The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1898-01-08
TODAY'S MARKET REPORT.
Furnished by the Associated Press to
the State Journal


WHEAT-Wheat opened a little easier
today. 911z@915sc for May. or 5zQ3sc under
yesterdays closing price. The news in
a genela al way tended toward lower prices
but trade was unimportant for some time
after the opening and the market kept
within a comparatively narrow range.
LiverpooTs advance of 1509sd was hardly
what was expected in view of the nc
gain here yesterday. The predicted cold
wave following rain also failed to mater
ialize. Northwestern receipts were 357
cars, compared with ia cars year ago
Bradstreet's put the clearances from both
coasts for the week at 34S9. coo bushels,
which was believed to be inaccurate, as
custom house clearances from American
Atlantic ports alone amounted to 3.2S1 900
bushels. Beerbohm estimated the world
shipments for the week at 100000 BUSH
els. Foreign crop news was plentiful and
of both kinds. A cable from Rosario es-
timated the Argentine shipping surplus
! at 49, OO0. 900 bushels. The Russian min
ister's crop report said Russian prospects
were not so good as last year, and the
drought in India was said to be spreading.
May sold at 915sd91s4c a moment after the
opening, then declined TO 911sG91He, but
recovered later to 911zc. The Letter crowd
sold puts and bought calls last night,
which fact had a tendency to support
prices.
CORN AND OATS-LittIe was doing in
either corn or oats. The feeling in both
markets was fairly steady at a shade un
der yesterdays price. May corn opened
1sc lower at 2914d299sc and sold at 1850
2915c. Receipts were 438 cars May oats
opened a shade lower at 1884 @237sc, sold at
235s@2394c and reacted to the opening
price. Receipts were 263 cars.
PROFESSIONALISM were quiet
but firm. helped by light hog receipts.
There was a good demand for ribs. May
pork opened a shade higher at So. 35G9.3715
and advanced to s9.4212. May lard opened
unchanged at $4.S71a and advanced to $3.50.
May ribs opened PIC higher at 81. 72% and
advanced to S4.75.
BARLEY-Cash, No. 8, 276I49c.
RYE-Cash, 45c; May, 4794c.
FLAX-Cash, $118; cash northwestern,
1.22: May, $1.22.
TIMOTHY Cash and January, $2.677z;
May, $2.75.
Chicago. Jan. S.-The course of the
wheat market for the first three days of
the past week was downward, the weak
ness extending late into Thursdays ses-
sion. Up to that time a decline of eX-
actIy cents had taken place in May.
On Monday the price broke 1aQ5sc, due
principally to the lower tone of cables and
the heavy visible decrease. Selling was
not very pronounced, but support for the
time-being disappeared. This same apa-
thy of buyers was noticeable again on
Tuesday. Argentine wheat for the first
time made its appearance on Tuesday and
foreigners were sellers at the seaboard
against offerings from that country. This
fact naturally had its effect on local trad
ers. There was rally late in the day on
the unexpectedly large demand for ship
ment to Europe. Figures purporting to
show a large surplus in farmers hands
depressed the market Wednesday and
quite heavy selling ensued, in which the
Letter interests were prominent. A fea-
ture of Wednesday, and which proved a
fruitful source OF strength for the balance
of the week was the improved cash de-
nand for milling purposes. Inquiry for
cash wheat was quite active Thursday
and Friday, which, with heavy seabOard
cIearances, made the market for the lat
ter part of the week decidedly strong
one and resulted in the recovery of all
but s4c of the loss sustained. The market,
too, had been rather oversold and the diff
fculty experienced by shorts in covering
was quite a factor in the advance The
range of May was between 92c on Monday
and $3.50 on Thursday. Yesterdays close
was 917sc the closing figures a week ago
being 925sc.