The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-24
WHEAT BROKE BADLY
May Option Loses More Than
Five Cents a BuSheI.
OTHER GRAINS ARE LOWER
Provisions Market Is Wild But
Closes at a Loss.

Chicago. Feb 23.-With the suddenness
of culprit jerked from scaffold, the
May option of wheat today fell sac. kick
ing up and down for hours in spasEls that
were heart breaking. Trading was on an
enormous scale. Fears of European com
plications in the Russo-Japanese war
forced the price up to a new high record
mark. slOS12. but tremendous liquidation
caused a headlong dive to s1.03t.. Com
were down ls.c. July closed 17sc lower.
May corn was of 1lsqlhc, oats &c ana
provisions 10 TO l21zc
Wild excitement marked trading in the
wheat pit from the very start. Buying
orders appeared TO come from all direc-
tons at the opening The cause was
sharp advances in foreign grain markets.
A rumor that the English feet had been
| ordered TO intercept any attempt by the
Russian fleet to pass the Dardanelles fur
nished an additional motive TO many trad
ers. The May delivery was in more active
demand than the deferred futures, and,
| as a result, initial sales on that option
were at an advance of q to 234c over
| Saturdays closing figure at s1.C6l5 TO
| S10Si4 The wi0e range of prices showed
| more plainly than anything else the ex-
element under which the market opened.
Some brokers were bidding S1.0Siz a
bushel for wheat while others almost by
| their sides were selling that commodity
for two cents a bushel less. The volume
| OF trading the first few minutes was
| enormous. Hundreds of thousands of the
! bushels were sold on the advance. and
under this heavy profit taking the price
| of May fell an even four cents from the
high point to $1.O21a July declined to
| 943sc or 15.c from the top Many stop
| loss orders were reached on the way
| down which added to the weakness.
! Shorts in the May option took advantage
Of the break TO cover and the buying
! from this source caused a recovery to
| $685. Within the last fifteen minutes
| another flood of selling orders appeared
| in the pit The result Of this renewed
attack was a break in May to sl.O3i4 a
decline of SIC from the high point. July
sold of TO 9211c a loss of 3Esc. The close
SO G. C1earances OF wheat and -four were
equal to 3S6. 500 bushels. Primary receipts
We're 1131 800 bushels, against $4,000 bush
| els a year ago. The amount on passage
| increased 10000 bushels while the visible
| supply decreased 317000 bushels. Mime
| apolis. Duluth and Chicago reported re-
| ceipts Of $50 cars against so cars last
week and 722 cars a year ago.
| Corn was traded in heavily, and prices
| moved in sympathy with wheat. May
| sold off to 551hc and closed at a net
loss of 11scd1hc at 5524c. July ranged be-
| tween $3.50 and 5515c, closing 1kdsic lower
at 54ss@1.c Local receipts were $50 cars
| none of contract grade if
| Oats We're exceedingly nervous and the
volume of business was somewhat re-
| stricted. May opened unchanged to &c
| higher at 457sc TO 4ec and after ranging
! between 443sc and 1850. closed at 447sc
Local receipts were 400 cars
| Provisions were excited in the same
| degree as the grain markets. The open
| ing was wild with prices strong. but a
| general rush on the part of the holders
to sell caused a loss of all Of the initial
advance. May pork showed the greatest
weakness and declined 45c from the TOP
mark. After selling between $3.50 and
| Sl6.05 that product closed 27lkc lower ar
! Sl5.61i2 May lard was down INC at
| S7.S7i2 while ribs were off 15c at s757lk
Estimated receipts for tomorrow: Wheat
| - cars; corn $50 cars; oats 30 cars: hogs
| $4,000 head.
Iaal fr1r fr-frt