The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-08
WHEAT BROKE AGAIN
Opening Was Steady but Hold
erS Lost Nerve
VISIBLE SUPPLY INCREASED
Liquidation in Pork Resulted
in a Loss.

Chicago, March Liberal Russian ex-
ports and a settlement OF the Argentine
strike caused a net loss OF CSC today in
lay wheat July is down csc. Corn is
sc higher and oats &c. Provisions are
II to Soc lower.
Considering the weakness Of cables, the
opening in wheat was fairly steady. May
was &c lower to 1sc higher at s61a 10
s64c, while July was is914c lower to
( Shade higher at S17sQS-lsc. The effect
OF the downward tendency of foreign mar
kets was offset for the time being by the
failure Of predictions of general rains in
/ the southwest. Reports from that Sec
/ ton were more decided than before in
regard to the critical condition y the
growing plant. American crop consdera-
ton were soon set aside. however, upon
: the appearances of the statistics of the
visible. The amount On passage showed
fair increase and the northwest receipts
were large. Primary receipts also showed
n increase over tho Of a eyar ago.
/ The market eascd IF Uade- these in
tucnces, May declining u yJa,c ana .Iuly
TO 9l12c. a diversion in favor Of the
1 bulls resulted from the increase of rumors
of bad weather The pit crowd bought
quite freely this afternoon. Prices made
q slight response to the improved demand.
The Improvement in ton, however was
short lived. Confirmation Of the rumor
Of the ending Of the stricken in Argen-
tine started a selling movement. The
movement appeared to be largely over
bought and little wheat was wanted.
Prices were started downward at rapid
rate. Stop loss orders came out. May
sold off to $3.50. loss Of S12c from the
high point of the day while July dropped
2fsQ9shc.
Shorts covered freely in the May option.
causing a rally Of about cent but July
held at the low point. May closed firm
at 94c, but July was weak al S99sc. Clear .
ances Of wheat and flour were equal to
301 900 bushels Primary receipts were
$4,000 bushels. compared with $50 500 .
bushels a year ago. The amount on pas
sage increased 2232,O0o bushels But the .
visible supply decreased @10Gy0 bushels.
Minneapolis. Duluth and Chicago, report
ed receipts of 62l cars, against e23 cars
last week and 566 a year ago.
In view OF the extreme weakness in
wheat the corn market held rcmarsably
steady. May opened lsill4c lower - n
shade higher at 53l2@53s.c. and after sell
ing between 5S3s and 541sQAc. closed at
53slly7sc. July ranged between 5lasq522sc,
closing at a loss Of lsq14c at 51a4d24c.
Local receipts were 1S2 cars. four of
grade
oats were Independently strong. owing
to an active demand with apparently
little desire to sell on the part of the
majority of traders.
5'-- close was firm, although much of
the advance was lost. May opened IN
changed 10 &c lower at HlsG41I4c sold be
tween H1kN427sc and closed at 421ac. July
ranged between 39sscG4o2sc. closing 1scq
&c higher at 393sG&ac. Local receipts
,56 cars.
A small run of hogs. with higher prices
at the yards. caused early firmness in
provisions, with small advances through
out the list. Outsiders were free sellers
on the advance resulting in a weaker tone Z
The break in wheat caused further
iquluation late in the day The close
was weak with May pork SOC lower at ]
3 SHE; lay lard was off Toe at $3.50 and {
ribs 7l2d1oc at s7171ad72o. I
Estimated receipts for tomorrow: Wheat {
%. cars corn 20 cars, oats 300 cars, hogs {
%, 900 head.
The leading futures were as follows. '