Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1898-02-27
DECLINES In ALL MARKETS,
WHEAT LOSES ONE CENT IN SPITE
OF LETTER.
Northwest Receipts Light. but Crop
Reports From California and
India Were Bearfsh and
Market Poorly Supported.

Chicago. Feb. 26.-It was a weak day in wheat
July at one time on lSc and May &C. Closing price,
showed a cent decline in both options. II was a
narrow market and the weakness was due more tn
lack OF support than TO the news. which. however.
favored lower prices. Other markets were barely
steady at slight declines, corn and oats closing nc
lower each. and provisions declining 2IkG5c. pork
being the weakest thing on the list.
For a few minutes after the start. wheat. COM
pared with the weakness it developed later, was
fairly steady. July started &c lower TO lac higher.
at from ssIsc TO s9Ec. and May &c lower. at 81 on.
Letters brokers appeared to have some supporting
orders in July at the start, and for this reason that
month showed s~teadiness until May weakened badly.
Then July followed. Trading in May was very light.
There were a good many more selling orders than
the limited demand could take care OF, the result
lowed. then the market broke again. and worse than
before. May this time going to sl.0lIs. The con-
unued increasing production OF contract wheat by
the mixers. apparently affected May. Forty-three
cars of Ne. / Northern were reported out of private
houses to-day and twenty-five cars from regular
sources. Most OF the routine news favored sellers.
Worlds shipments OF 1000. 600 bushels were looked
and crop reports from California and India. especial
ly from the latter country. were very favorable. The
a22.eo0 bushels. Northwest receipts were light at 1875
cars. against 242 last week and go a year ago.
Chicago receipts amounted to So cars. The weakness
which developed in May was soon reflected in July.
There was a good deal Of selling out by people
who have been falling on the Letter campaign.
and who had become discouraged by the recent
downward turn TO the market. and prices. in spite
OF the Letter support, declined steadily. At around
Sszc for July. the market hesltated for a time
A period OF dizziness and narrow fluctuations set In.
but about half an hour from the close the market
developed fresh weakness under renewed selling OF
small lines, July going down to Ssc. and May, which
had in the meantime rallied TO sl02, declining TO
fL0liz. shortly before the close Letters brokers
again gave the market some support. this time in
May, the buying Of a line Of about 100. 900 bushels
being sufficient TO cause a rally In that option TO
slO2ls, which was the closing price. This rally also
Influenced July TO a limited extent, stopping the
selling pressure and starting a little covering, under
which the price got back to Ssi4G where it
closed.
Corn was well held. despite the weakness of wheat.
There were plenty Of selling orders. but offerings were
well taken, several Of the larger holders increasing
their lines; and prices did not drop much. A good
cash demand was a factor in ~steadying the market
May ranged from 2s+ G295sc to :sis9 2shsc, and closed
3sc lower at 2SSc.
The steady feeling in corn was reflected in oats
and prices suffered but little. Some weakness wa.
shown at the opening. but there were plenty OF buy.
ing orders at the slight decline. Triding. as a whole
was limited. Cash demand was reported fair. MAJ
ranged from 26isc to 255sGe6c, and closed I.c lowe,
at 26c.
A large trade WAS done in provisions. Selling, es
pecially OF pork. was very heavy. The market al
first was very well supported. and even advanced fol
a time. hut the effect o! the heavy liquidation wa,
ultimately felt. Selling was mostly by commission
houses. At the close. May pork was I5c lower al
slo.S5. May lard 2isc lower at s5.11is. and May rib.
&c lower at S5.O7tz.
Estimated receipts for Monday: Wheat. s5 cars
corn. 800 cars: oats. 4o5 cars: hogs. 81. 600 head.