 5000. and July ribs
go up. az 50 7rf9 l2la
Estimated receipts for tomorrow,
Wheat 80 cars. corn. e. cars; oats, III
cars; hogs. 2o,teo head.