Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-27
BULGE In SEPTEMBER WHEAT
TOOK A BIG JUMP UP YESTERDAY
on FOREIGN CROP VIEWS.
Surpassed July In Speculative Inter
est-COrn Unchanged After a
Dull Day-Oats a Shade
Higher.

Chicago, June 26.-July and September
wheat changed places to-day in point of
speculative interest. July started out with
the usual corner" scare, but before the
session was half over September was COM
handing the attention of most of the
traders and was much the stronger at the
close. Final prices showed a nc advance
in July and 1hd13sc rise in September.
Other markets were dull and neglected.
Corn closed unchanged; oats a shade high
er, and provisions unchanged TO TIC lower.
Nothing else was before the vision Of
wheat traders at the opening but the ever
growing specter of a July corner. The US
the fluctuations. Traders watched the
brokers who were supposed to be doing
the bidding of the men who were, credited
with the manipulation of July, and as they
bought or sold, so did the crowd. July
wheat started at a surprising pace. Its
first jump was at a rise of from bq7sc per
bushel, 72i3d72Ac being quoted at the out
set. This was followed up with a few
kangaroo bounds that took the price to
lSl3c. That appeared TO be the height Of
its ambition for a while and during the
remainder of the first hour II INDUCED in
a series of cratic sputters like a handful
of lighted fire crackers. From l5l2c down
TO 72i2c, up again to 75lkc and back to
73c, were some of the more noticeable of
its gyrations in the first hour. September
strangely neglected for a time, but that
was a condition in which II was not per-
mitted to remain. Il opened at 64Ac. COM
pared with 6iasc. its closing price the day
before. After touching 647sc, it hung be-
tween that and 64Sc with very little doing
in IL for an hour. Then 1t suddenly sprang
into activity. Poor reports from Russia
and the Danubian provinces started buy
ers and so lively did the demand become
that July was for a time neglected and
September rose to &c. Much of the Sep
TENDER buying was supposed to come from
the same source as the July buying. The
receipts at Chicago were twenty-five car
loads. Minneapolis and Duluth reported
receipts OF 23 cars, against $50 the cor
responding day of the year before. The
weeks exports Of wheat and flour from
both coasts were 2,l56,O0Q bushels, against
2.34l,0O bushels the week before and 2,S37,-
600 bushels a year ago Argentine did not
ship any wheat to Europe his week. A
year ago Argentine shipments for the cor
responding week were 10000 bushels. The
exports of wheat and flour for twenty-four
hours from Atlantic ports were equal to
10000 bushels: A London cablegram was
year. compared with last. in the English
crop. and claimed that for months the At
lantic ports of America would be called
upon for 100000 bushels of wheat and
-four per week. September maintained its
advance. 1t did not get below 65Ssc after
having sold to &c. II touched 66Isc and
closed worth 65TsGG6c. July. after all its
early buster, closed at 722sC.
Corn was slow within an extremely mar
row range, with prices a shade easier most
OF the time on the Corn Belts report of
crop conditions through the West. The
advance in wheat was a factor latterly.
Trade was small, in marked contrast to
the activity which has prevailed nearly all
week. Local receipts were $50 cars. Sep
TENDER opened UNCHANGED at 26c, sold be-
tween 26d26lsc and 25t-c. closing at &c.
oats were duh within &c range. The
feeling early was weak on the unloading of
a line Of about 100000 bushels by a promi-
nent trader. but the market developed con-
siderable strength later in sympathy with
the advance in wheat. Local receipts were
345 cars. September opened unchanged at
1Sc. sold at 1I5sc and advanced TO 1SG1SIsc,
where II closed.
A limited trade was done i'm provisions.
The feeling during the early morning was
easy on the large receipts of hogs and
weaker yard prices, but steadied later as
wheat continued to show strength. A fair
demand sprang up at the decline. At the
close. September pork was TIC lower at
S.57tk: September lard UNCHANGED at S45.
and September ribs, 2lsc lower at $4.4TI2d
450.
Estimated receipts Monday: Wheat. Il
cars: corn, 4&5 cars; oats, 800 cars: hogs.
5000.