Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1897-06-03
WHEAT TAKES A TURN UP.
SUDDEN REVIVAL OF ASH DEMAND
CAUSES IMPROVEMENT.
Net Advance of 3-4c for the Day-COrn
a Shade Higher and Oats Up I-sc
to 1-4c-PrOvisiOns Take
Another Tumble.

Chicago, Jun "A sudden revival of the
cash demand rescued wheat to-day from
the slough into which it had sum- during
the morning and brought about an advance
of sc per bushel by closing time. Corn was
firm, though showing only about 1-16c ad-
vance. Oats closed bGAc higher. Provis-
ions suffered again, closing 2L2d12kc lower.
For the first time in a week, wheat
showed some signs of strength. and for an
hour the market held firm, under covering
by shorts, who were more in evidence than
for some time past. The market got part
Of its early firmness from the steadiness
in cables, the Liverpool market showing
little change ard the Continental markets
being higher, notwithstanding the sharp
slump we had yesterday. Chicago inspect
ed into store p carloads, and 81. 500 bushels
were withdrawn from store. Minneapolis
and Duluth reported receipts of 263 cars,
compared with 27 a week ago and 3T3
on the corresponding day of the year be-
showed min points decline in condition
since May l and only SO per cent of the
area sown to be still standing. On the
other hand, the temperature was more sea-
sonable and much needed showers were re-
ported to have fallen quite generally over
the winter and spring wheat region. July
opened at. 6iAabI4sc. against yesterdays
closing price of 61N6I1sc and advanced to
619sa61l2c, where it held for some time. As
soon as the support from shorts was taken
from the market, however, prices quickly
declined, and by II o'clock July was selling
at 664c. The decline uncovered so many
buying orders that it became evident there
were still some heavy shorts willing to
take what profit there was in sales at
over SIC. 1t recovered from 66Ac to 67Ac,
but had another quick break on the re-
ceipt of Bradstreets report giving the re-
ductiOn In the worlds visible supply for the
week at only 2.312,000 bushels, whereas the
generally expected decrease was Ion O0O
bushels or over. The price dropped on that
10 $3.50, but the readiness of the shorts to
hHHuu az w~HIN = -aa -
played by another quick recovery to 67Ac.
The latter advance was soon added &c when
buying on long account was seen to be a
feature OF the trading which was main
tanning IL. The bulls took hold as soon as
IT became known that the local inquiry for
cash wheat, of which rumors had been
prevalent ali forenoon. had esuIted in cor
siderable business. The quantity that had
been placed was found to somewhat exceed
100000 bushels. July advanced to 677sc and
at the close was bringing 67&d677sc.
Corn was steady. in spite of large receipts
and better weather, Crop, bulletins were
not so favorable and the shipping demand
showed some Improvement. Shorts COW
cred generally, causing the market to re-
cover from the slight opening decline. Lo-
cal receipts were 1.54O cars. July opened
about sc lower, July 236sd23kc. 1t sold
around 23'sc most of the session, finally ad-
vancing TO 235Sn2ic, where ii closed.
Oats were firm but dull. Most of the
support came from shorts. There was an
urgent cash demand which was partly re-
sponsible for the advance. The visible
supply increased $4,000 bushels. Local re-
ceipts amounted TO t3 cars. July opened
&c lower at 115sc and advanced to 177kd1Sc,
where IL closed.
Provisions were weak at the opening. due
70 lower yard prices; and the tendency was
decidedly downward for some time. The
firmness of wheat in the last half of the
session caused some buying and about half
of the decline was recovered. At the close.
July pork was 12lac lower at $3.50, July
lard a shade lower at S.57l2 and July ribs a
shade lower at A-30.
receipts Wednesday,: Wheat,
Is cars; corn. 500 cars; oats, $50 cars; hogs,
&c. 900.