The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-03-17
CAMPAIGN
ABANDONED
Corn Declines and Bull Move
ment Is Abandoned.
PROVISIONS WERE EASY
Large Liquidation on Account
of CoOn'S Weakness.
PROVISIONS WERE EASY

Chicago, March 16.-There was break
| of over cents in May corn, due to heavy
liquidation today by prominent holders
and the close was down 1s4c. May wheat
was of sc and oats were 1zq$sc lower.
Provisions were easier and the May pro-
ducts closed from ~ to 25c lower.
Trading in wheat was only moderate
and the market held fairly steady the
greater part of the day, but the extreme
the session and the close was near the
bottom. May opened d shade to 1sc
higher at 7411c to 74*Q5sc on compare
lively steady cables. the market at Liv-
erpoOl failing to respond to the decline
here Saturday and on small worlds ship
ments the decrease being largely from
Russia and Argentine. There was gen.
eral selling by commission houses, but
the offerings We're well taken by pit
traders and local longs. and the price re-
manned steady until the session was well
advanced, when a reversion of sentiment
developed on the break in corn and a
sc lower at 73s4d7sc. Clearances of wheat
and -four were equal TO 900 bushels.
Primary receipts were 797 000 bushels,
against So. 600 bushels year ago The
amount on passage decreased 1,672, 00J
bushels and the visible supply showed a
decrease of 69l, 900 bushels. Minneapolis
and Duluth reported receipts of sos cars,
which with local receipts of twenty-seven
cars none OF contract grade. made total
receipts for the three points Of 635 cars
against SOS cars last week and $40 cars
a yea rago. Enormous liquidation of
May corn resulted in a break of &c in that
commodity and with poor support the
market closed near the bottom. The
selling was a continuance of the liqui-
dation begun last week and was on a
scale sulscient to satisfy the most in
credulous that the bull campaign in
augurated several weeks ago has been
abandoed. The selling was in big blocks
and at first was mainly confined to one
or two large operators, but as the ses-
sion advanced and no let up occurred, the
smaller holders took alarm and Joined in
the selling movement so that for a time
it seemed as if the whole pit had corn
for sale. The opening was easy on lower
cables, May being a shade lower at 4624
@7sc, and from the tap of the bell until
late in the day, the market experienced
a gradual decline. At 447sc there was
some covering by shorts and a slight re-
action occurred, the close being off 124c
at 451sc. Statistics on the whole were
bullish but had little effect on the stu
alton. Local receipts were 500 cars, with
one of contract grade.
There was early selling of oats on the
increased receipts, but the offerings were
we'll taken and the market held quite
steady until late in the session when
prices declined with corn. The volume
of trade was only moderate. The close
was weak and Y at 5-Sc lower for May
at 81 lac, after selling between 81 1-Sc and
34$4c. Local receipts were 413 cars
There was considerable liquidation in
provisions induced chiefly by the weak
ness in corn, although liberal receipts Of
hogs and a decline of from to 10c in
prices at the yards, were early bear
factors. There was no effort to support
the market and the whole list slumped
off the close being weak and 25c off on
May pork. at sl7.S71ac. May lard was
down 1715c at 1886 and ribs were 7*c
lower at S9.S7ik Estimated receipts for
tomorrow: Wheat 20 cars; corn $40 cars;
oats. 800 cars; hogs. $4,000 head.