The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-03-04
WHEAT BREAKS AGAIN
Weather Stories at First Gave
Bulls Courage.
THEN SELLING WAS FREE
Coarse Grains and Provisions
Show a Decline.

Chica 60 March abandonment Of big
lines Of wheat today resulted in break
Of &c in the price OF the May delivery
and S15Q3fsc in July. Coarse grains and
provisions suffered sharply. May corn is
down 21-Q27sc. oats &C and provisions
2oa55c.
At the start traders were bulIish on
wheat. owing TO reports of d drop in tenn
perature in the southwest, foreboding i'll
for the growing plant. Severe sand
storms IN Kansas We're also reported.
Shorts at the outset We're active buyers
Of the May option, the opening price OF
which was aql14c higher. at $l@vd1.0o14.
July was unchanged 70 &c lower at 9Ad
94l4c \ good commission house demand
for July carried the price of that option
up to Si340947sc. May advanced TO Sl.00s+.
The reign of the bulls was ended in about
an hour. The pit had become largely
overoought and were eager TO sell at
every favorable opportunity. With the
resultant declining tendency in the mar
ket much long wheat began TO come out
Many traders who had been supporting
the market became convinced that the
principal long interest had succeeded in
dumping all Of its holdings. Offerings
became extremely heavy and with almost
no support prices declined rapidly. Num-
erous stop-loss orders We're received in
creaSing the speed of the downward
trend eRfore the decline could be
checked, May had dropped TO $3.50, an
even 4c from the high point. July lost
3l2035sc, selling down to9li4c. There was
good commission house buying on the
break and in consequence to price raj
lied slightly. May closed at sc and july
at 92Lc. Clearances of wheat and flour
were equal to 267, 900 bushels. Primary
receipts were $1,000 bushels, compared -
80 .O0o bushels last year. Minneapolis
Duluth and Chicago reported receipts Of
260 cars, against 253 cars last week and
273 cars year ago.
Corn was helped some by wheat early
in the session. but as soon as that mar
ket showed tendency to react a decided
~ weak feeling developed in the corn pit
The opening in May was a shade higher
to 1sai4c lower at 5545514c. After sell
ing up 10 55i2c the price declined to
5215c. The close was at $3.50. July ranged
between 5Ilsc and 541sc and closed with
IA net loss Of 224c. at 5li4c Local re-
ceipts were IL cars. of contract grade.
Oats showed decided weakness, there
being much pressure on the bear side
The close was near the bottom After
opening a shade to ls2shc lower, at 423s
Ni215c. May ranged between 40i4c and
42l2c and closed at 4014@409sc. July sold
between 3Sc and 1890, closing at a net
loss of 1Iac, at 3SIec. Receipts were 260
cars
Provisions quickly fell in line with the
weakness that was depressing the grain
markets. The opening showed some i'm
provement on a fair demand from pack
ers but when the grain bulls began 10
throw away tneir holdings there was a
quick rush among traders in hog products
to stand from under. The result Of the
general selling was sharp declines
nrocghoutt the entire list. May Sork
showed the greatest loss and broke 75c.
After ranging Between s14971s and $14S2l2.
the close was at S141712. a net loss for
the day of 55c MAY lard closed 22l.a25c
lower than last night, at $1.25. and ribs
were down 20c at $7.25.
Estimated receipts for tomorrow;
neat, p cars; corn. $50 cars; oats, $50
cars: hogs. 20.000 head.
The leading futures ranged as follows: