Kansas City journal., 1898-02-03
SCALPIRG MARKET In GRAIN.
WHEAT CLOSES WEAK AT 95 S-sc-
CORN 1-16c LOWER.
Break in New York Overcomes Rally
on Higher Liverpool Cables
ProvixiOns Strong and 1Oc
to - 1-2c Higher.

Chicago. Feb. 2.-Scalping operations con-
sututed most of the trading in all the grain
markets to-day. Wheat was strong early
on rally at Liverpool, but turned weak
later under the leadership of the New York
market and closed sc lower. Corn shows
1-l6c decline. Oats closed unchanged. Pro-
visions were very strong. and advanced
1GG.2Ii&c. with good trade.
Traders in wheat were somewhat puzzled
al the start by the action of Liverpool.
That market, in spite of yesterdays ad-
vance here, opened slightly lower and
weak feeling on the curb was noticeable in
consequence. Later cables coming in before
the opening here showed the lecline recov-
cred. and some advance besides. Rumors
were also current of sale of Il big block
OF Letter wheat, and seaboard messages
told of good cable acceptances of wheat Of
fered to the other side. The feeling was
rather divided at the opening. May started
at from 95a4c to s6c, the lower of the figures
being sc under yesterdays closing price,
ure. though of small lots But there were
vastly more buyers than sellers, and a few
minutes after the opening 96lc was offered
and the price fell first to 9Gc. then, after
another short rally, to g5F4c.. That price
realizing, at the top. but short selling as
Well. The publication of Thoman's crop
report. giving So.2 as the present average
condition of the crop, indicating Il crop of
fifteen bushels 10 the acre. or a total of
40a00I.0o0 bushels, though quite generally
rldiculed at first. had considerable effect as
the morning wore on. Outside of this.
rewS was not particularly important of
much influence either way. Northwest re-
ceipts were rather light. Minneapolis and
Duluth reporting 2e4 cars. against 257 last
week and 22i cars a year ago Chicago re-
ceipts amounted TO IL cars. of which were
o.. contract grade. Primary market
ceipts were $4,000 bushels. against 205Oo0
bushels a year ago. The market grew quite
weak during the afternoon. prices had in
lie nj
strong closing Continental cables, May get
ting up TO See again. but advices from New
price on the small deliveries on February
contracts. and reports of free offerings of
Pennsylvania, Maryland and Ohio wheat to
arrive there. This started selling again in
this market, and gradually carried the May
price down to 95isc. The closing was al
Corn was slow and barely steady. Mar
ket was firm at first with wheat and on
small receipts. and was sustained for a
against puts The late weakness of
wheat caused some selling by professionals.
ard prices dropped off. market ruling 1II , easy
2Nild2Sa4c. and closed a shade lower at 2sssm
Market for oats was very dull, the little
trading done being almost entirely of a
scalpinC nature. Early firmness was in
duoed by wheat. and when that market le-
narrow range. May ranged from 2iisc to
23ssc. and closed unchanged at 237sc.
tho r9E,SIohs noSr and T" fniry active trade was @
done. Reports of stocks on hand during
January showed q. much smaller increase
tl,an expected. and this caused quite gen.
crs.i covering by shorts Packers We're also
good buyers. and prices advanced from the
start. market ruling ilrm TO ths END nnSi Nay
lard 12lac higher at S.a2ia. and May ribs 15c
hipher ut 500
ESTIMATED receipts THURSDAY: Wheat A.
cars: corn, $50 cars: oats. $50 cars: hogs.
$1,000 head.