Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-22
WHEAT MARKET UNSETTLED
FLUCTUATEs WIDELY AND CLOSES,
MAY $I.O6 3D., JULY OF 5-sc.
News Bearfsh as a Rule, but Cover.
ing for To-morrow's Holiday
Kept Prices Up-Increase of
Wheat ON Passage.

Chicago. Feb. 2i.-wheat was very nervous and un-
settled to-day. and fluctuations covered a wide range.
News as a rule was bearish. but tomorrow is a holi-
day. and the ~pervading Letter influence made shorts
anxious to cover. May closed at &c advance, July &c
higher. Corn and oats were heavy on free liquidation
and closed EqSc lower respectively. Proyisions show
some irregular changes in closing prices.
II looked at the opening in wheat as though there
vas to be another wild day in the pit. May was bid
Tor at the commencement all the way from ST. On 10
sLo1it, the higher OF the figures being an advance Of
lie over Saturdays closing price. Most OF the bid
oing was az sL0t, and the price settled there for q
moment. Then 1t rose rapidly TO sl.O7,z. declined a
cent. and worked back more slowly to sl.07. July was
fluctuations. July opened at from s2e to s2ixc. or lsc
lower TO &c higher than Saturdays closing figures.
This was followed by a reaction to S27sc and a subse-
quent rally TO 93sc. The break in New York stocks
ana tne war tax IN the morning papers undoubtedly
mad a good deal of influence on shorts, whose anxiety
10 cover was responsible for the nervousness the mar
ket displayed. Some bullish strength was also i'm
parted by the steady falling on Of Northwest re-
ceipts. Minneapolis and Duluth reported $50 cars.
against S4S last week. Last weeks receipts. however,
we're Tor two days. Chicago received 30 cara, 81 Of
which were OF contract grade. Worlds shipments
were heavy at 1884, 900 bushels. but this was onset by
another large decrease in Liverpool stocks. about soo
600 bushels. The Letter Representatives claim thev
do nothing with to-day's market. The crowd be-
iieved that a good portion Of the buying. which Va,
done en- every soft spot. was for his credit. and this
belief added to the general nervousness. There was
also a general disposition TO even up on short lines as
much as possible in view of o-morrow's holiday
Wheat on ocean passage showed an increase for the
week OF 1870 600 bushels. This provoked lively SELL
s'At1 ~ u IuIuuAh m mQrkaf
showed a series of fluctuations more or less violent
Nay being BID up At one time TO s1.0s. but dropping
at once TO sLO1is. July acted heavier, and did nor
get at any time above 9sisc. The visible figures xsrs
a oistinct disappointment 10 the bulls. They showed
q decrease OF but s0l 900 bushels, and but for tbe
heafy decrease at Chicago. owing to the Letter shin
ments. there would probably have been an increase.
free selling. both OF July and May. followed this an
nouncement. July declined to sIx and Nav to 81 oS
toward the close n sudden bulge in the New YORK
market and the good export business from Atlantic
potts ''z.ocO bushels. injected some strength info tbe
cropping market. and a slow rally followed. A. tbs
close May was bringing s1.OS% and July 9es.c
There was heavy selling OF corn from every dirsc-
ZION. The market started strong and higher in sv,,-
pathy with wheat, but heavy liquidation began n,
once and prices soon lost the early advance. Hearv
local receipts. a visible increase Of 1 355 OOO hnsbo,.
also encouraged short selling. Country oferinrs xers
small and cables firm. May ranged from sinc ..
S0sc, and closed &c lower at 30T.c.
OATS was similar to corn in Its action. The s.,r,
was strong with wheat, but the market soon Welded
10 general selling and lack OF support and acted wesk
the rest OF the day. The visible decreased sss Oo0
bushels. but this apparently had no effect. Ma,
26Lc. ""ef 1t
Provisions were fairly active and irregular. o,en-
ing strength with grain and a firm hog market was
followed by general small declines on selling by nack-
ers and holdings OF small lots. After that prices
dd not change much Lard was supported more
than pork or ribs and closed steady. Al The cjos.
May pork was &c lower, at 81. 90: Nav lard. ei-r
hleher at s5-25. and May ribs. 2iSc lower, at q -
Estimated receipts for Tuesday: Wheat II cars.
corn, $50 cars: oats. go cars; hogs, 20. 600.