The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-06-01
JULY WHEAT
CLOSED DOWN
Speculation in All Grains In
der Bear Dominance
JULY CORN 70 CENTS OFF
Oats Showed a Falling OF and
ProvisionsStrength.
JULY CORN 70 CENTS OFF

Chicago. May 3l.-Aside from the termi-
nation OF the successful corner in May
oats and the accompanying furry and
higher prices in that pit. speculation IN
grains today was again under bear donai-
nance. For the third successive day corn
showed marked weakness and influenced
the other grain markets July wheat
closed sc lower. July corn S.Gssc down
and July oats &c down. May oats closed
SIC hisher than Thursday and at the
top price on record. Provisions closed
frm. SC 10 7lsG1oc up. Wheat Tor some
time fairly held its own The opening
influences were Of Strengthening nature
and prices made some fair advances Ca
hles were arm. and Argentine shipments
showed a markedly bullish decreased at
2-eo bushels. as compared 70 l.l6Q 60
bushels a year ago The prospects are
thas Mondays worlds shipments Viii be
small. l-Aese incentives started July
wheat a shade 10 AG9sc up az IKE 20
7siec and sold at 72isd72ssc. The buying
that resulted in this firmness soon gave
way. however. 10 dull scaiping market
and a gradual decline enSGed. Crop pros
Poets and weather were favorable. coun-
teracting the bullish news and inducing
the local crowd 10 sell short. Advices
southwest, however, told OF too much
rain As corn broke there was further
selling, and July wheat broke 10 lac.
closing easy isc down al 72a7e'sc. Local
receipts were p cars. contract grade
Minneapolis and Duluth reported 81 cars
for The two DAYS. making = total for
the 3 points OF 49, cars. against i2 one
day last week and as cars two days
a year ago. Primary receipts were $751;
coo bushels. compared 10 476e1 bushels
last year Seaboard clearances In wheat
and -four equaled $4,000 bushels.
Corn continued its down turn today and
completed a slump OF 3ssc since the first
OF the week. The opening trades were
at a fair advance on firm cables and
increased receipts and the fear Of a con-
tinued heavy movement from the farmers
toward this market that pushed prices
down Receipts were heavy a. fi2 cars
for two days. and the estimate for oMn-
day was especially hearish at SEQ cars.
There was some short selling on crop
prospects and the generally bearish sentl-
ment but the decline came mainly from
the absence Of support. Most Of the sos
sion business was active but Of local
nature. July opened a shade lower at
62i4c TO eclkc. and sold up on q little sup
pert by the leading bull house TO 6eisc
Persistent bear argument brought
slump 70 6iAd6lac, and July closed weak
A47sc down at si4sc.
The termination Of James a. Patton's
successful corner IN May oats brought
a picturesque close 10 the business OF
the week and the month. For several
months the May deal has dominated the
oats pit TO the exclusion Of any very ac-
tive business in other futures. Exccp-
tionally manipulation by Mr. Patten Sc
cured for him line Of long stun al about
sc. amounting TO between 10000 900 and
100000 bushels. Prices were pushed up
ncthodically from week % week on the
corn scarcity and held at a uniformly
high price. until May !. when Mr. Patten
began buying the cash stuff and selling
II out at "A good advantage but at
tempting figure Local stocks were prac-
tically Observation-Disclosures were taken In
by the shorts. who wanted 70 deliver. but
the price hardly wayered from It's strong
position. Many shorts settled personally
With big bulls without going into the pit
Today Patten himself bid prices up. No
body dared sell what they would have
10 buy from him. and the result was an
advance OF 5ssc over yesterday and =
tightly cornered close at the top price
on record FOR May. f9izc. Profits 70 the
leader are estimated at little short OF
si.t@o coo. The trade IN other oats was
dun and uneventfui Crop prospects are
tp'u anu Soih WEAVING. oats Soid OF. July
closing weak ffic down az 35sec. Receipts
were liberal AZ 81 cars.
Provisions again felt the serious aspect
OF the strike OF the packing house team
sters at the yards Curtaflmenfs OF shin
ments Of livestock has kept hog prices
up fairly well but tho crowd was afraid
TO do much business. The firm hog sItua-
lion was augmented by a little pack
ers' support and prices closed FIRM. July
pork Sc up AZ si71o. July lard Sc higher
at 5000. July ribs 7z6lec higher at s. tx
ass
Estimated receipts Tor Monday wheat.
- cars. corn. so cars. oats. go cara.
hogs. q. OF head
80