Kansas City daily journal., 1896-12-17
BELOW EIGHTY CENTS AGAIN.
MAY WHEAT CLOSES AT A NET DE-
CLINE OF 1 lie.
Opened Strong, but Weakened Under
Persistent Profit TRking-Corn
and Oats SympatheticaIIy
Weak-Provisions.

Chicago, Dec. 16.-After encouraging the
bulls to-day with an advance of &c over
yesterdays close, wheat broke suddenly
and sharply, closing at net decline of 1Ac.
Spectators rather overbought on Hessian
fly damage reports, and the anxiety of
spectators TO unload started the the gen.
eral liquidation which resulted in the
slump. Corn and oats were sympathet-
ically weak, closing about &c and 54c low
er, respectively. Provisions closed at prac-
tieally unchanged figures.
Wheat opened weak because of a de-
cline of I'd to start with at Liverpool and
further break of I'D, which was like
wise known before the start here. 1t
opened at SOIka8O5sc for May, as compared
with S11sc at the close yesterday. The
commission houses generally had selling or
ders and the local professionals were feel
ing bearish, as dullness is looked for until
after the holidays are over. But the situ-
alton was soon changed for the better.
Northwest receipts were light to begin
with, Minneapolis and Duluth reported but
ga cars compared with 62 last week and
SoS last year. Chicago receipts were equal
Iy bullish, 26 cars, against q last week and
20 on the corresponding day last year.
The chief strengthening factor, however,
was the news of damage to the winter
wheat in Ohio, Indiana, Illinois and Mis-
souri,. Letters and dispatches were received
showing injury from the Hessian fly as
well as from the late cold snap. These
places of damage were a good deal scat
tered and raised the fear that it was pos
sibly serious and widespread, and started
the early sellers TO covering. resulting in
an advance to S5ac. 1t turned at that
point, and turned emphatically, dropping
by u O'Clock TO S0isc. The break could not
be traced to anything beyond the general
and almost simultaneous desire that seized
the crowd to take profits on early pur-
chases.
The seaboard exports were very heavy
amounting to 10000 bushels in wheat and
flour, including clearances from New Or
leans and Newport News. The decline at
Liverpool and a shade lower quotations at
Paris were the only bearish features of the
days news, and Liverpool in the end was
only from I'D to I'D lower than it closed
yesterday. Altogether 1t was rather an in
explicable break and when such a thing
occurs IT is usual to ascribe it to Armour
and there was no exception to that TODAY
all the more so because Armour & Co
again sent 100000 bushels or 100000 bushels
of wheat to those who had it coming from
them on December contracts. The price
finally got down to 793!c and closed weak
at 797Sc.
Corn was more active than for some time
previous, but the tone was heavy and ten
dency downward. The heaviness was ir-
respective of lignt receipts, liberal export
clearances and fresh sales for foreign ship
ment reported from New York of eighty
boatloads, all this being overshadowed by
the weakness of wheatA May opened a
shade lower at '255sd25&c, sold at 25%0
255sc, then declined to 2515c, where it closed
Oats were active, with a good business
transacted, the bulk of which was of a
scalping nature. Through sympathy with
wheat and under the influence of heavy
offerings, the market ruled weak and prices
closed &c to I4d2sc lower than they did
yesterday. Atlantic port clearances were
$4,000 bushels. May opened unchanged at
2Ol4c, advanced TO 2O14c and closed at zoe
bid.
Provisions were very dull, but firm un-
dertone existed. The feature was the small
ness of the offerings, which served to hold
prices steady during most of the session.
Packers were more or less affected by the
cholera claims. The extreme weakness of
wheat had its effect later in the day, and
the slight opening advance was lost. May
pork closed 2lac higher at S.95; May lard
unchanged, at S4.O5; May ribs, unchanged
at $4.02l7.
Estimated receipts Thursday: Wheat. 81
cars; corn, 30 cars; oats, 325 cars; hogs
5000.