Kansas City daily journal., 1897-01-03
WHEAT REACHES S5 CENTS.
CLOSED ONLY 1-sc BELOW THAT
FIGURE, A GAIN OF 5-Sc.
Firm Feeling I'm All the Speculative
Markets at Chicago-Wheat News
Very BuIIish-smaI Gains
in other Markets.

Chicago, Jan. "A firm feeling pervaded
the speculative markets to-day, and all
the leading articles closed higher than they
did Thursday. Wheat was the leader, both
in strength and activity, the factors being
Argentine crop damage reports and appre-
hension as to the result of the cold wave
in the winter wheat belt Wheat advanced
I%c, corn and oats about Ac each and pro-
visions 5a12Iae.
In wheat, the early news was of a de-
cidedly bullish character. and the first
session of the year went in way TO re-
joice the hearts of SPECTATORS wishing
higher prices. The strength was main
tanned to the end. the lowest price of the
day being shortly after the opening. when
liberal liquidation by longs caused slight
decline, which, however, was quickly re-
covered. One of the factors helping the
market was the prediction of cold wealth.
er in the winter section. AS the plant
there is unprotected by snow and the
ground thoroughly soaked, a severe freeze
would make a crop damage probable. This
exerted a bullish influence, causing active
covering by shorts and liberal investment
buying. Another sensationally strong fac
tor was found in the news cabled from
Argentine, which represented matters there
as steadily drifting from bad to worse.
The province of Santa Fe, which usually
exports 100000 bushels of wheat, or over,
will not have. It is claimed, 100000 BUSH
els surplus this year. That the Argentine
news was regarded in England as of the
most serious Importance may be gathered
from the fact that although it was hol-
day there the grain men Of Liverpool and
London sent buying orders TO New York
and Chicago for May wheat Opening quo
tations for May were at SS3sdS3a4c, as COM
pared with Thursdays closing price of
SSLc. After touching S32sc, the market
went steadily upward until S5c had been
reached. 1t reacted from that TO S4Sc and
closed strong at S47sc. Northwest receipts,
though small, had but little influence on
trading. Minneapolis and Duluth reported
1893 cars or five less than last year.
Corn was quiet, but decidedly firm, gov
erned chiefly by the buoyant feeling in
wheat. Shorts were disposed to cover and
there was some investment buying The
wet weather which is having a marked
effect on country shipments, also helped
prices. May opened about 3-l6c higher at
25s.c, sold between 255sc and 2Gc closing
firm at 25SsG257sc.
Oats were quiet and firm, prices being &c
better ut the close than at the finish Thurs
day. There were no features to trade, and
fluctuations were influenced chiefly by
wheat There was some buying, but no
sales of any Importance were effected
May opened &c higher at from 1896 TO 1875
al9a, sold at 1890 and closed with 1880
bid.
a good trade was done in provisions, and
while the majority of the trades were In
the way of changing January forward to
May, there were also not a few straight
buying orders. The strength in wheat and
some disappointment in the receipts OF
hogs were among the reasons for the firm
ness Of products. At the close. May pork
was about l2'sc higher. at S7.92i2; May lard
- higher at S4.oo and May ribs about 7i2I
higher at S-Na402la.
Estimated receipts Monday: Wheat, 4;
ears: corn. 800 cars. oats, $50 cars nogs
G0000.