Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-04
ALL GRAINS ARE HIGHER.
SENSATIONAL RISE At LIVERPOOL
FELT IN CHICAGO.
wheat Sells No Lower Than 6S Cents
Corn Improved by Cold Weather
-ORts Firm, With an Act
i've Cash

Chicago, June 3.-Wheat closed to-day at
CSC for the July option, substantially the
price it opened at, and an advance of Il
N9sc. Its lowest price was Csc and it sold
as high as 6SAc. The immediate cause of
the strength was a sensational advance at
Liverpool. but there was too much realiz-
ing for all the advance to be maintained.
Corn was strong and advanced 1zc, oats
closed hU2sc higher and provisions 2i5c
lower to sc higher.
In wheat the bulls had several good rea-
sons for maintaining their leading position
in the market. Yesterdays large cash bust
ness. over 250, 900 bushels, was in itself a
sufficient reason for the strength with
which the market opened, but, added to
this. was an opening advance at Liverpool
of l4dlzd. That market, in fact, supplied
the bulls with all the ammunition they
needed. The initial rise there kept piling
up until at the close 2l4d advance had been
established for July delivery. The opening
for July wheat here was from CSC TO 6Si4c.
against yesterdays close of 6IAm611sc. and
so little was for sale at those prices that i'm
about twenty minutes after the opening
SSiyc was being freely bid. and some
changed hands at $3.50. The bears at those
advanced prices sold enough to knock it
down to 6SIsc again. where the bulls once
more got their horns under IL and tossed it
up to 6S%c. Chicago receipts were eight
cars and the quantity inspected out of store
was 1852 bushels. Minneapolis and Duluth
received 35S cars. against 401 the correspond
ing DAY OF the week DetOre ana AZ q year
ago. The clearances from the Atlantic sea-
board were equal in wheat and flour to 55O.-
900 bushels. Continental cables showed none
of the snap which prevailed i'm Liverpool,
and that gave rise to the suspicion that the
latter market was being manipulated from
here. The cash demand was reported good,
but business small, because of difficulty in
getting spot wheat. New York wired that
Liverpool houses were sellers there. The
unsympathetic character of the Continental
markets emboldened the short sellers near
the end Of the session and caused July to
sell down again to 6Sisc, which was its clos
ng price.
A heavy business was done i'm corn, large
~ in the way of buying i'm shorts. but also
% some extent for long account. There was
4 crop scare on the market. the recent cold
weather having caused all sorts of unfa-
Forable reports to pour in. and a decided in
crease in country offerings. Receipts were
PC, advanced to 2iAc and reacted to 24I2c,
where IL closed.
The market for oats was firm and quite a
good business was transacted. Shorts COW
cred freely and assisted materially in the
advance. Sympathy with wheat and corn
We're also conspicuous factors. but the main
influence was an urgent cash demand. with
light offerings. July opened a shade higher.
al NC, advanced to lSAC and closed at 1S1sc..
Provisions opened easy and ruled weak
ana lower during a great part of the ses-
sion. Packers were generally sellers. lard
and ribs being especially pressed. In the
last few minutes, shorts covering and SYM
pathy with corn caused nearly all the de-
cline TO be recovered. At the close. July
pork was sc higher. at S.S5; July lard un-
changed. at SSH, and July ribs 2iac lower.
at A.2112.
Estimated receipts Friday: Wheat. 2
cars; corn. I5 cars; oats. 40 cars; hogs,
2iO00.