Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-03-09
WHEAT BECOMES BULLlSH.
ADVANCED TOWARD CLOSE TO,
JULY 81 Lac, MAY S1.O4 81.
Plenty of Bearish Statistical News to
Counteract Eject of European
situatfon-Leiter Buying
Causes Final Rise.

Chicago, March 8.-wheat developed into
a bull market late i'm the session and closed
&c higher for July. May closed un-
changed. Declines resulting from dullness
and bearish statistical news were recov-
cred by buying by Letter and by houses
which have been heavy sellers recently.
Corn was firm on the renewal OF shipping
business and advanced hGAc- Oats closed
&c higher. Provisions were irregular. pork
losing TIC of its previous value, while lard
and ribs showed no change.
A well defined bullish sentiment was ap-
parent at the opening in wheat. There was
a drop in English consuls. rejecting the
apprehensions of trouble between England
and Russia. and Liverpool showed a SUBJ
stantial advance, reporting also that re-
ceipts of wheat during the last three days
had been considerable below requirements.
There seemingly was also prospect of trou-
Bile between the United States and Spain:
Plenty of bearish statistical new was at
hand, but the crowd was too bullish on the
European situation to pay any attention
to this at first. With a good demand from
shorts. July opened Nc higher at Soxc and
&c higher at s1.04AQ1041s. The latter de-
livery. however, has almost ceased to ex-
cite interest. At s03sc for July. offerings
There was free selling against these priv
ileges n also a good deal Of scattered
realizing. This resulted in a gradual de-
cline in July to s0Ac. The heavy receipts
here and in the Northwest were infuen-
tial in this decline. Minneapolis and Du-
luth reported arrivals Of 529 cars. against
305 last week and 327 a year ago. Chicago
contract quality, Besides the contract
wheat from regular sources 81 cars and
1900 bushels were transferred from
unlicensed houses. A long period of
in an exceptionally narrow range. About
the only incident was the support given
May by Letter brokers at $L4, to which
figure the delivery had declined. This buy
ing prevented the market from getting be-
low that figure. Around the noon hour the
market began to show strength again.
Missouri and Illinois came in. The Atlantic
port clearances amounted to $4,000 bushels.
Buying Of July by a house which has been
a heavy seller lately became quite pro-
nounced and as Letter brokers were at the
same time supporting May and September
prices slowly recovered; The advance also
trade as shorts came into the market to
protect themselves. Predictions of a cold
brought in some outside buying orders late
In the session. July advanced to 91Isd9lAc
and left on at Gle. May closed al I!NXc,
and September at Sole.
Trade in corn was unimportant. The feel
ing was quite steady all through the ses-
sion. the revival in the shipping demand be-
were liberal, c~learances being put at $50. OO(
bushels. Business was m~onopolized BY pro.
fessionals., May ranged from 304c to 3Oc
and closed bGAc higher at 30ac.
Oats We're slow within a very narrow
range, Trading was almost altogether OF
a scalping order. The feeling was firm
principally through sympathy with corn,
May ranged from &c to 26Zd26Nc, and
closed &c higher at 21nd27c.
Provlsions were weak most OF the time
There was considerable liquidation fhroueE
commission houses early in the day. and
this. with the decline in prices at the wards
ing marked in pork. A little buying nea,
the close caused a better feeling, the mar.
ket In a general way closing steady. Nav
changed at $50. ~
receipts. Wednesday: Wheat
1900. oe'