Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-08-06
WHEAT TAKES Big TUMBLE
THE SEPTEMBER OPTION DROPS B,
IN CHICAGO.
Lower Foreign Markets and Lack o.
Speculative Buying the Cause
Corn Nearly n Gent Lower
Oats and Provisions.

Chicago, August 5.-The demand for cash
wheat was better here to-day than at any
time since the recent advance set in. But
the market lacked speculative buying. n
with that powerful support withdrawn, the
price declined &c. The drop at Liverpool
was also very influential. Corn was weak
on better crop outlook, and declined &c.
Oats lost AGlzc. Provisions we're weak,
declining 12Hq221zc. the latter in pork.
The foreign wheat markets at the open
ing sent cablegrams indicating somewhat
of a tired feeling amongst them after their
late e~xhausting climb. As q consequence
there was a drop at the opening of
1kGIhc in September wheat. Although
the buying against puts was heavy. II did
not prevent it dropping another 1c per
bushel to 76c. or PFC below the closing price
of the day before, in about forty-five min
utes from the opening. Liverpool noted a
decline of I'D per Genital before trading be-
gan here, and Berlin reported a drop equal
to 21kc per bushel. Very few of yesterdays
cabled offers had been accepted, and. but
for the kim of five boatloads of No. 2
spring by Antwerp that had been offered
by a Chicago house TO Antwerp, no foreign
scceptances could be heard of here. Pyra-
mid builders had to stand aside and see
their top-heavy erections topple over with
the Earring of the weak cables. Tit selling
out yesterday of the leading line Of long
wheat in this market had much to do with
its collapse this morning. Tn decline here
brought into play a host Of resting orders
for cash wheat. both here and at the sea-
board. New York reported sales for export
up to Il o'clock of about eighty-ive boat
loads. Although exporters in Chicago said
they could sell very little by making direct
offers TO Europe. they were, during the
forenoon. inundated with bids from the sea
board for No. 2 spring wheat. and while
they disposed of several hundred thousand
bushels on bids of that kind, II was as
nothing TO the quantity wanted. One and
three-duarters cents over September was
u-fI for the least Desirable of the No 3
spring in store. and 2l4c premium for some
n favorite houses. Chicago receipts were
receipts. IL cars were new spring. The
quantity inspected out of store was B1,e0
bushels Minneapolis ana Duluth got "a
ears. against 3I on the corresponding day
Of 1885. The total received at Western p-i-
mary markets was S59.oo0 bushels. against
5iS.t9 bushels a year ago. Exports from
the seaboard were equal in wheat and -four
20 S05.00 bushels. Closing cables reported
Liverpool Id lower than il closed yesterday.
unchanged for wheat. While nearly 4O. coo
bushels cash stun was sold here, buyers OF
ly declined to 75Nc for September. rallying
to 75izG75%c. a net decline of Sc. Septem-
Der opened 11sdliZc lower at T4U9sc. sold
between T5sc and 15&c. closing at 15iRd1J5sc-
No one not previously short wanted to
buy any corn. Longs were only anxious 70
find other shoulders to transfer their bur-
den to, and fresh lines OF shorts being put
put were more in evidence than buyers to
cover corn already sold. The weather was
AL mat COuiQ De desired. IN view OF SuCn
prospective addition to present enormous
country holdings of old corn, the accept
snces OF yesterdays offers TO country deal
srs were very heavy, and the sales against
such purchases made in the pit were one Of
the depressing influences of the day. The
lowest prices of the day were current near
the close. Receipts were go cars, and ex'
port clearances 525.6Z7 bushels. September
opened sc lower at 21xc. sold at ZISdZI54c,
the latter at the close.
A big business was transacted in oats.
and the market was a very lively one all
aay. Liberal liquidation Of September was
The chief cause of the decline in prices.
The Price Current stated that the crop
would be much larger than anticipated.
This helped the bearish tendency Receipts
we're posted at 55 cars. of which 23 were
new and 11 Of the contract grade. With
drawals from store were 1901 bushels. Sep
TENDER opened a shade lower at 115sc. and
sold of to I7lsc. which was bid at the close.
Provisions were weak from start to finish.
The drop in corn had something to do with
the decline that occurred. and heavy re-
ceipts of hogs here and in the West were
another influence hat pulled down most of
yesterdays advance. Lard lost all of the
previous days 11l1c gain. and ribs all but
s. OF the similar rise they made the day
before. pork retaining only 2lzc, or. say.
lost 22i6c of the value It held at the close
here. Kansas City got l.00 and Omaha
1900 head September pork opened sc
lower at H.10. sold between $50 and SEQ.
and closed at NO7l5. September lard opened
SC lower at $50. sold of to A3217. closing
at A.S5d437k. September ribs opened 12lzc
lower at Sass, sold between $3.50 and A.S2i2,
closing with sellers at A.S.
Estimated receipts for tomorrow: Wheat.
100 cars; corn, 80 cars; oats, 40 cars; hogs,
1900.