Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-02
ANOTHER TUMBLE In WHEAT
JULY SELLS As Low AS &C 1-2c, CLOS
ING AT &c TO 67 1-sc.
Weak Cables and Absence of Cash
Demand the ~Cause-COrn and
, Oats Higher On Account of
FrOst-PrOviSfons.

Chicago, jun L-Speculative markets did
not all go one way to-day. While wheat
and provisions were weak, corn and oats
were strong. Weak cables and a total lack
OF cash demand caused a decline in wheat
Of 14c per busheI. Corn. on the other hand,
advanced sc. frost damage fears driving
shorts to cover. Oats advanced A12sc for
a similar reason. Provisions closed at a
decline of about SC all around.
Wheat was weak at the opening, in con-
sequence of the piling up of the receipts
since Saturday morning and the weakness
of the Liverpool market. The latter was
the most potent of the opening factors, and
although dry weather and sharp frost have
been the characteristics of the climatic
conditions since Saturday. that had but lit
lie, effect in staying the hand of the short
seller. July wheat, which closed SATURDAY.
At 6S5sc,. opened to-day at 67Sm67&c. and
after a temporary recovery to 6SisH6SAc it
started on a decline which by l. o'clock
had carried the price to 66Lc. The little
squirt following the opening decline was all
the effect the reports of frost had on the
market, it being considered that little OF no
damage would result therefrom. Liverpool
was lAd lower at the opening than it closed
Saturday. Foreigners were said to have
been sellers of December wheat in New
York. Wheat on passage decreased 10000
bushels. European stocks, according to
Beerbohm's, decreased 1.56S, 600 bushels last
week, The English visible increased $685. 600
bushels. The worlds shipments for the
week were 5.705,O0 bushels. The domestic
visible showed q decrease of 1.399.OO0 BUSH
els. against $500 bushels decrease the cor
responding week Of the year before. This
was a disappointment. as the trade had eX-
peCtcd "A decrease of at least ]. 7J0,000 bush
els. Chicago receipts were "A cars of wheat.
and 16l. 200 bushels were inspected out of
store. Minneapolis and Duluth reported
&c., cars received since Saturday, against
LAS for the similar days of the week before
and 1.4S4 cars the like days of last year.
The Door cash demand resulted in q total
loss OF premiums here, June selling at July
price. This was a factor in the liquidation
which was general and steady all morning.
During the Inst hour shorts covered to n
certain extent, their efforts causing a reac-
tion to SIC. The latest trading was at
Gid6l1sc bid.
Corn was strong and active compared
with the usual dullness of the market. The
fear of extensive damage by frosts started
general buying, shorts being especially
prominent. and the market advanced stead
fly. being strong even when wheat was at
It's weakest. Receipts were very heavy.
ICf cars. July opened &c higher at 233sc.
sold at 231Ic. then advanced to 237sc. That
was the closing price.
Oats were firm, helped by a large increase
in demand. by good sized clearances, and
by the frost reports. Trading was not
large. but the market was by no means a
dull one. Local receipts were 9Q3 cars. Lo-
cal receipts decreased 10000 bushels. July
opened a shade higher at l12sG11l2c, and
advanced to 17%c. where II closed.
Provisions were very erratic, the market
moving up and down within a comparative
ly narrow range. but without any apparent
reason outside Of scalping manipulation.
The market ultimately felt the break in
wheat. and final prices were close to the
bottom. July pork closed about sc lower
at $3.50. July lard about &c lower at S.51hm
$50. and July ribs about &c lower at $500
Estimated receipts Tuesday: Wheat. 20
cars; corn. 100 cars; oats, 75 cars; hogs,
5000.