Kansas City daily journal., 1896-11-17
WHEAT GOES DOWN AGAIN.
DECEMBER CLOSES 3-4c BELOW
SATURDAYS FINAL FIGURES.
Foreign Markets Were Weak and All
the News Was BearIsh-COrn
and Oats Were Dull
and Easy.

Chicago, H., Nov. 16.-wheat suffered
from a plethora Of bearish news to-day.
and closed &c lower, although selling at
one time at a &c decline. Corn and oats
held steady on a limited business, corn
closing a shade lower, and oats unchanged.
Provisions suffered declines of from 7lzc
TO l2lzc.
Two surprises were in store for wheat
speculators at the opening to-day. One was
the heavy Northwestern receipts Receipts
of wheat at Minneapolis and Duluth were
l.259 cars, against $50 on the Monday pre-
ceding. and 1,25s on the corresponding day
Of the year before. The other was the
Liverpool cables The first accounts re-
eeived Of the Liverpool market were indica-
tive of firmness. But later dispatches, re-
ceived five minutes after the opening, ad-
vised ID per GENITAL decline. These two
items were sufficient to create decidedly
weak feeling, and in half an hour from the
start December. which mad opened at from
7sc, yesterdays closing price, down TO
1s1zC. was struggling to keep from going
below TIC. The sudden increase in the re
CelptS IN the Northwest was totally uneX-
pected, and the belief was freely expressed
that both this and the decline at Liverpool
We're due TO Chicago manipulation. But
other news gave the bears a more Iegiti-
mate advantage. The visible supply. which
had been expected 10 increase not over
10000 or 10000 bushels was found 10 have
increased .GS5. 90 bushels good many
were even looking for a decrease. The dis
appointment in that respect caused the
price TO take another sudden plunge De
Ce1n'ber had meantime recovered to ISc and
St dropped to TI4c on the publication of the
visible figures. The demand for cash wheat
ff.al
for milling. and was one of the strong
features of the day. The sales up to noon
aggregated nearly 800. 600 bushels one-haIf
Of it being for direct export. The market
became very feyerish during the last hour
and fluctuations were violent. Liverpool
at the close quoted a net decline of from
2J<i 10 2i=d for the day. and only Antwerp
Of the Continental markets showed an ad-
vance. The declines at Paris and Berlin
were trifling, however. The Liverpool
weakness caused December wheat to get
down to TIC. There was a quick rally in
December TO 7S52c, under the encourage
Tnent Of the large cash business. Another
drop to Use was followed by a final rally
10 7Si4c. which was the closing price.
Corn was duh and easy, but there was
no important break. Enough strength de-
veloped 10 hold prices fairly steady. The
weakness in wheat had some influence,
cables were weaker. and more liberal re-
ceipts were expected. Trading was almost
entirely local. May started unchanged at
2S2sc. sold at 2sI@c. declined to 2SIsc and
closed steady at 2SJ4N2S7sc.
In oats as well as corn, business was
principally of a local nature. There was
some disposition on the part of shorts 10
% cover. and the decline which came soon
after the opening afforded them good op-
portunity TO do so. Prices rallied on this
and closed practically unchanged. May
opened unchanged at 22lzc; declined to 22ls
622l4c. and rallied to 221.c. where il closed
Provision prices tended but one way, and
that was downward. Receipts of hogs
were much larger than expected and start
ed prices lower. Commission houses and
packers sold freely and products suffered
a still further decline, though rallying a
1rifie with wheat near the close. January
pork closed 12Iac lower at $40; January
lard, 12izc lower at $40; January ribs, 7Isc
lower at S3.s5.
Estimated receipts Tuesday: Wheat, 100
cars; corn, 475 cars; oats, 43o cars; hogs.
I7.c0o.