The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1904-05-04
WHEAT CLOSED FIRM
Early Trading Leaned Toward
the Selling Side.
CORN AND OATS STEADY
Provisions Show Declines of
Greater or Less Fractions.

Chicago. May 3.-Active covering of
short sales following sudden decline
In wheat prices today caused a quick re-
covery, the market closing strong, with
July 1sc higher than yesterdays final
quotations. Corn is unchanged Oats
show decline OF 14c, and provisions
21aQ3oc
Wheat-Almost ideal weather through
out the greater part of the country
caused heavy liquidation of long wheat
at the opening. In consequence of the
heavy selling pressure initial sales were
made at considerable decline July being
on AqSsc, at S3a4aS4sc. There were other
factors that entered into the situation in
ADDITION to the weather conditions
Among the more important influences
were reports from the northwest stating
that seeding operations were progressing
rapidly. Weakness of the grain market
at Minneapolis and Duluth seemed to sub
stantfate the bearish advices in regard
to seeding and helped to accentuate the
depression here. A rumor that the Mis-
souri, crop report, 70 be issued tomorrow,
wouI show an improvement in condition
OF growing wheat increased the desire to
sell, and for the first hour the market
ruled extremely weak, losses of nearly a
cent being made in all deliveries The
low point on July was reached at S3ac
The selling craze, however, was too unan-
lmous and as result the market be-
came oversold. Many of the early sellers
started to cover. a sharp rally followed
Buying on a large scale by a prominent
commission house was supposed to be for
the account of a leading trader. Active
general demand resulting caused a COM
plete wiping out of the preceding de-
Ginning prices. During the latter part Of
the session the buying continued liberal
and the market held strong. After SELL
ing at Aa4c, July closed at s41ac. Clear
ances of wheat and -four were equal to
1890 bushels. Bradstreets worlds WISH
Bile showed an increase of 1,072 900 BUSH
els. Primary receipts were 21S 100 BUSH
els, compared with 334 100 bushels a year
ago. Minneapolis, Duluth and Chicago re-
ported receipts OF 10S cars, against 102
cars last week and 1sS cars a year ago
Corn-Influenced by favorable weather
and decline in wheat, the corn market
shower considerable weakness during the |
first part of the session. The market |
closed firm at about yesterdays final fig |
ures. July opened 1sGLc to sQhc lower |
at G11G47$4c, sold off to 47A@472sc and |
aiter advancing to 4Sc closed at 47H04Sc. |
Local receipts were 324 cars, with 80 cars |
of contract grade
oats were influenced mainly by the |
s'N'ioii VI o'iier GRAINS. July openeU t4iU |
ssc lower, at 3sl4@3s1ac, ranged between
3slsc and 3SAc. closing at 3s1sc. Local |
receipts were 10 cars.
ProviSionS-Provisions were weak under !
more active selling by packers and ex-
porters. There was a firm opening on
the bullish hog market. but the early
weakness in grains brought out inf1uen-
tial selling, resulting in a gradual de-
cline. Pork closed with net loss of 30c
at 81. 72l2; July lard was down 10c. at
'6.621a and ribs were off 21aa5c, at S. 400
J. 42Ia.
The leading futures ranged as follows: