Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-03-23
WAR TALK AND COLD WAYB
ONE WOULD LOWER PRICES, OTHER
KEEPS THEM UP.
May Wheat Touches S1.O7 and Closes
s1.O6; July, IS 3-4c-Severe Frost
Reported In California
Coarse Grains Higher.

Chicago. March 2e.-weather and war probabili-
ties were the chief factors In to-day's wheat market.
Fears Of damage from the freezing temperature rap
idly spreading over the winter wheat belt made the
market strong throughout. although the news from
Washington had a tendency TO restrict trading. May
closed lie higher and July advanced &c. Corn and
oats were both affected by the weather and advanced
about kc each. Provisions were dull and closed SUBJ
~stantiaily unchanged.
Wheat opened very frm. though quiet, and with ad.
vsnces in everything. July started sc higher At S5h
6S5hc and May N9kc higher at 81 Tho
cold wave. predicted Monday. had spread as far
south as Kansas. with freezing temperature In many
localities. The weather bureau predicted that It
would spread to Illinois and Missouri and the anxiety
on this score was increased by the high Temperatures
ruling east Of the Missouri river and by the wet con-
dition Of the ground. In consequence. there was quite
q good demand from shorts at the opening. The
strength was especially noticeable In May. as Of
ferings were very scarce in that delivery and a good
deal Of difficulty was found in covering even moder-
ate lines. The price of May rose quite rapidly to
f-07. July in the meantime advancing to S51sc. At
those figures there was freer realization by longs.
who had taken property on the recent decline. and
who seized the opportunity of making good profits.
and prices slowly eased on. May to sl.o6A and July
TO s5hc. There was another large addition to the Chi
oago contract stocks. but little attention WAS paid at
FIRST TO anything but the weather reports. Chicago re-
ceipts were SCI cars, double the estimated number.
OF this big total l31 cars were Of contract grade. In
addition, 81 cars of contract wheat were received from
mixing houses. a total Of about 2lS.0 W bushels.
Az N1GApN1s sAo"So = AAAlhB JILL
Minneapolis and Duluth reporting go cars, against
ss2 last week and 40 a year ago. Liverpool showed
no change At the opening, but closed slightly lower.
After the decline mentioned the market became ex-
ceptionally dull for a time, but about IL o'clock be-
came strong again on some unfavorable news regard
ing the California crop. Heavy frosts were reported
In that state. with great injury to the crop. which
started buying again, and prices advanced to the for
mer high marks. Selling against calls then caused
another reaction. July declining by noon to s5hT
$50 and May to s1os. The dizziness Of trade.
caused mainly by the seriousness of the Washington
reports in regard TO the Cuban situation. and the re-
sulting disinclination Of traders to 60 deeply, began
to count against prices then. as support, except from
professionals. was withdrawn. Nevertheless little
selling pressure was evidenced and after July had
prices on the mend and strength was shown to the
close. Bradstreet's report of the worlds visible
showed a decrease OF ., 5s7. 900 bushels. Atlantic port
cIearances were equal TO $40. 900 bushels. July ad-
vanced to S. SEC and closed steady at s51Gs5zc.
May closed ut Sl.06.
Corn was quiet but hrm, at a little over yester-
days prices. Shorts covered all day, Influenced by
the bad weather and prospects Of smaller receipts,
and by the strength of wheat. Selling was scattered.
May ranged from 2sIc to 2ssc and closed h9Nc
higher At 2sk
Oats were quite active earlr but slow later. There
was some investment buying. Shorts also bought q
good deal. The weather was an influence. Shippers
reported good foreign bids. which was also q strength
ening factor. May ranged from 26hc to 2sAc and
closed Ia Nc higher at 26h q
The market for provisions was extremely quiet
Trade was again restricted by the uncertainty OF the
outcome OF the Cuban affair, both buyers and sellers
holding of for this reason. Prices held steady with
in a very narrow range. the advance in grain markets
unchanged at ss.s7h; May lard. unchanged at $5.1o.
and May ribs 2izc lower at S5.05.
Estimated receipts Wednesday: Wheat, lis cars:
corn. 40 cars; oats. 40 cars: hogs. $4,000.