The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-17
WHEAT VALUES LOWER
New RuIes Caused Liquida-
ton on All Sides
CORN AND OATS FOLLOWED
Provisions Opened Firm but
Weakened Later

Chicago. Feb. IA change in rules
( governing deliveries was largely respon-
sible Tor heavy liquidation in wheat TO-
Day. resulting in July closing 2..71sc be-
low the final figures Of yesterday. May
wheat closed l4sqr4c down; May corn is
I of I1.ql58c; oats &c. and provisions Il.
q5jc down
DemoTaliza lion was rampant in tn
wheat pit, starting with confusion caused
b. the inauguration OF q new rule IN ref
ereHce 70 the delivery OF Nos. ! and >
hard wheat on future contracts. Untll
today No. red and Nos I and hard
winter wheat have been deliverable On
contract al sc discount But the board
voted To make the rate after July / at
2c discount Announcement Of this de-
cisi0n oToughr heavy reaIizaJions II the
july and September options. Prices de-
cHned throughout the day The opening
was comparatively steady influenced b.
the early Liverpool cables. which showed
slight advance. initial quotations on
NAY being unchanged 70 -tc higher, at
So 09sc. july vas unchanged 10 Iac
lower, at sJu9Oi2c- Large quantities Of
july and September wheat came out dur
ing the first hour, on liberal selling by
commission houses and local longs
There was very little suppos to the
market and d decidedly weak tone soon
developed. There was nothing apparent
in the general news TO bring out such
heavy selling orders. Foreign advic-s
were s-id bullish on the cash situation
Moreover. the cash demand in ali do
mesJic markets was q noticeable feature.
Cold weather in the southwest was also
a bun factor. Ia the face Of these I'M
favorable circumstances. however, long
wheat continued to come out the entire
day. The weakness in the outside mar
kets and in the corn and oats pits IN
doubleday had some effect. II was also
claimed that a natural reaction from the
recent bull success had considerable part
in the depression The close was weak
and near the bottom. After selling down
TO 95t.c, or IS,c below the high point.
Nay closed or ss1@de67sc after touching
S75sc Clearances Of wheat and flour
were equal 70 30 200 bushels. Primary re-
ceipts We're 6S5.5C0 bushels against 455 90
bushels a year ago. The worlds visible
supply. according to Bradstreet's, showed
an increase of 21z0G0 bushels. Minneap-
Oils Duluth and Chicago reported receipts
Of 349 cars. against 362 cars last week
and t0S cars a year ago.
Corn met with a good demand at the
opening from local traders. May opened
a shade lower tolsd14c higher. at 56isG
567sc, and sold early at 56asd5s1zc. The
close was at the bottom. at 54Tsc. July
closed at $3.50, a net loss Of a4G3sc. Lo-
cal receipts were 800 cars, of contract
grade.
oats were very nervous and easily af-
fected either way. May opened IN
changed Ia sc higher. at 4+1sq+1.c. sold
between 1850 and 44ss0441zc. closing at
427sc. Local receipts were 49, cars
There was early strength in provisions,
with good buying The advance in price
however, brought out heavy realizing
sales, which We're increased by the eX-
IRENE weakness in grains The early
gains were all lost and at the close prices
were considerably lower than yesterdays
final quotations. May pork showed the
greatest loss. being down 3oc. at s147o.
after selling between $40 and sl52o.
May lard was of 12le. .15c. at S76oT7. 6212
with ribs 7ladIoc lower, at $40.
Estimated receipts for tomorrow:
;, heat. - cars. corn. 1870 cars; oats. $50
cars; hogs, 1900 head
The leading futures ranged as follows: