Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-09
GOOD CASH TRADE In WHEAT
HELP PRICE OF MAY UP TO DC 1-4c-
OTHER MARKETS HIGHER.
Reported Thnt Letter Exchanged in
Liverpool No. "a Spring for May
in New York at 15c Be-
low Cash Price.

- Chicago, Feb. s.-Wheat to-day was helped by the
best cash trade in two weeks. Heavy export en-
gagements at the seaboard and a pressing demand
for milling purposes at outside points converted the
market from dullness to activity and strength, May
closing at an advance Of lsc. The coarse grain and
provision markets were firm, the strength coming
largely from wheat. Corn and oats advanced isc
each and hog products closed unchanged to 2izc
higher.
Wheat was lower at the start, May opening at
$3.50, as compared with yesterdays closing price OF
$3.50. Beyond the heavincss of the Northwest re-
ceipts. there was nothing particularly striking in the
early news. but the continued heavy arrival at the
big receiving points was sufficient TO cause weak
ness at the start. though no selling OF consequence
was done. Minneapolis and Duluth reported arrivals
of i52 cars. against 81 last week and 3J2 a year ago,
Chicso receipts were 81 cars. five of which were OF
contract grade. Soon after the opening quite 4 gooG
demand developed and from a condition of dulIness
the market took on quite a degree OF activity. Shorts
coverd quite freely and the May price advanced TO
95Isc. There was some attempt 10 break the market
at that point. and with some degree of success. the
price being forced back 10 1886. but it quickly re-
bounded again TO s5i.c. There it hung for a while.
Moderate purchases for foreign account were reported
by New York. and private cables stated that millers
were good buyers. especially Of nearby deliveries.
and that stocks were decreasing rapidly. As Liv-
erpool stocks are already exceptionally small. this
had considerable effect. 1t was reported that Letter
sold in Liverpool yesterday 400. 900 bushels of No. .
spring wheat he had there and took in exchange
May wheat in New York at Is cents less than the
cash price. Mr.. Letter would neither affirm nor
DENY the report. After the noon hour the marKe:
again became active. Reports OF a more than usually
urgent demand at the seaboard and OF pressure for
wheat for milling purposes at 81. Louis, Milwaukee
and Minneapolis came in thickly during the latter
part Of the session and gradually brought about al
most n stampede OF shorts. New York finally re-
ported - loatloads there and at outports for eS-
port, and when these fgurs were posted there was a
general rush TO buy. The market had been grad
uaily creeping UP. getting TO s5i=c before the final
rush came. but the demand became so urgent in the
lat few minutes trading that s6i1 d?5=sc was nnaIly
reached. The market closed strong at s6i.c.
Corn was moderately active and firm. There was
quite good buying by professionals and commission
houses. The strength OF wheat was influential. as
was the wet weather which was expected to ma
terially decrease receipts. Country offerings were
smaller and the foreign situation Arm. May ranged
from 29i. d2?]sc TO &c. aud closed &c higher. at
2gi.c.
oats were slow and easy at the start. but soon be-
came firm and remained so for the rest OF the scs-
sion. Fair selling by some Of the recent large buy
es caused n slight early decline. Later the strength
of wheat and the soft weather caused quite general
buying. May ranged frofa 2i3sc TO 2isc and closed
isc higher, at 2i',c-
There was some weakness in provisions at the
start. Weak yard prices caused moderate early SELL
Ing and the market receded somewhat. but at the
decline there was a very good demand. This and
the strength Of other markets caused q gradual adj
vance. the market closing firm at about outside fig
ures. May pork closed 2isc higher. at lo.ist-; May
lard. 2izc higher, at sos. and May ribs, unchanged,
at S5.l2l-.
Estimated receipts "Wednesday: Wheat. G. cars;
corn, $50 cars: oats. go cars; hogs. $4,000.