Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-29
TOP PRICE OF The SEASON.
WHEAT TOUCHES sI.10, CLOSES 2
CENTS LOWER-MAY, % I-Sc.
Market Opened Weak, but Strength
Mt Antwerp and Heavy Exports
Here Aided Manipulators-
other Grains Unchanged.

Chicago. Jan. 2S.-Wheat to-day made the
best prices on this crop for cash, the Janu-
airy option being bid up TO sl.10 and clos
fng at s1.0S. The top price was a cent above
the highest figure reached during the re-
cent bulge in December. May sold up to
9Ssc, after a weak opening, but closed I'M
changed. Heavy Argentine shipments were
against the market at first. but later
strong foreign news and the usual push
ing by the Letter people set the price
soaring. Corn and oats followed wheat and
closed unchanged. Provisions declined 2Ia
@5c.
1t looked at the opening in wheat as If
the long looked for reaction was to take
place. For the first time in two weeks
news really favored the bears. and a de-
cline in prices at once ensued. May, which
closed yesterday at 9Iisd9TLc, opened to-
day at 96l4m362sc, and July, in which OPP
tons there was not much trading, opened
&Ilc lower at S6dS6I4c. There was plenty
OF selling at those figures by heavy hold
ers. and May was down to 96c and July to
s55sc before any support of consequence
materialized. Traders were somewhat stag
gered by the weakness at Liverpool. That
market opened 34dl4d higher. but a large
slice of this advance had been lost when
100 p. m. cables came in. This weakness
was explained 10y the Argentine shipments
lol lit "t'h. Sr1,FV bISItlS. L lis was
more than twice as much as during the
previous week. Northwest receipts. too,
were liberal. Minneapolis and Duluth re-
porting 3i cars, against 3S last week, and
li a year ago. The impression caused by
the Argentine shipments and the Liverpool
decline lasted about half an hour. when a
covering movement resulted in an advance,
IL May. to sac. when another spell of unload
ing carried the price back to 9SLc. The
market then gradually recovered and held
ilrm hut dun at about 9G5sc for some time.
After midday the market began to develop
some of the bull snap of yesterday. The
principal reason for the renewal of bullish
energy was the strength shown at Ant
werp when thai market was heard from.
it showed an advance equal to PIC per
bnshel for American red. and 1I4c for Walla
Malla. Paris was also higher by about &c.
The next was the very heavy
clearances of wheat and flour for the
day from Atlantic ports. The latter
6,Is0 barrels of flour from Newport News.
The strength first developed in May. bids
and prices slowly climbed until one of the
Letter brokers commenced bidding for Jam
uary in an attempt to buy 70.G0o bushels.
He succeeded in getting but 10000 of this
amount. the price in the meantime jumping
with It's usual rapidlty to s1.lo. the highest
Joint yet reached for this seasons crop.
May. from all quarters. and the price
SCARED to 9S7sc. At the top prices immense
Quantities were offered, which the crowd
took eagerly for n time. but about ten min
utes from the close the market broke un-
DER the pressure. May dropping to eSIsC
and January to s1.0S. That was the closing
price for January. May closed at 91lsc and
July at S6s4c.
Corn was easier with wheat at the start,
and again strong when the latter showed
its midday hullishness. Trading was of
moderate volume. St. Louis and shorts lead
ing the buying. There was considerable
realizing during the morning. May ranged
from 2s7sc 10 292sc. and closed a shade low
err at 2g"sG@I2.c.
Oats were quite active. There was heavy
buying by shipping and commission houses.
the selling being principally by elevator in
tereSts and longs" The export demand
was very urgent and this and wheat We're
the controlling influences. May ranged from
2ii@c Ia 2ic. and closed a shade higher at
2iiIH2iaSc.
Provisions were fairly active early. hut
became dull later in the session. Heavy
hog receipts and the weakness in wheat
started the market easy at small declines.
These Were speedily recovered under good
support. all offerings being readily absorbed
ard the market ruled steady until near the
close, when the reaction in wheat was re-
fected in provisions and some decline en-
sued. At the close May pork was SC lower
at 5000. May lard 2iac lower at $3.50. and
May ribs sc lower at Si.92l2.
Estimated receipts Saturday: Wheat. 81
cars; corn, 100 cars: oats. 1I5 cars; hogs.
2s,gS.