Kansas City daily journal., 1897-01-30
WHEAT SELLS AT rs CENTS.
TOOK ANOTHER TUMBLE YEsTER-
DAY, BUT RECOVERED SOME.
Lowest Point Was Mt n Decline of s
Cents for the WeeL-COrn, Oats
and Provisions Independ-
entity Strong.

Chicago, Jan. 29.-Wheat sold for n time
to-day at 73c. making an cent decline for
the week. 1t recovered later and closed
steady at about a 3-16c decline from yes
terday. Disappointment at the poor cash
business was the principal reason for the
decline, the recovery being on the good ex-
port business late in the session. Corn and
oats were Independently strong, advancing
Fsc and &c. respectively. Provisions adj
vanced 2l2@71&c.
Wheat opened weak in continuation of
the approach to Generalization which char
acterized its closing feature the day before.
1T was rumored that a big line of long
wheat was hanging over the market. and
fears that this would lee thrown overheard
caused 4 very wobbly beginning to the
days business, and May, which sold at
7l5Sc at yesterdays close, opened to-day at
from 1850 down to 74ikc. The first Liver
pool cables. which came in before the open
Ing here. showed declines of from Id to
1Iad This. however. WAS looked upon as
merely rejecting yesterdays decline on this
side. and any weakening effect which the
Liverpool decline may have caused was
ncutralized when the second cables came
in, showing substantial recovery. This,
coupled with the SmallnesS of the local and
Northwest receipts, caused - better feel
ing, and under liberal buying by shorts.
May advanced to i5iaC. Flour commission
men reported the best demand from the
United Kingdom they have had in a long
time. and this was 10 small factor in
strengthening prices. Chicago got 26 car
loads. as compared with l43 Il year ago,
and Minneapolis and Duluth together re-
cetved l9i cars, against =I6 a week ago and
5ll on the corresponding day of the wear
before. After 15ilc had been reached the
market took a sudden Iurn. On account of
the heavy drop in prices this week. a good
cash business was expected and as the
session wore on and this failed to material
iZe. liquidation on a large scale set in once
more. For Il time the market was ra,her
demor&lized under the heavy offerings, ard
II was not until dc had been recorded for
May that Il reaction took place. Then the
savior Of yesterdays market. big export
engagements. made itself felt and the price
went up almost as suddenly as il went
down. 1t finally recovered to 74ssa7ia4c.
which was the price rs the closing bell
sounded.
Corn opened steady and ruled firm. with
a very good business. II did not pdrtici-
pate in the weakness OF wheat. but a good
demand from shorts existed, and, as offer
iuEs were light. the market scored Il sub
stantial advance. May opened 4 shade low
cr at 2SS4c. advanced TO 2ilsc, and closed
firm at 2i%sC.
oats ruled higher. helped a great dell by
1hc strength OF corn. People who sold short
yesterday covered their lines to-day. and
had some difficulty in doing So there being
quite scarcity of offerings. The mar
lICt was decidedly strong during the clos
ing hour. May opened 4 shade lower at
l."snlIl@C, and advanced 10 lS3tC. closing
lIrm at 1isc.
Provisions ruled strong during the first
half of the session, owing 10 light reCeints
of hogs. small offerings and some cover
ing by shorts. Realizing late I'm the session
caused some reaction, huT most of the ad-
vance was retained. May pork closed 7l-c
higher AT $I.S5: May lard. about 9Iac high
"r at AHo, and May ribs about 2lgc higher
Estimated receipts SATURDAY: Wheat n
cars. corn, go cars: oats, POO cars; hogs,
1Sneo.