Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-10
WHEAT MARKETUP And DOWN
JUMPED ABOVE 20 CENTS N THEN
TOOK A BIG TUMBLE.
Closed with n Net Loss of More Than
n C~ent-COrn and Oats ZACH Lie
Lower - Provisions at
Heavy Declines.

Chicago. June 9.-Wheat to-day opened
strong. and, under a continuation of yes
terday's short coverings, advanced sharp
ly. This support died away later when IA
vorable state crop reports were received,
the result being that not only was the ad-
vance lost, but 1G1hc eside Corn and
oats dropped about Ac of their previous
values. Provisions were uncompromisingly
heavy and closed at declines ranging from
I0c TO 27ikc.
Proceedings in the wheat pit during the
first half hour of the session were inter
esting, but fraught with grave conse-
quences to those of the performers who
had gone home short on July wheat yes
tcrday. Fear of manipulation of that de-
livery for the benefit of the longs was the
cause of an advance in it of about 11zc per
bushel inside of fifteen minutes. The ex-
itement soon subsidized, and was succeed
ed by a heightened period of subdued nerv-
BUSINESS. July wheat. which closed yes
terday at 6g4c-the top of a 2sc bulge
opened at from 6ysc to 695sc, and climbed
nimbly to 1O9sq104c without a break. At
tie end of the half hour it was back to
6g9sc. Although there were other bullish
elements. the fear of manipulation, so
prominent in yesterdays bulge, was really
the reason for the furry, and nothing else
was given any particular attention for a
time. Minneapolis and Duluth receipts
were small, a total of 22 cars being re-
ported, against 23 a week ago and 354 the
COIIeSpolulnE Gay OF last year. ahe state
crop reports Tor June, which came to the
knowledge of the traders, favored the be-
levers in a coming plentifulness and gave
the bears their first opportunity to pound
the market. Once started, the price went
down as quickly as it had advanced. Mich
igan condition of winter wheat was Is,
against 81 May l, and Il June l, 1896. Ken
lucky gave the condition as 90, against IS
a month ago and 81 June l last year. Ex-
port clearances of wheat and hour from
Atldntlc ports were equal TO only $4,000
bushels. The foreign markets ali closed
strong. That did not help the price here
any more, however, and when Bradstreet's
report of the worlds visible made it show
a decrease of 3,353.000 bushels. the crowd. as
II waiting for that as q signal TO sell,
jumped on July and squeezed the life out
of 1t for a while. 1t dropped to 6S5sc. SELL
ers. New York about the same time re-
ported - ~boatloads taken there for ex-
port without helping the price. July
worked down to Csc and closed at 6S1sg
Corn was only moderately active and
easier, due largely to the improved wealth
. er and the elimination of the short interest
yesterday. the liquidation which was done
easily depressing prices. Enough support
materialized, however. 10 prevent any
great decline. Local receipts were again
heavyZlllS cars-but smaller receipts are
looked for Tomorrow. Elevator people led
in the selling. July opened a shade lower
at 24l2c, sold to 249sq24Ac, and declined to
2i4d24Ssc. The closing price was 24Ssc.
Oats were slow and inclined to weakness,
influenced by the more favorable weather.
improved crop prospects and the weakness
of wheat and corn. Bradstreet's showed
a visible increase of 5000 bushels. A good
cash business was transacted. July opened
unchanged at 1SAc. and declined to ISc,
which price was bid at the close.
Provisions were weak, with scattered I'M
important liquidation and some short sell
ing. The market started lower. in SYM
pathy with a weak hog market, and the
weakness of wheat and corn kept prices
on the downward path all day. The result
was a very material decline on a limited
amount Of business. At the close, July
pork was 27lzc lower at $40. July lard
l21zc lower at S3.47I2. and July ribs about
Zoe lower at A.1TlaH4.20.
Estimated receipts for Thursday: Wheat.
cars; corn, $40 cars; oats, go cars; hogs,
$4,000.