Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-24
WHEAT NERVOUS YESTERDAY
TRADERS WERE FEARFUL OF 4
CORNER IN THE JULY OPTION.
Close Was at a 3-4c Advance-COrn
and Oats Weak-PrOvisiOns Strong,
Lard Closing with n 20
Cent Bulge.

Chicago, June 23.-Wheat was nervous
to-day and closed unsettled at a &c adj
vance. The fear of July manipulation was
again very marked and was really the
only feature to the market. Corn and oats
were weak sisters to-day, each closing at
q slight decline. Provisions, on the con-
trary. were very strong and scored ad-
varces ranging from nc to zoe.
Wheat had a strong opening. The posi-
bility Of a squeeze in July had been furth-
er stirred up since the close yesterday by
a report that, in addition to the transfer of
100000 bushels Of long wheat, which had
been explained as simply evening up
transactions" one or two other houses had
similarly turned over to Armour & Co.
contracts for long July wheat of a like
amount. The trade were allowed to draw
their own conclusions from such unusual
proceedings. and their object was gener-
ally accepted as boding no good to the
shorts in July wheat. The course of prices
In the first hour showed that very clearly.
July opened at 6Sbc, compared with yes
terday's closing price of 6Shc, and almost
Immediately sold at 691sc. Then a reaction
to 6S5sc occurred. There were still some
traders who were not affected by the fears
OF a corner" and who had the courage to
sell short on the bulge. The market, how
ever, was really too strong to be affected
very long. n as soon as the selling ceased
prices r~ebounded to 692c.. The weather
was threatening further delay to the win
ter wheat harvest from rain. That was
aIcther item in the early bull influences.
The Northwestern receipts were only 19
cars, against 81 a year ago. Late cables
from Liverpool reported a recove of the
opening I'D decline, which was probably
caused by the advance at Chicago. On the
other hand, the news from California was
bearish. Cutting had commenced there and
the yield and quality were both declared
satisfactory, one dispatch from a Fran
cisco claiming the condition to be 80 in
stead of 73, as given in the last govern
ment report. Washington and Oregon were
also claimed to be giving fine promise, ow-
ing to recent favorable weather.: so fine,
in fact, as to ndica a heavier yield than
they had ever had before. Closing cable
grams reported Paris -four and wheat each
a shade lower and Antwerp unchanged.
Export c~learances of wheat an -four were
equal I'm wheat and flour to $4,000 bushels.
The apprehension of a bull deal In July
lessened toward the end of the session, and
with less fear of that, the reason for its
strength began to disappear. The market
gradually worked down to 6S&c. but took
a sudden squirt before the close to 69Lc.
The closing price was 69Ac bid.
Corn was rather heavy to begin with,
because of the favorable weather for the
crop. Shorts, however, were not very ag-
g~ressive. and the market was sluggish until
rumors Of reductions in freight rates were
circulated, when the market became quite
weak. September liquidation was promi-
nCnt. Receipts amounted to 44 cars. July
opened a shade lower at 2424c. sold a shade
higher and declined to 24#c, where it
closed.
Oats were easy with corn. with the same
sort Of selling characterizing the market.
although on a smaller scale. Shorts were
the principal buyers. No independent
features Of interest developed. Local re-
Ceipts were posted at PAS cars. July opened
&c, higher at TIC. advanced to 1Skc and
declined to 1Tkd1Sc. That was the closing
price.
In provisions. lard led the market. The
opering was firm on the strong feeling al
the yard. Small offerings served to main
tain prices until the last hour. when heavy
orders for lard. supposed to he from Cud-
At the close. July pork was 10c higher. at
$50; July lard, 17i5G20c higher. at 1886,
and July ribs, 71kc higher. at S4.421a.
Estimated receipts Thursday: Wheat. 3
1000.