Kansas City daily journal., 1897-01-07
BEARS RULED The WHEAT PIT
HAD EVERYTHING THEIR OWN WAY
IN CHICAGO YESTERDAY.
Market Shows Net Loss of L 3-Sc
for the Day-Very Little Bear
ish News-Corns on 3-4c,
Oats 1-2c, Provisions &c.

Chicago. Jan. 6.-Wheat to-day, for the
first time in months, came under the con-
troll of the bears. Short sellers caused the
unloading of long wheat in large quanti-
tics and the result was a weak market
and 19sc net loss for the day at the close:
corn, &c; oats, &c; pork and ribs, each
&c, and lard 2lzc.
Wheat opened firm at a triie better than
the previous days closing price, but soon
lost its opening Improvement and some
thing more. The first trades in the pit
were at from S3lzc TO S3ssc for May, as
compared with yesterdays closing price of
S21ldS$2sc but there was n flood of offer
ings at that and in the first half hours
trading the price dropped to SIC. The
opening strength was due to the fact that
firs- cables were steady to firm, notwith-
staEding our break yesterday. The export
business at the seaboard was also on a
liberal scale over 100000 bushels of spring
wheat having been taken at New York
and Northwest receipts were exceedingly
light Minneapolis reported only 100 cars,
and Duluth 90 against a total of 227 last
Wednesday and 4O2 on the corresponding
day last year. Chicago receipts were also
small numbering but 81 cars, against -
last year. The report of the good condition
of wheat in the ground was made much OF
by the bears. Whether 1t was due 10 their
efforts in that direction or 10 something
else the market became extremely weak
May first recovered from S25sdSSc to S31ac.
helped by stronger second cables and re-
ports of the almost complete failure of the
Argentine crop. but by Il o'clock il was
fighting at SIC to prevent a further drop.
and In ten minutes more 1t was being sold
freely at S15sc. The decline was not u
matter of any fresh news of bearish
character. Prominent holders, however.
dumped large quantities on to the market
and their unanimity In this respect weak
ened prices to such an extent that for a
time there seemed no limit 20 the decline
Near the close of the session, May had
sold down TO Sl9sc. New York reported
thirty boatloaGs taken for export to-day
which caused a slightly better feeling,
May closing at size.
Corn was slow and held steady for the
first hour. but finally weakened on the
slump in wheat. Trade was slow a rule
and the market without any special feat
ure. Atlantic port exports amounted to
$4,000 bushels. which included 24O.O0O BUSH
els from New Orleans. May opened
shade lower, at 25l4d259sc. and sold down
slowly TO 25i d252sc, where it closed.
In oats. business was unimportant during
the greater part of the session. The decline
IN wheat influenced a similar action here
and liberal selling by prominent brokers
also helped the decline. There was some
long stuff disposed of and a decline of 15c
resulted. May opened unchanged at l9asc
declined TO lS5sc. and closed easy at 1875
Gl9c.
Provisions yielded a little in sympathy
with wheat and the liberal receipts of
hogs to-day and expected tomorrow. Trad
ing was very moderate, being confined al.
most entirely TO packers. and outside sup
port was lacking. At the close May pork
was &c lower at $50. May lard sc lower at
Ssg5. and May ribs about sc lower at S395
G3.9Iis.
Estimated receipts Thursday: Wheat. 15
cars: corn. g5 cars; oats. llO cars: hogs.
10000.