The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-04-23
WHEAT SOLD LOWER
Experts Report Southwest
More Favorable.
CORN AND OATS DECLINE
Provisions Held at About Pre-
viouS Prices.

Chicago, April 22.-Revision Of expert
reports making wheat conditions in the
southwest more bearish was largely in
strumental in starting heavy liquidation
OF wheat today. July delivery closed
with a net loss OF sale. Corn is off
7su &c oats are down 1zG@zc. Provisions
closed practically unchanged
ror minute or two at the beginning
OF trading in wheat there was an air of
uncertainty IN consequence transactions
were rather light and prices were about
where they left off yesterday. with July
7sa14c lower. at S51sGS514c. Suddenly the
market collapsed and decline Of lc or
more was experienced in all deliveries
Trading became active and a general dis
position to sell becam manifest Rea-
sons Tor the weakness which had thus
quickly developed Were various 4 cor
rectlon OF the crop report of the south
west and which was originally exceed
lngly bullish nullifed the first conception
OF the situation. Traders who bought
on the suppostion that western Kansas
and western Oklahoma were the portions
of the southwestern territory referred to
in the report as being past redemption
had the wheat for sale today The sell
ers had in the meantime ascertained that
the irredeemabe portion OF the south
western fields was confined 10 western
Texas and western Oklahoma. A cable
dispatch from Liverpool stated that mill
ers were buying considerable quantities
Of Indian wheat for May-June shipment
a the equivalent of SIC a bushel. Such
contrast with the prices al which wheat
could be laid down from here had much
to do with the heavy selling pressure
In addition there was a large increase in
Argentine shipments. No heed was paid
to crop damage reports from the Ohio
valley and Indiana. the general desire
being to lquidate long wheat Many
stop-loss orders were reached accelerat-
ing the decline. The only demand came
from shorts. but there was not sufficient
buying from that source to cause any
great rally. The market continued in
demoralized condition the entire session.
the close being weak. After selling off
to SAC, July closed at s4as Gs41ec. May
ranged between s77sc and se@4c and closed
at sssc. Clearances of wheat and -four
We're equal to 1880 bushels. Primary
receipts were go. 100 bushels. against 2S6.-
500 bushels a year ago. Bradstreet's re-
ported worlds exports as equal to 1,s45 AGO
bushels. Minneapolis Duluth and Chicago
had receipts Of ISL cars, compared with
153 cars last week and 167 cars a year ago.
The corn market was weak, partly in
'
to liberal selling by the big holder Of
both the May and July deliveries. Over
million bushels of May Were reported
sold by the erstwhile bull leader. There
was little firmness early, but on the
break in wheat liquidation of May corn
set in. The attending decline carried the
price of July and September down with
it. Thereafter the market was inclined
to drag. about the only support coming
from shorts. July opened unchanged to
isc higher, at 4s9sd4ss4c. sold off TO SAC
and closed at 4s1sd4Si4c. May ranged be-
tween 471hc and 49Lc, closing with d net
loss of 1isc, at sc. Local receipts were
1913 cars. with % of contract grade.
Pit traders were persistent sellers of
distant deliveries of oats. due 70 more
favorable crop advices. As result OF
this selling pressure and under the in
fiuence of the slump in wheat the mar
ket ruled weak. but the declines were not
so pronounced as in other grains The :
principal support came from shorts. AZ
ter opening unchanged TO &c lower. at
562S n 3611c July sold down TO 35Asc and
closed at 357sd3sc Local receipts were
81 cars.
Provisions were quiet and in View Of the /
weakness in grains, the market held COM /
paratively steady. There was some sell /
ing on a liberal run Of hogs. but the .
market received fair support from pack
ers and shorts. July pork closed down +
TIC. ar si22 % July lard was a shade
higher. at s6.75Gs.77i Ribe were off +
shade. at ss.5212d655.
The leading futures ranged as follows: