Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-01-09
WHEAT NERVOUS And WEAK
MAY CLOSES 81 3-sc, CORN 1-sc LOW
ER-OATs UNCHANGED.
Argentine and Domestic Crop Reports
Beartsh-Exports Falling Oh-Mod-
crate Foreign Advance-Pro-
visions Still Improving.

Chicago, Jan. s.-Wheat averaged easier
to-day over a moderate range. trading
though not especially heavy, was of a ner-
vous character and caused many quick
changes. May closed at 11.c decline. Firm
cash markets and a good export demand
saved the market from a more severe
break. Corn lost hc, oats closed I'M
changed and provisions 2l2qi1ac higher.
The action of wheat during most OF the
early morning was in line with the early
news. The rain and cold wave predicted
BY the weather bureau failed to mater
ialize, which rather weakened those who
yesterday had become inoculated with the
virus of fear for next seasons crop. Liv-
erpool showed sd advance. which was
hardly up to expectations, and early Ar
Eentine news was quite bearish as regards
The shipping surplus of that country. a
Rosario cable estimating 1t at 46,0vo.Wo
bushels. According TO Bradstreet's report
of the weeks exports of wheat and -four
from both coasts of the United States and
Canada, they were only S.4Sl $40 bushels,
against 5.495. 600 bushels the previous week:
Tie net result of these several pieces of
Information was the creation OF a some
what bearish feeling at the opening OF
business. May wheat started at from Jl;sc
to 9l1sc, against 9l'sc at the close yester-
day, and in about half an hour IT had got
down to 91lsQ9lAc. The Duluth market
came again to the SUPPORT OF me oulis us
to 92Ikc in a few minutes. 1t was thought
here that the advance could have been,
and probably was, manipulated from chi
cago. 1t had a bullish effect notwithstand-
ing. Paris and Antwerp each quoted a
moderate advance for the day. and mat
was an additional bullish factor that
helped the market to recover from 9lisU
Size to g1ssc. The receipts at Minneapolis
and Duluth were 35i cars. against LA the
similar day last year. Chicago receipts
were ~forty-eight cars. eleven of them con-
tract. There were transferred from IN
licensed to licensed houses, 1000 bushels
OF No. 2 Northern spring and nine cars
NJ . nrfnu Tho atlantic mort rlpn "a noes
of wheat and flour, exclusive of Newport
News, were equal to $4,000 bushels.
lima market receipts were 5000 bush
els. against 100000 the year before. Other
advices from Argentina put the available
export surplus at 10000 tons, or about
37.0oO,Go bushels. intimating at the same
time that holders were anxious sellers to
Europe at lower than American prices.
Beerbohm's estimated the weeks clear
ances from all ports TO Europe this week
large quantity. of wheat sold for export
after close of change yesterday. and for
eign bids to-day at lc over yesterdays bid
with the higher quotations from the Con-
tinent and heavy Atlantic exports. caused
~ slid off again to gAc. and was at that
point ten minutes from the close. In that
ten minutes. however, the market turned
strong again. and at the close May was
offered at 913sc.
business in the corn pit was dull and
prices moved reluctantly. and within a
sTlall TdTSt- IHt Nlo~ Siio"eo d IA
of lac. The feature was the absence of
country selling. the country on the con-
trary doing a little buying There was a
little selling pressure toward the end, suffi-
Gent TO cause the slight decline which
marked the close, May ranged H from 2shec
to 2slsc and closed at 2Si4a2sSsc.
Oats were dull and without special feat
ure. The market was easy at the opening.
due TO sympathy with wheat. The slight
decline was recovered later under fairly
good general buying, the close showing no
change from yesterday. The cash mar
ket was firm at a slight advance. May
ranged from 2S5sg24c to 23ssa25%c. closing
at 237sc.
Provisions were strong at the start and
at no time during the session did the mar
ket show any signs of weakness. A small
run of hogs started prices higher. Conn.,
mission houses bought literally. apparently
for the same interest. ribs being in es,
pecial demand. At the close May pork was
nc higher at s9.42ik; May lard 2iac higher
al $3.50, and May ribs &c higher at sAI5.
m receipts for Monday: Wheat,
90 cars; corn. $50 cars; oats. $50 cars; hogs,
5000 head.