Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-05-23
GOOD ADVANCE IN WHEAT.
JULY OPTIONS L 1-Sc BE-
CAUSE OF FOREIGN NEWS.
Liverpool III in Spite of Fridays De-
cline in ChicagO-COrn and Oats
Close Firm Provisions
Sharply Lower.

Chicago. May 22.-Foreign news had al
most exclusive control of the wheat mar
ket to-day and caused a 1Isc advance in
the July option. The most influential news
came from France in the shape of disturb
ing crop reports and made shorts scramble
TO cover. Corn and oats closed firm and
substantially unchanged, after early weak
ness. Provisions were weak from begin
ming to end, and closed at declines ranging
from TIC to 17I2c.
Wheat opened firm and from &c to &c
advance, due principally to a small advance
at Liverpool, in the face of a &c decline
here yesterday. The Withdrawals from
store here amounted to 235,OO0 bushels.
which was assumed to be proof of a good
deal more wheat having been sold for ship
ment than had been revealed during the
week. Among news of another kind were
the heavy Northwestern receipts-Minneap-
oils and Duluth reporting 64 carloads.
against 35 a year ago-and the favorable
weather for the growing crop. New YORK
also in the early dispatches said business
was duh and nothing doing on foreign &C
count. An official estimate from Liverpool
of what the total worlds shipments to
European countries for the week were like
ly to amount to put it at 6,OO0,ON bushels.
Some weakness followed this, July, which
opened at uq71Hc, against yesterdays
7C7sc. New York wired that the French
crop was likely to show 10 per cent less in
area compared WITH last year ; dCTtdBts
and 20 per cent poorer condition. II was
soon apparent that the buying of May
wheat meant more cash wheat business tcr
shipment, and 5000 bushels We're reported
sold soon after the opening. The making
known of the latter and of the repetition
of the French crop deficiencies helped TO
add TO the buying enthusiasm with which
the market opened, and before IL O'Clock
July had advanced to 70&G1isc. Although
slightly lower quotations, II was reported
from st. Louis that 5000 bushels hard win
ter wheat and $1,000 bushels rye were sold
more wheat could have been disposed of
had the wheat been procurable. Coming
upon the top OF the Liverpool cablegram
repeating the shortage and poorer condi-
ton of the French wheat crop, the report
of actual buying OF wheat for shipment TO
thai country gave the bears who were
short wheat n fresh spasm of repentance.
and they rushed July wheat up to 12a12lsc
in their struggle for salvation. The clos
ing price for July was &c.
Corn opened easy on fine weather, large
receipts and on rather free local and West,
ern selling. II rallied later with wheat and
on covering by shorts. Exports amounted
10 $4,000 bushels. The West generally
unchanged at 2psd2f6sc. sold at 24ssc. and
rallied to 2i%@2I5sc, closing at 2i&C..
Local receipts caused a weak, opening Tor
oats, and that condition prevailed for some
time. The market rallied later, as wheat
advanced, and the finish was firm, with
ket was quiet. July opened a shade lower
at I77sc. declined TO l1sdl1Ac. recovered 10
lIssMlSc, and closed at 1I'sC bid.
Provisions were without support and con-
Seuuently eavy. without much selling. The
large hog receipts. present and prospect
i've. were the factors. The market opened
weak and declined steadily from the start.
winding up the session at substantially the
lowest points OF the day. At the close, July
pork was 17llc lower at $50, July lard loo
lower at $3.50 and July ribs 7lsc lower at
$3.50.
Estimated receipts for Monday: Wheat.
~ cars; corn, 525 cars; oats. 425 cars; hogs,
40OOO.