The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-02
BIG BREAK IN WHEAT
Foreign Markets Will Not Bid
Expected Prices.
RECEIPTS ALSO ARE LARGE
Liquidation Follows and All
the Pits Weaken.

hicago, Match 1.-Sevefe declines in
foreign grain markets and increased prin'-
airy receipts knocked four cents from the
price of May wheat today. Liquidation
spread to the provision pit and resulted
in a break of S71s cents in the price of
may pork.
Closing prices showed loss for May
wheat of SIC. compared with last night
July is down 21zcG35sc. May corr is off
&c, oats 2s4@27sc. and provisions 42ie TO
sic
Throughout the session the sentiment
of the wheat pit was extremely bearish
and there was constant general li1uida-
ton. Lower prices in all foreign grain
markets cause da weak opening May he
gan Zee to Ic lower. at 800 10 I-00is
and July down a4a7sc to 114q19sc. at s3c
to s314c Unmistakable evidence was
given at the start that general seuti-
nent had for the time being complete -
changed all the recent remarkable bull
ishness Long wheat bought under the
belief that the war would be sude TO
There was also an enlarged movement
of wheat toward western accommodating
centers that did much to throw doubt on
the reported smallness of the farmers re-
serves. On this view of the situation
all of the large commission houses had
wheat for sale and the northwest was
also a liberal seller mere. Very litde
support was offered until May had de-
clined to 99c and July to 92tsc. a scat
tered demand from shorts and bnying
of July by the instigator of the, dis
carded May deal caused some recovery
May rallying TO 991zc. and July to $3.50.
a decrease of nearly three million BUSH
els in the world visible stocks had
steadying influence for a time. During
the last half hour of trading. however,
heavy selling again set in and the mar
ket broke violently. May dropped to IS
Y. a decline of cents from the high
points of the day. July fell &c TO 911A
a slight recovery followed, on buying by
shorts, but the close was weak, with
May at 972.c July closed at 91%c. Clear
ances of wheat and -four were equal to
$1,000. Primary receipts were $4,000 bu-
shells. Minneapolis. Duluth and Chicago
reported receipts of 400 cars. compared
with 100 cars last week and 297 cars
year ago.
Corn declined with wheat. the market
being without support Map opened q
to l2c lower. at SOS to 56Ac, and after
selling up to 562sc. the price broke TO 5415c
late in the day. closing at 544se. July
ranged between 531sc and 547sc, and
closed 17sc92c lower at 53llc. Receipts,
49S cars.
There was severe break in oats es-
pecially in the May delivery. After open
ing 14G3sc to 3sT1@c lower at 1850 TO "A
l9c. May sold between AZ ana 1850. clos
ing at 42c. July closed 2i4c lower at 80
Ac. Receipts, 2e6 cars
Liquidation in hog products was on
scale similar to that in the grain mar
kets. Prices in all lists showed sharp
losses May pork however. was espec-
tally weak and declined S7l5s. for the day.
The weakness in grains and the lower
price for higs at the yards were the bear
factors. The close was practically at
the bottom with May Pork at sl4 80. af-
ter It had sold between $3.50 and SIS 40
Lard closed 421kc lower at SIS and ribs
were also down $42Ie al S7.42lH
Estimated receipts for tomorrow:
Wheat. SO cars; corn. sos cars; oats. 80
cars; hogs. Al COO head.