Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-12-17
A BULLISH DAY FOR WHEAT
CONTINUED REPORTS OF DAMAGE
TO CROPS HAVE EFFECT.
Wheat Bic. Corn and Oats
Remained Practically UnchanG-
ed and Provisions Declined
About = I-2c.

CHICAGO, Dec. 16.-Sharp advances in
foreign markets and continued reports of
damage to crops in Argentina made a
very strong wheat market to-day, May
closing &c higher than yesterdays final
price. Corn and oats are practically IN
changed. Provisions declined about PIC.
Wheat opened very lively and buoyant.
Buyers and sellers were both very numer-
Gus, but the confidence of buyers was the
more evident. Prices started lsGi4c over
yesterdays closing with May at 61lsc. One
or two sales We're made at &c, and then
under large purchases May advanced to
614c. All the English markets showed
sharp advances. Liverpool being up 5s41d
and London Id. Hail was reported to have
sections. On the other hand Northwest ad-
vices were rather bearish. Minneapolis
and Duluth receipts We're 95 cars, compar-
ed with SS last week and 6S5 a year ago.
The Northwest sold quite heavily in this
market all day and sent predictions of con-
tinued large receipts. Chicago receipts
were lib cars, seven of contract grade. Cal
ifornia reported continued rains of ines
Unable value TO the crop. Buying halted
to some extent after May had reached sac
and realizing became quite heavy, prices
reacting for a short time to 61l2c. But be
fore IL o'clock the market was booming
again. and this time the demand did not
lei up until near the close. Late cables
showed still further advances in foreign
markets. The export demand was fair, the
seaDOarQ reporting ABOUT forty lOadS taken.
Atlantic port clearances of wheat and flour
amounted to 10000 bushels. Primary re-
ceipts aggregated 1,2o5,oO bushels. The
great strength of the Liverpool market,
however, was the big factor. Trade broad
ened out materially as the session advance
ed and this in itself alarmed the shorts
and caused heavy buying by that class of
traders. Before 1890 the price of May had
risen to 6s2sc. Previous to that time real
izing had again set in. Longs with wheat
showing good profits took advantage Of
the strength Of the market. This selling
finally became too heavy for prices to
stand up under. and in the last half hour
down TO 6Is4c, closing fairly steady at that
figure.
Corn was strong early. with much buying
by outside shorts and local longs. The
boom in wheat was the principal influence.
Gables were strong and higher and re-
ceipts were moderate-ii0 cars-with softer
late in the day corn became weak, longs
being heavy sellers, and new short lines
were also put out. The market closed
rather nervous with about all the advance
lost. May ranged from 35c to Sol2c. and
closed a shade higher at BIC.
Oats were rather dull relatively, and
price changes narrow. Early there was
fair local and outside investment buying,
but the market quickly turned weak when
wheat and corn started to decline. The
cash demand was good, though shippers
We're still handicapped by the scarcity OF
cars. Receipts were 249 cars. May ranged
from 26Ac to 2Tc. and closed unchanged at
26s.c.
Provisions Were moderately acuve Pack
erS were free sellers all day and there was
another large run of hogs. As a result the
market. in spite of the strength of grain,
was rather weak. There was a good deal
of profit taking by longs on all the hard
spots: Al 10 the fb,z close May pork pork was 2lse
S5;32l&q5.&. and May ribs 2i4c lower at
Estimated receipts for Saturday: Wheat.
l5 cars; corn. $40 cars: oats, $50 cars: hogs.