Kansas City daily journal., 1896-11-22
WHEAT MARKET UNSETTLED.
RoBBED UP AND DOWN IN CHICAGO
YESTERDAY.
Finally Closed 3-sc Higher Than on
FHdAy-Rafns in India n Bear
ish FactOr-Corn, Oats and
Proyisfons Gain

Cffcago Nov. 1--Ra1n in India unsettled
the wheat market 1t went higher. lower
and higher again IN rapid fluctuations, Ike
the end prices were about &c above the
point they closed at yesterday. Corn and
oats also made a little advance as did
elBo pork, lard and ribs.
A sudden jump OF &c per bushel in the
price OF wheat during the course of the
first ten minutes trading was a great sur
prise. Two items OF the early news were
SO distinctly bearish that an immediate
heavy decline would have seemed perfect
~ natural, and the crowd would have ap-
proved of 1t. Instead of that, December,
which closed yesterday at 75Iza755sc, did
not sell lower at the opening than 75lZc,
and in ten minutes thereafter was up to
76Itc- A dispatch from Bombay said that
e good rain had fallen there and through
the Deccan, and that prices of grain were
rapidly falling. Further details OF the rain
tn India from Aiahabad describe the wide
spread area succored by the rainfall and
the prospect Of its continuance and further
extension The effect Of that news upon
the Liverpool wheat market was to cause
bushel below the closing prices of the day
before. Even with these depressing feat
ures before them, traders bought freely.
John Cudehy was a good buyer, and as his
trading always commands more or less of
following, the buying was sufficiently
heavy to cause the advance. But the Of
ferings grew as the price improved. Both
the Northwest and foreigners were heavy
BelleTs,and in the next hour and a half the
price OF December had dropped 10 74l4c.
But there 1t rested. The expectation of q
decrease in the visible being shown on
Monday to have taken place this week,
with a likelihood of a steady decrease for
the remainder of the crop year made the
traders pause in their selling when Decem-
Der had got down TO that point. 1t grad
ually recovered again until II once more
reached a point about 40 higher than yes
seTdays oloz.ng price, OF 757Sc, where It
closed The excellent New York bank
statement wes also influential in the clos
ing strength.
Corn was fairly active and steady, keep
ting within q narrow range until near the
close, when 1t sold up and closed 1sc bet
ter than the close yesterday. The action of
wheat was the controlling influence May
opened 9 shade lower, at 269sc, sold be-
tween 2S4Sc and &c, closing steady at 267s
G27c.
Offerings Of cats were light, and a uriet
session was passed. The market displayed
a firm tone and prices closed h61&c higher
than they did yesterday. mainly in sympa-
thy with wheat. May opened unchanged
at 21izo and sold up TO 2l&c, where it
closed.
Only a moderate business was done in
provisions. The opening was at a slight ad-
vance on the better prices prevailing at the
yards and the much lighter receipts OF
hogs, Good support was given throughout
and prices closed at near top prices Janu-
RTy pork closed l5c higher, at S7.55; Janu-
ary lard &c higher. at 1895; January ribs
7ikc higher, at S.7I5.
Estimated receipts Monday: Wheat Sc
cars; corn. SO cars. oats, 225 cars; hogs,
G3,ooo.