Kansas City daily journal., 1896-10-06
WHEAT CLOSES SOME HIGHER.
OPENED AT A SHARP DECLINE, But
MORE THAN RECOVERED.
Apparent Shortage in the Worlds
supply the Bullish Factor-Corn,
Oats and Provisions All
Make Gains.

Chicago. Oct. 5.-Faith in the belief OF a
considerable shortage in the worlds sup
ply of wheat, Notwithstanding the heavi-
ness of the immediate movement, was the
cause OF the rally In wheat to-day. which
left 1t Nc higher than it closed on Satur-
day. The coarser grains did even better.
Corn and oats closed &c higher each. Pro-
visions advanced 6G12kc.
The first transactions in December wheat
were at from SIC to 66stc, compared with
6714@67xc at the close of the session SAT-
urday. Tho news regarding the weeks
shipments to Europe from the surplus
raising countries and the heaviness of the
domestic receipts were together the cause
of the opening decline. The shipments of
wheat from Black sea ports were stated to
be 5.700.60o bushels, which ran the worlds
shipments up to the enormous total Of TO-
17s.000 bushels. The Minneapolis and Du-
luth receipts were 1,256 carloads, against
1.63o cars on the Monday previous, and
2.007 carloads on the corresponding day the
year before. Chicago receipts were AZ
cars, against S. last year. These figures
were scarcely calculated to strengthen the
belief in the failure of crops either in Rus
sia or the American Northwest. In ad-
dition. trade was rather anticipating
heavy increase in the visible supply. Quite
a good demand at about &c was soon evi.
dent. New York had buying orders here
almost at the start and succeeded in ac.
cumulating large amount Of cheap
wheat. st. Louis also started buying here
on the decline. The foreigners also re-
eumed purchases and took good line
here and at the seaboard. Prices began to
rise Immediately and were visibly boost
ed" by the visible supply. which showed
only 100000 bushels increase-or materi-
ally less than indicated by the returns
early in the session. The strength con-
tinued until 68asc had been reached for
December, the high point Of the day. At
over Csc, however, a great deal Of wheat
was for sale. the consequence OF which was
another setback to 67a4c, and that was the
closing price. Closing sales were easy at
irregular declines.
Corn was weak and lower early, inf1u-
enced by the break in wheat and the larg-
er receipts than expected. Later, how
ever. when wheat had the sharp reaction,
corn also recovered and sold 1sc above the
close Saturday, most OF the advance being
retained to the close. May opened sc
lower. at 2slsc, and gradually advanced to
26asc, closing steady at 26Ac.
Oats opened rather easier. on the heavy
receipts principally. The strength in
wheat and corn Influenced a similar tone
here and the market advanced, closing
firm at prices from &c to sc higher than
Saturdays final quotations. Business was
only moderately heavy. May opened Isc
lower. at 1880, advanced to 20c and closed
steady at 1870.
Provisions were rather easy at the start,
Influenced by heavy hog receipts although
they were no larger than expected. Pack
ers were good buyers. and prices hard
.ned as the session advanced. January
pork closed 121sc higher at s722L; Janu-
ary lard. SC higher: January ribs, TIC high
er, at S3.57k.
Estimated receipts Tuesday: Wheat. SIS
cars; corn, 1.oS0 cars; oats. 200 cars; hogs.
c40oO