Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-24
WHEAT MARKET INACTIVE.
FEAR OF LETTER DRIVES TRADERS
TO COARSE GRAINS.
Wheat Lower at Liverpool-Crop
News Mixed-CIOsing Price, May
$1!O6, July Oh 3-Sc-Corn
Lower, Oats Higher.

Chicago, Feb. 23.-Wheat was heavy all
day, and at the close showed declines of
&c in the May option and IIsc in JULY.
The market was affected principally by the
decline in the English markets. The dis
position among wheat traders to leave that
market for the coarser grain pits caused a
decided decrease in the volume of wheat
trading. Corn was heavy and declined &c.
Oats were firm after early weakness and
closed a shade higher. Provisions were ir-
regular. pork declining TIC. while lard
and ribs did not change much.
All the firmness which characterized Nom
days wheat market had apparently desert
ed the pit at the opening of trading to-
day. The starting price for May ranged
pared with Mondays closing price of 81. 06s,.
while July. in which the most trading was
from 9l:sc to 9lssc, a decline of gale. MAY
touched S1.05 before il was sufficiently sun
ported to bring about a recovery. Com
mission houses Were the best sellers at the
opening. brokers for Letter being credited
with some OF the offerings in May. The
opening weakness was due apparently to
the decline at Liverpool. That market was
from sd to l1sd lower and London also
showed weakness. News which followed.
though of a mixed character, favored the
bulls as a whole, and for a time the mar
ket took on some appearance of strength.
Covering by shorts started in a moderate
way shortly after the opening, and prices
gradually worked back, May advancing to
s1.06 and July to a2lsc. Indian advices re-
ported the crop prospects in the central
provinces very favorable. but this was
counteracted by private cablegrams from
Argentine, reducing the estimates on the
fHpS 81 oa so wheat surplus Of that country
was lent TO July by moderate support from
the Letter interests; Trading at no time,
however. was very heavy in either option.
The fear of Letters influence over the mar
ket was shown by many traders leaving
the wheat pit for the coarser grain mar
OFFS IN a coli -
heavy. Minneapolis and Duluth reporting
$40 cars against 80 last week and 1870 a
year ago. Chicago receipts were - cars.
of which 81 We're of contract grade. Elk
port c~learances from Atlantic ports were
$3.50 bushels. the figures in most instances
noted. July sagged back to sII.c and May
TO Sl.O5i3. on realizing by room traders.
buying was started later ON Bradstreet's
a decrease of $500 bushels. This
was a surprise, as the trade had
been led TO expect a heavy increase.
their former level. Later In the day. how
ever. the market became quite weak on
further declines in English markets. Letter
brokers' had. meantime, stopped buying
July and prices tumbled rapidly. July
got down TO 9lc and May to $l.05, but re-
a Mae c asain = before f. :: the close on covering.
Corn was moderately active. The OPEN
ing weakness of wheat caused a rush TO
sell at the start. chiefly by room traders,
md prices declined sharply. A raIly fol,
lowed on covering and on the heavy en-
ports, but prices declined again later. the
market being easy at the close. A feature
was the number of traders in the corn
pit who usually operate in wheat, and
who were mostly on the selling side of
corn May ranged from 307sc to 30I.c and
closed NC lower at 30ssc.
Oats were active and unsettled. The
feature was the revival OF the export de-
mand. which acted as a strong support
TO the market. Opening prices were lower,
IN sympathy with wheat and corn. Prices
advanced at once on elevator and profess
sional buying. At the top there was mod
crate realizing and prices slowly declined.
The close was steady. May ranged from
&c to 2GIsc and closed a shade higher a,
26Sl d263sc.
Provisions were fairly active and irregu-
lar. The weak hog market started the
market at general declines. pork being es-
peclaliy weak on stop loss orders selling
Al Inside figures there was good INSECT
%lareous buying, and lard and ribs became
fairly strong. Pork. however. was very
weak throughout. Packers were the best
buyers. At the close May pork was l1i.c
lower at SlO.S212: May lard, SC higher at
S',9'. and May ribs. unchanged at s.. 81
Estimated receipts Thursday: Wheat, 10
cars: corn. Go cars: oats. 400 cars: hogs.
S6,o1. e'