Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-03-20
ACTIVITY In May WHEAT.
WAS BID UP TO s1.O7, BUT BROKE,
CLOSING AT S1.O3.
Heavy and Continued ReaIixinE Fol.
lowed the Rise, Letter Selling
100000 Bushels-Coarse
Grains Also Break.

Chicago. March 1s.-May wheat broadened into an
active market to-day. An insistent demand from
shorts sent the price up to sl.O7 during the early
part OF the session. but heavy sales by Letter broke
the price badly toward the close. Final prices showed
q decline OF 2Ec in May and aQ3sc in July. Favor
able weather and expectations of heavy receipts Mon
day were factors in the decline in both options. Corn
and oats both broke with the late slump in wheat,
corn closing unchanged and oats about &c lower.
Provisions were heavy and closed 5Q7Izc lower.
The opening in wheat was irregular. Traders in
July rather looked with favor on the selling side. as
the cold wave which was expected to follow the rains
did not materiailze. and there was apparently no
prospect OF any serious drop in temperature. Cables
failed TO respond the strength show here yesterday.
This caused some liquidation in July at the outset,
opening prices s5s9 sec. showing &c decline. There
the market halted. however. May was strong from
the start. Shorts were active bidders for this de-
livery, which opened NC higher, at 3L0s. and heavy
buying soon sent prices up to 81. 06Z. The demand
for May and the advance in that future soon brought
July shorts into the pit TO protect themselves. heavy
buyers Of yesterday coming into the market again
and the demand became general. The result was a
gradual advance to s5kc. Realizing then set In and
q reaction to seSc took place, May at the same time
dropping 10 f1o67s. The dropping OF in the North
west receipts was a helping influence. Minneapolis
and Duluth reported 52 cars. against 375 last week
and az a year ago. Chicago receipts were l2I cars.
50 OF contract grade. The days cIearances OF wheat
and -four from Atlantic ports were heavy. amounting
TO go. 900 bushels. but this was in a measure offset
by the heavy primary receipts. 49,. 900 bushels. Con-
tinental markets were steady. The reaction in both
became heavy again. especially in May, the price
OF which wss sent up TO SiUI. July advanced TO
b6Lc. The advance was Well maintained VI to IL
O'Clock. when the market began gradually to give
way. Letters brokers had meantime been selling
heavily OF May at top figures. and as shorts became
filled " the demand from this course decreased.
Liquidation, however. did not become general until
heavy estimated receipts for Monday were posted.
This brought In a food Of reaIizin- orders and prices
late in the session broke very sharply. Letter kept
up his selling Of May to the last, and probably dis
posed OF over 1000. 900 bushels. In the last few min
uies early buyers became sellers, and with this
added weight OF liquidation. the market became very
weak. though July did not suffer so much as May.
Closing price for the latter option was sLo3. July
closing AT s5a
Up TO the last half hour OF the session corn was
allow but steady at a slight advance. Enormous clear.
ances and the strength Of wheat were the influences
The late break in wheat brought about free offerings
principally from yesterdays buyers. and the marke,
closed easy. May ranged from 2sLG2g1c to 2stc.
and closed unchanged at 2eAc.
Oats early were firm There was good general buy.
fnE. mostly through sympathy with the whea,
strength, and prices advanced slightly. Support wa:
withdrawn when the late decline in wheat took place
and prices dropped of. May ranged from 25aa2sc Il
&c. and closed a shade lower at 25sG254c.
Provisions were easy. with a slow trade. A veal
from any HOurce. and prices sagged from the start
Packers were moderate sellers. Very little demand
from shorts At the close. May pork was 71sc lower
at 50. sZiz. May lard &c lower at $50. and May rib
Be lower at sos.
Estimated receipts Monday: Wheat. 225 cars; corn
$40 cars: oats. $50 cars: hogs. 10000 head.