The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-04-20
CORN BROKE BADLY
May Option Lost Over Two
Cents a BusheI
ARMOUR AN OPEN SELLER
Wheat and Oats Sell for Less
Money.

| Chicago, April 19.-May corn had saw
age break of 214c on change today, with
Armour an open seller. The general i'm
preston was that the big line held by
that house has been quietly liquidated
during the last two weeks and that the
deal Is practically over. The Armour
selling today began shortly before noon
and for an hour the pit was in a tur-
mol, anxious longs dumping their lines
| lighting to get rid Of their corn before
the bottom went out of the market. One
representative of the Armour company
sold personally fully 10000 bushels of
May and made no effort either at con-
cealment or support when the break got
under way. The Armour line originally
was generally estimated as high as
100000 bushels, and it was accumulated
mostly between 47c and Sc The closing
price today for May was i9z4c just 2Ac
under the final figures of yesterday. Una
nimity- in the northwest and southwest
that the weather is excellent brought out
liberal sales of long wheat here today.
AS result, July wheat at the close
showed a loss of an even cent. July
corn is down 24@7sc. Oats are off sc,
and provisions 21241l1c.
Rain in Kansas, with an official fore
cast of more to follow, caused bearish
opening In spite of firm cables. the mar
ket here was barely steady. initial sales
on July being unchanged at $3.50. News
from the northwest also was discouraging
to the bulls. the weather there being re-
ported as greatly improved and that a
good acreage is now almost assured. Long
wheat was offered freely from the begin
ming, but the majority of traders were
timid about buying. Notwithstanding the
he do,
ports are still being received from Hi
nois. Indiana and Kansas. The demand
soon started prices downward and for
the remainder of the session a decidedly
weak tone was manifest. The market
lacked any outside support. Business
from out of town was chiefly in the ma
ture of selling orders from the northwest
and southwest A decrease of Gil 600 BUSH
els in the worlds visible supply, as shown
by Bradstreets-a much smaller amount
than had been Observation-Disclosures
weakness to the general situation. After
July had declined to S512c, there was little
ostensible support. slight rally resulted,
but the market closed weak. with July
at S5A4c. May ranged between 91Ac and
92c and closed at 9l15c. ClearanceS of
wheat and flour were equal to 1850 BUSH
els. Primary receipts were ga 100 BUSH
els. compared with 339, 800 bushels a year
reported receipts of 16l cars against 154
cars last week and 123 cars a year ago.
In the face of the declining tendency
in wheat the corn market exhibited con-
siderable firmness during the early part
of the session. due largely to small re-
ceipts. Buying by commission houses
caused a moderate advance in July and
the gain was we'll maintained until near
the middle of the day. when a leading
long began to sell large quantities of
May. Under these offerings the market
broke severely, the May delivery declin-
ing about 2lac and July over 1c. Weather
was favorable for farm work and there |
was talk of freer acceptances of corn by
the west, especially Nebraska. One rea- /
son assigned for the slump was that in |
order TO prevent being sold any of these |
acceptances which are likely to grade !
well. the big bull decided to break the /
price of the May option. The market |
closed weak and near the lowest price. /
July opened unchanged to sc higher. at /
sos d50l4c. sold between 49isc and 502s@ !
5011c. and closed at 1914 d49ssc. May closed |
at 1914 after ranging between 4s2c and !
52sc. Local receipts were 15s cars, with !
49 of contract grade.
Pit traders and commission houses |
bought oats early in the session on the /
strength in the cash situation. Offerings /
We're comparatively light and in conse- !
quence a fair advance was made in all /
deliveries The break in wheat and corn .
induced considerable realizing, resulting 1
in A weaker tone. The close was almost /
AT the bottom. July opened unchanged. /
at 375sc. sold between 37isa3114c and 3sc, /
and closed at 374c. May closed at 31a4c. |
Local receipts were y cars.
Provisions were strong early in the day
on an excellent demand from prominent
packing interests, but the market yielded
to the extreme weakness in grains. The
close was easy. with July pork 5Q7I2c
lower, at 81 221zd12.25; July lard was
down 21265c. al s66711; ribs were of 2l2
d5c to 5a71ac. at s6.+7iz06.50.
The leading futures ranged as follows: