The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-01
BACK TO A D OIL R
Wheat Loses Several Points,
Recovering in Part.
PORK SLUMPED A DOLLAR.
Corn and Oats Remained Prac-
ticalIy Unchanged.

Chicago, Feb. 29.-An increase in Rus
sian shipments of wheat notwithstanding
the var forced the prices for May delivery
back past the dollar mark today The
market touched 1890 in the midst of ex-
element paralleling the remarka bic
scenes which attended the spectacular
leap across the line 10 days ago. Pork
slumped more than a dollar a barrel
Compared with Saturdays final figures
the close today is 27sc off for May wheat
and -l921sc for July May corn closed IN
changed. Oats are down Aqssc. Provi-
sions showed net loss of 10 to &c.
Under an avalanche of commission house
selling which set in shortly after the
opening of the wheat market went to
pieces, extreme weakness prevailing the
greater part of the day. The opening on
May was 1sc higher to 21sc lower, at sl.0l1a
@lUl%4; July unchanged to sc lower at
S61saso%sc. Around s.0214, the May option
held steady for a time on a fair commits
sion house demand. but there was great
di1sculty experienced in filing selling or
ders as the general inclination was to
sell. The leading long had May for sale
The impression prevailed among traders
that he had practically closed out his
deal in May wheat. With the big operator
out of the market for this delivery
smaller holders became urgent sellers
Commission houses also Joined in the
movement For a time it looked as if
there was no bottom to the slough into
which the market had fallen. From
around $l.02, May dropped suddenly 20
1890, a loss of precisely four cents from
the high point Of the day. July wheat
went Gown to 932sc, or 31sc below the top
figure. There was some buying of July
by the big trader who had apparently just
closed out his May line. Shorts also
brought moderately, the result being n
partial recovery in prices. The close was
fairly steady a the decline, with May
at S1.0l. July closed at 9f4 &c. Clear
ances of wheat and flour were equal to
1850 bushels. Minneapolis, Duluth and
Chicago reported receipts of 622 cars COM
pared with 433 cars a year ago.
The unsettled weather and the breaking
up Of the country roads that viii follow
caused considerable commission house
buying of corn early in the session, and
the market was firm in view of the weak
ness in wheat. The market, however,
naturally felt the effects of the decline in
wheat and the profit taking due to the
weakness. The selling was mainly by
longs. L he May option showed greater
firmness than the July owing to the
scarcity of contract grade corn. The
close was steady. The opening on May
was unchanged TO &c higher. at 564sG
$3.50. After selling down to 5534c the mar
ket rallied on covering by shorts the
close being al 565sc July ranged between
537sc and 551ac, closing sc lower at 55ls
QAc. Local receipts were 2S4 cars. four
of contract grade.
Oats followed the trend of other mar
kets but the selling was of only small
volume May opened unchanged to
shade lower at 4519@451sc and after SELL
ing down to 1880, closed at 442sq July
ranged between 411sc and 42c and closed
ssc lower at H12c. Local receipts were
29S cars.
A sensational break occurred in pork UNI
der liberal liquidation. Heavy selling by
packers and a lack of support caused
loss of Sl.05 in the price of May pork.
The weakness in pork spread to lard and
ribe. but those products showed only
moderate declines. Trading was active
and the volume of business was large.
Liberal receipts of hogs and lower prices
at the yards were factors in closing the
heavy orders. There was good COM
mission house demand on the decline
and a fair recovery was made. The open
ing on May pork was down 12l9d5212c, a
$l5SGQ15.00. and after selling off to Sl4.S5.
the market closed at S15-37I5. a net de-
cline for the day of 75c. May lard closed
Ice lower at $7.37i2, while ribs were down
15c at ST.S212.
Estimated receipts for tomorrow: Wheat,
80 cars: corn, sos cars; oats. 800 cars;
hogs. $500 head.
Cash quotations were as follows: