The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-09
KANSAS CROP SCARE
Dealers Believed Dry Weather
Damage Exaggerated
MAY LOSES TWO CENTS
Provisions Closed Unchanged
After Some Liquidation

Chicago, March S.-Indications that the
Kansas and Oklahoma crop scare has
| perhaps been exaggerated induced liberal
! selling of wheat today. The market clos
ed at net loss Of % for may and &c
| ais for july Corn is down a shade.
! oats are of SC Provisions are a shade
lower to 212c higher.
Contradictions of the reported settle
ment OF the Argentine strike at the OMEN
ing in improved tone in wheat. Notwith-
standing a considerable decline at Liver
pool May here was steady with prices Iac
lower TO &c higher at S31zc TO size. July
was UP a shade to 12Gssc at SSs. to Sole
The market ruled quite firm. Another
bull factor was the absence of rain in
Kansas and Oklahoma. In addition there
was, as compared with last year. as NAL
Ter movement in the northwest Shorts
covered freely in both May and July the
latter option selling up TO 901.c, while Nav
sold firm at 9i15. Toward the middle OF
the day, however. the sentiment changed.
On an attempt of some OF the bull crowd
10 dispose of their holdings, the pit crowd
suddenly took the selling side of the mar
ket. There was apparently no wheat
wanted and before buyers could be Sc
cured prices slumped severely, May drop
ping to &c. while July sold off TO SSI.c
Large receipts in Kansas City. which
seemed to show that comparatively little
alarm is felt in that section as TO the
growing crop. was apparently the only
bear factor. The market rallied slight
ly several times late in the day but on
each upturn commission houses had plen-
~ of selling orders. Just before the
close extreme weakness developed and
May declined to 9lAc. loss of q. from
the high point of the day July dropped
to SI1sc a decline Of 2lsc from the top.
Final figures on May were els4c July
closed at SSc CIearances of wheat and
-four were equal to 21S,O00 bushels. Prin-
airy receipts, SCI 900 bushels against 5l3.
900 bushels year ago. The worlds visi-
BILE, according TO Bradstreets. decreased
$4,000 busheL Minneapolis, Duluth and
Chicago reported receipts of 3le cars
against 402 cars last week and 399 cars
a year ago.
Higher prices at this depot caused some
strength in the corn pit early in the SEES
sion. The close was comparatively steady
and lower with May at 54a4c. The open
ing on May was 1s0c TO Scale higher
at 54c to 54i4c and the range was between
oS1ac and 5}]sc. July sold between 81 and
52l4c and closed at a loss at STAG Lo-
cal receipts were 2S2 cars, eight of con-
tract grade.
Oats met with fair scattered demand
from commission houses during the first
part of the session and with light offer /
lngs. Prices were moved up nearly a |
cent for May and July The close was-l
fairly steady. The opening in May was I
sc to sc higher at 421ic TO 42s.c. After 4
ranging between 41qlsc and 43lsc. the
close was at 42asc. July closed at the low
point. Local receipts were 302 cars
big reduction in receipts of hogs and
at the yards caused firmness in provisions
Early in the day. There was considerable
liquidation, late in the day. owing to the
weakness in grains All of the advance
vas lost and the close was near the
bottom. May pork closed unchanged at
lSS1l2. Lard was up PIC at s7S21s. and
lbs shade lower at s7171z.
Estimated receipts for tomorrow:
Wheat, 80 cars; corn, 120 cars; oats. 210
,ars; hogs. $4,000 head