The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-02-02
WHEAT MAKES A GAIN
May Option Adds Half Cent TO
Value.
CORN AND OATS ADVANCED
Provisions Were Lower by a
Small Fraction.

Chicago, Feb. IA decrease in the
worlds available stocks impaired strength
to wheat prices today. Prospects of a
reduction in primary receipts also con-
tributed to the better tone. The May
option closed with gain of nc. May corn
was up sc, while May oats were 1Hc
higher Provisions were unchanged to &c
lower.
Before the opening hope for improve
ment in wheat values was submerged by
a deluge of news OF bearish character.
Foreign grain market were lower, world s
shipments for the week extremely liberal
and the quantity afioat for Europe and
Great Britain heavily increased In adj
dition there was the report from Min
neapolis, that the flour mills there were
all closed on account of over abundance
Of supplies. With such bearish conditions
the opening prices here were, May being
off 1.c TO PC al S994c to 90c. Commission
houses and pit traders We're liberal sell
ers, and with little support the price de-
clines still further. When May had
reached s92sc the market became steadier
be from the leading long. Prices showed
some advancement as a result of this
buying, May rallying TO the opening fig
ure \ decided change in sentiment Oc-
cured toward the noon hour. Buying
orders appeared 10 come from all quar-
tiers. The market responded to the i'm
proved demand and within a short time
May was selling at DISC, or a gain of
124c from the low point. The market was
heIped by the visible supply figures which
showed "A considerable decrease. Reports
from Kansas stated that there was little
wheat left in the farmers hands in that
state. Weakness in Wall street was an
other factor in strengthening the situa-
ton. Both May and July wheat came
out freely on the bulge. In the decline
resulting the nearby delivery suffered
most and sold off to 9O5sq24c The mar
ket was frmer hte last half hour, but
showed no tendency [. oadvance. May
closed nc higher at 9O2lc. After ranging
between S15sGS25sc, July closed at S2%@
7sc. a gain of 12G9sc Clearances OF wheat
and Hour were equal to 500 bushels.
Primary receipts were 7245CO bushels
against 10000 bushels a year ago. The
amount OA pdSSe15C iiANiNSA7NN "'"f''N0S
bushels while the visible supply decreased
$4,000 bushels Minneapolis, Duluth and
Chicago reported receipts of 46S cars.
against 461 cars last week and $40 year
ago.
\ strong feeling prevailed the corn pit
more fro ma lack of offerings than from
any prominent buying. May opened I'M
changed to &c lower at sec to 50lsc, de-
clined to 1890, raIlying later to 505sc.
The close was at 59$4c. Local receipts
were 35S cars, five of contract grade.
There was a large trade in oats. and
prices were on higher level. May
open &c, lower at 1880. and after selling
at 422sc. advanced to 4r2d5sc. closing at
44I4c Local receipts were 1S9 cars.
Liquidation by commission houses and
selling in packers caused weakness in
provisions early in the day. The lower
prices at the yards We're a factor in bring
ing out the selling orders. There was
fair demand for lard and ribs later and
in consequence part of the early loss
was regained. The close steady with May
pork 21ac lower at $500. May lard was
unchanged at $3.50 with ribs down &C at
S655a6.7515
Estimated receipts for tomorrow: Wheat
80 cars; corn 675 cars; oats 2l5 cars; hogs
$4,000 head
Leading futures ranged as follows: