Kansas City daily journal., 1896-12-16
MAY WHEAT WEAK, LOWER.
STRONG AND HIGHER EARLY, But
ONLY FOR FEW MINUTES.
Selling by ScaIpers the Chief Cause
of the DecIIne-AII the Other
Markets Were Dull
and Weak.

Chicago, Dec. l5-After a brief period of
strength and higher prices TO begin the
day with, wheat became very weak and
left off 1hc below the price it closed at yes
terday. The principal reason for the de-
cline was that scalpers who bought yes
terday saw net quick profit at the open
ing and hastened to accept it. Other mar
kets were dull and weak. corn declining
nc. oats lkc and provisions 2Iha719c.
The opening of the wheat market to-day
was very satisfactory to traders who had
held wheat over and were anxious to dis
pose of it. Both of the sources of news
which most influenced the market-Liver-
pool cables and Northwest receipts-were
favorable to higher prices. Liverpool re-
ported an opening advance of I'D per cen
tai, which was very generous response to
the advance here yesterday. Northwest re-
ceipts Were light, decidedly so. Minneap-
oils and Duluth reported 40 cars and Chi
cago Il cars. total of 5l1 cars, as compared
with 535 last week and l552 year ago. In
fluenced by this news. May wheat, which
closed yesterday at S21zc, found plenty of
buyers at the start at from S2% to S2ssc,
and for about fifteen minutes there were
frequent opportunities to dispose of long
wheat at S2Izc. In addition to the Liver
pool news. the press cablegrams in the
evening and morning newspapers concern
ing the extensive area in India affected by
the drOuth helped to encourage buying
The opening prices, however, were the
highest of the day. The scalpers who
started to sell out their lines We're spurred
in their efforts by reports that Brad
streets worlds visible statement was likely
to show an increase for the week of 3.OOO.-
90 bushels, or more, New York reported
very poor foreign demand. and that Rus
4
cheaper than American. The Branstreet's
statement. when received, showed the
stocks Of the world to have increased only
$50. 900 bushels. Meantime. however May
had declined TO sic After a protracted
struggle. IL recovered to Sl5sc on n report
OF continued unfavorable weather in Ar
gentina. The closing cable, however.
showed most Of the Liverpool advance lost.
Paris a shade lower for wheat. although n
trifle higher for -four; Berlin i mark lower
and Antwerp unchanged. The demand in
the cash market was slack. and only 1900
bushels OF spring reported sold for rail
shipment to country millcrs. The market
became once more exceedingly weak near
the close ana got down once more 10 sic.
The closing price was SlNNkC.
Corn was dull. featurelss and unworthy
Of extended remarks. Its general tendency
WAS slugEishly downward. May opened
unchanged at 26IsC which was the highest
that was the hid price at the close. The
weakness of wheat and rather liberal re-
cciUts were the influences, although the
last was somewhat ncutralized by the
small estimate for tomorrow.
Oats were very weak for the greater part
Of the session. The heavy receipts to-day
-6G4 cars-caused free selling. and a lin
itod demand augmented the weakness. To-
ward the close a little Improvement took
place, Influenced principally. perhaps. by
Rradstrect's report. showing n visible de-
crease nj 5520,N bushels. May opened un-
changed at 2Hs,c. declined to So'sc and sold
at Gul T28ssc AT the close.
Trading in provisions was very dun ard
consisted mostly in changing contracts
over from January to May. Yard prices
were lower and large receipts We're eX-
pcctcd tomorrow. both of which facts
helped to push provision prices downward
After the opening decline. however, tho
market held comparatively steady. May
pork closed 7'ec lower at $7.92le: May lard
&c lower n Sia5: May ribs about 2Izc lower
at S.ooU402is.