The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1896-09-29
BUYERS GET WILD
WHEAT MARKET PROVIDES MATTER
FOB ASToNIsHMENT.

December Closes Cent and Five-Eishths
Higher After Three-Quarters Decline
Early on a Batch of Bear News keIat-
ing to Receipts and Shipments-Pro-
fessiouals Still Have Faith In a Dag of
Higher Prices and Sustain the Market
Till the W orId's Visible Decrease Booms
it-Other Markets.
Chicago, Sept 2s.-Wheat furnished a
big surprise today. December closing
IA cents higher after an early decline
Of Zcents. The decrease in the word 5
visible supply was entirely unexpected
and started a wild buying movement,
resulting n the advance. Corn closed
q cent. higher. oats y cent higher and
provisions cents lower 10 cents high
er.
The suggestion OF the early news re-
garding wheat was that it would prob
ably SEQ lower prices at the close today
than on Saturday. The action Of me
market during the first few minutes Of
the session justified such a conclusion.
for Decem Der. which had closed on sat
urday worth s61s cents, opened this
morning at 652s cents to 657s cents. The
bearish early news was as follows: chi
cago receipts 252 cars. compared with
167 a year ago; Minneapolis and Duluth
receipts .557 cars, against 1,l0S on Mon
day a week ago; Black Sea port ship
ments for the week $3.50 900 bushels,
suggesting that a total of a bout s, 900, 600
bushels had been put afioat for Europe
from all points last week, and foreign
markets apparently quite ready TO
sympahiZe with any weakness that
might crop up here. Advices from the
northwest also continued 70 report the
probability OF increased farmers DE-
liveries and the Atlantic port clear
ances since Saturday were only equal
in -four and wheat TO zoo, 900 bushels.
But in spite Of all this there was steady
buying by professionals who are salts
fed that prices have not yet recorded a
high-water mark. Under 1t the effort
OF the bearish news was soon overcome.
December gradually advancing TO 665s
cents Later in the session the visible
supply statement provided a sensation
and provided a strong enough market to
dispose Of great deal of wheat bought
earlier in tine day to support it, It
showed decrease of $4,000 bushels in
stead of an increase Of 100000 bushels
as expected, and compared with an in
crease a year ago of 1.3s3o0o bushels.
That settled the matter for the day SO
far as the extinsuishment of the bear
ish feeling with which the local crowd
started was concerned. A regular flood
of covering orders poured in, and De-
cember was rushed up 70 6S cents in
very Short space of time. There was a
weak spot later, December declining to
667s cents, but heavy short buying soon
shot prices upward again, December
closing firm ait 67A cents.
Corn was weak early on account OF
the heavy receipts and the cold weather
in the west which 1t was expected would
hasten the time of moving the new
crop. Later, when wheat became stead
Ter, the shorts took fright and began to
clutch rather nervously for the limited
offerings, causing a considerable rise,
considering the bearish exhibition of
figures for the day. May opened Is
cent lower at 25k cents, declined to 25
cents and advanced to 255sQ25A cents.
closing firm at 255s cents.
Oats were rather quiet. The iirnness
which was displayed was influenced
entirely through sympathy with wheat
and corn. Prices closed about Il cent
better all around than Saturdays final
quotations. May opened a shade lower
atl9A cents and advanced to 1912 cents.
closing steady at 192s@1s1z cents. Com
mission houses appeared we'll supplied
with selling orders at the opening and
prices we're lower for while in conSe-
ouence. All this was changed when
wheat became very strong and that APP
peared the sole reason for an advance
which followed.
january pork closed cents lower at
$40: January lard cents higher at
s415 and January ribs unchanged at
SO. 52a Q3.55.
Estimated receipts for Tuesday:
Wheat 295 cars; corn 1000 cars; oats $50
cars; hogs 5000 head.