The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-02-08
WHEAT MARKET ERRATIC,
The Letter Brokers Sustain Price
Against Bcarish Influences.
GOOD CROP CONDITIONS REPORTED.
Northwestern Receipts Were Heavy.
Corn Unchanged, but Oats Higher.
Provisions Again Advance.

i Chicago, February 1.-THE influence whic
| the Letter interests have on wheat tradiu
was well illustrated today, Notwithstanding
news that under ordinary circumstance
| would be sufficient to break prices yer,
| sharply wheat declined only sc. and whei
Letters brokers started to bid general GOV
! cring movement ensued which carried price,
| back to Mc of Saturdays final figures. Corr
! closed unchanged. Oats added Is 10 the formed
| price and provisions advanced 5112lac.
Chiefly on account of an early display o
strength at Liverpool, opening bids OF Ma,
| wheat were at figures shade above SatuI'
days closing prices. May starting at 9599ois
Liverpool showed lsGSad advance at 1880 p
nj. Besides this, the worlds shipment.
showed a considerable falling of, the total
for last week being o5l3,000 bushels, COM
pared with 7,3i6.0O0 bushels the week pre-
vious. Another feature which helped in the
opening frnlness was the strong cargo mar
ket at London, sale of Oregon wheat being
reported at o'clock at the equivalent OF
1.15ls bushel. Liverpool warehouse stocks
also showed reduction of 5000 bushels for
the week.
News bearing on the future crops here and
In foreign countries was so favorable how
ever, that a selling movement started almost
Immediately after the opening and the pres
sure finally became so hard that the market
for some time was free of strength May
dropped to 94ss In a few minutes, when
through seaboard exports and good foreign
inquiry caused a few of the more timid shorts
to cover. which sent the price OF May back
to 9i5au9lss. The price dropped Immediately
after this demand was satisfied, this time
going to yik.
California reported an abundance of much
needed rain. Indian crop prospects, reported
unfavorabe Saturday, were said to be SPLEEN
did today, and Australia, it was said, would
have more wheat for export than expected.
Rosario cables stated that both receipts and
shipments of Argentina wheat were increas-
ing Besides all this, Northwest receipts
were heavy, Minneapolis and Duluth report
N apni ncf In CT xuaa nd q
year ago. Chicago received % cars. The
visible supply decreased $4,000 bushels.
For two hours the May price hung around
the bottom the dullness being varied occa-
sionally by some buying against puts. Then
the Letter brokers appeared and commenced
buying around 9iM. They had made Il show
Of supporting the market around the open
ing, but the feeling at that time was so
unanimously bearish that they soon quit.
This time their bidding, coupled with the
fact that the. prices were at put figures.
soon turned the market toward higher prices. |
Late In the session shorts became appre- |
hensive of the gradually increasing strength
and many trad<rs who had sold early in the
session bought back their lines. May had
previously advanced to 94Ia, but this fresh |
support carried prices UP to "a rs, where 1t |
closed.
Increased country offerings and Western
selling were features in the corn market |
The tendency during the early part of the /
session was downward, but toward the close
the rally in wheat and the strength of pro-
visions caused prices to recover.
Oats were fairly active. The market was
weak and low early, due to quite general
selling and the break in wheat, When the
after market rallied early. short sellers COW
ared and the oats market became quite firm
It the close
Provisions were fairly strong and prices
cached new levels. The close was strong
y nearly outside figures. May pork leg
higher; lard 1oc and ribs &c higher.
Estimated receipts tuesday, Wheat IS cars:
'orn, go cars oats, S25 cars. and hogs, 80, 900
read. 800,
The leading futures ranged as follows.