Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-12-30
A Big DROP In WHEAT.
DECEMBER LOSES 3 lie, MAY 1 1-2c,
CLOSING AT 81 3-4c.
Provisions Make Gains and Strength
in Oats Holds Wheat Up for q
Time-COrn Makes a De-
cline of 3-Sc.

Chicago, Dec. 29.-Wheat to-day was ap-
parently held up for a time by a buying
furry in oats. In the last half hour, the
leading brokers of the bull clique in wheat
started TO sell some May. and the crowd
emulated and in the end surpassed their
efforts in that direction. December wheat
was left at a decline of 3Ac, and May 112c.
Corn declined sc. Oats in the end were left
at practically yesterdays closing prices.
Provisions ruled strong after d weak OPEN
ing. and made substantial gains in prices.
Wheat was a shade easier at the opening
because of a decline of I'D at Liverpool.
There was nothing else of a bearish char
acter in the news the traders had before
consequence ruled firm during the fore
noon within narrow fractions of the start
ing prices. The opening in May was from
BIC to 9iisc. compared with yesterdays close
OF 94i4c. The spell Of weakness around the
opening soon carried the price down to
e33sc, when the strength which developed in
oats affected wheat and the market recoy-
cred In a short time to 9iisg9iitc. and kept
close to those fractions all morning. Trad
ing was exceedingly narrow. Traders who
favored the bear side had learned a lesson
from the buzz-saw tendencies developed
yesterday. and kept away. and In the abb
sence of any important buying demand the
market was almost stagnant at times. Chi
cage receipts were much smaller than esti-
mated the day before: the number OF cars
received by ran was lso and out OF that
eighty-seven. were contract. The total ad-
dition for the day to contract stocks in
regular elevators was estimated at lS5. GO
bushels. Minneapolis and Duluth reported
al cars. against 472. the corresponding day
of the previous week. and 221 a year ago.
The Atlantic port clearances of wheat and
helped sustain prices. The stimat of
the Argentine exportable surplus. circulate
ed yesterday. making it 56.00.10 bushels.
was less generally accepted to-day. All the
other stimat from reliable and usually
well informed sources make Argentine's
export capacity for the neNt twelve months
ar- hafu r.a.n - NO Epl l. -
100000 bushels. The market began to
weaken in the afternoon when closing ca
bles indicating. rather easy foreign mar
kets were received. The bearishness that
started continued to increase as the session
Feared its end. and whereas no one dared
touch IL In the forenoon. the whole crowd
GOT after II when they saw IL or the run.
Allen d Grier. for the bull clique, put a big
line on the market. and from eS@sc. 10
which price May had dropped meanwhile,
that option dropped like a shot to s2ssc.
everybody atkins a kick at 1t. Then ii re-
bounded, and Just at the close it sold at
DECEMBER. but II also was heavy. Armour
& Co. were reported sellers of it through
brokers; 1t opened at s9c, anG declined to
&c. closing at that. as compared with
9JIsc yesterday.
Corn was inclined to be weak. There was
a good sized scalping trade with prices lower
early on liquidation. with steadiness later
with oats. then weak finally with wheat.
considerable profit taking and liquidation
accelerating the downward movement. The
close was easy at close to bottom figures.
May ranged from SOlsc to 297su2sa4c, and
closed at 292.c.
The market for oats was again a large
and important one. and was the strongest
OF all the grains; Opening steady. prices
suffered a slight decline through liquidation
by longs. Good buying by commission
houses. shorts. scalpers and the trade in
general soon caused an advance which car
iied the price to 2iI4c. the highest since last
August. Yesterdays heavy buyers We're
again prominent to-day. Profit taking and
the slump in wheat caused some reaction
near the close. Nav ranged from 2ii.c to
2S2.c. and closed at 237.d2ic.
There was quite an active trade in provis-
tCns. with all the products strong. y little
weakness developed at the start. due TO a
reduction of prices at the wards. hut AT the
decline both packers and shorts became
active buyers. with n good many orders
from the outside. The market became very
strong. and maintained most of the i'm
provement TO the end. At the close. May
pork was 15c higher at s9.02iz. Nav lard TIC
higher at S7Ii5. and May ribs 2I@c higher
AT s4.55.
Estimated receipts THURSDAY: Wheat. c5
cars: corn, AGO cars; oats. 800 cars; hogs,
S-onl.