Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-05-30
ANOTHER DROP In WHEAT.
SPECULATIVE MARKETS ALL WEAK
AND LOWER YESTERDAY.
Wheat still Suffering From the Prom
Use of a Large C~rOp-COrn Breaks
Under Heavy Receipts
Pork Below $500.

Chicago. May ~29-Sperulative markets
were all weak and prices lower to-day.
July wheat lost &c. corn &c, oats &c, pork
Tsc and ribs 2iac. The improvement in the
weather and estimates of a 530,OOO,O00 BUSH
81 crop of winter and spring wheat affected
that article and corn suffered from a sim
liar cause. The holiday on Monday with
accumulated receipts and perhaps fine
weather in the meantime was an additional
element in creating the weakness.
Trading in wheat commenced at the price
It left off yesterday afternoon. 1t soon be-
gan to weaken. however, and in about
twenty minUtes July dropped Sc per bushel
below tho price it started at. The Liver
pool quotations were no lower than they
closed yesterday, which was the reason for
the hrmness at the immediate opening,
Notwithstanding the bearish influence
which seasonable weather usually has upon
the minds of the spectators that soon
began TO have its accustomed effect. About
the same time. Thoman's June crop report
came out, predicting a yield of 95.000.0 900
bushels more than last year. The market
became very weak on this. July opened at
6S%a 6S7.c. sold at 6S7sG69c for n moment,
then declined to 5S1aa6S5sc. Business was
apathetic and dull. The holiday which is
TO be observed Monday caused a general
reluctance to enter into fresh transactions
and a desire TO clear up existing trades.
Chicago received Il carloads and 9i,6Si
bushels were inspected out of store. Min
neapolis and Duluth received 400 cars.
against 654 on the previous Saturday. The
clearances from both coasts for the week
were equal to 2.USl.00 bushels. against
2.e55.0oo bushels the week before and
week Of 1896. Argentine shipped to
Europe $4,000 bushels. against 5000 BUSH
els last week and 40S.0 % bushels the like
week Of last year. This was one of the
heaTish factors Of the day. Being a short
day in the business world, both here and
abroad. there Is seldom any business done
I'm wheat for shipment Saturdays. and none
was reported to-day outside of a few small
lots 20 domestic millers. The market be-
came weaker as the session progressed for
lack Of anything TO encourage buyers, and
that was enough to stimulate short sell
even at its briskest. when July was on
the decline from around 6SasC to 6SlC. to
which price il finally declined. The latest
in corn large receipts were again too
much for the market. which ruled weak
on a very limited amount of trading.
general sellers. The cash demand was
slow. July opened a shade lower at 235sfD
and gradually declined to &lic, where
Market for oats was very slow. Prices
yielded some. in spite of statements that
The crop in Iowa and Nebraska will be 80
U1H.Oso bushels smaller than last year. Re
Ceipts were heavy. so cars. and this and
tho weakness OF other grain markets
turned the scale downward. July opened
T. shade lower AT ~li4NlI3sc, declined TO
ll.c and closed at I7asu17igC.
Provisions were slow and weak. There
was an inclination for a time to play for
2 reaction and prices during the early
hours showed "a slight advance. This was
lost later under liquidation. English houses
bought on the break and some reaction fol-
lowed. At the close. July pork was about
,lgC lower at E.S.l2. July lard about
unchanged AZ &.62i2. and July lard 2l2c
lower at SfaI.
Estimated receipts Monday: Wheat. q
cars. corn. 1loD ears: oats. Goo cars; hogs,
f-.UOn.