The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-01-22
WHEAT is HANGING HEAVY
The Selling Craze Growing and Bull
News Receives Little Attention.
After Strong Opening on Better Foreign
News and Prospective Decrease in the
Visible, the Leading Cereal Tumbled.
TRADING AT CHICAGO.

Corn and Oats Higher and Provisions Ad-
vancing with Firm Tone.
CHICAGO. Jan. 2l.-A new sinker was
tied to wheat to-day-fear of the c0nse-
quences of making No. Northern spring
regular delivery on contracts. The mar
ket was strong at the opening. and closed
about midway of the days range. and
about $50 lower than on the day before.
Corn and oats averaged higher, but closed
without material change except that the
January deliveries in both closed at q nom-
NAL advance. amounting to about Ac for
oats and lsc for corn. Provisions opened
firm and continued SO to the end. gaining
1Oc in the price of pork, .07l9c in lard and
Csc in ribs.
There was O little show of strength in
wheat at the start on the unexpectedly
strong cables but this feeling was followed
by selling craze. which quickly sent
prices OF, although the exports from coasts
were considerably larger than n week ago
and Bradstreet's estimate that the amount
in farmers hands March l would not exceed
10i, goo bushels against III 100000 bushels
the same time last year. Estimates on the
visible supply were for no increase, with
the chances favoring q small decrease. All
this taken In connection with strong
cables would naturally have made o firm
market.
and will be probably voted on Monday
To make the grade of No. / Northern
deliverable OH contract. Many in the trade
contend that this grade of wheat is inferior
TO our No. 2. and will force buyers to take
a poorer grade IN settlement on contracts
than can be delivered under the present
rules: hence 1t has the effect of weakening
prices.
2 or not. it will increase the supply of con-
tract wheat. add TO the weight the bulls
have to carry-some cay $4,000, 600 bushels
and furnish the bears more ammunition.
was an active bear factor. OF course the
change cannot effect trades already made.
which will have to be settled under present
rules. Cudahy was said 10 have sold O
good deal of wheat on the early frmness
aud started the break. The opening was
about Is 0ssc higher. but prices declined,
then advanced lao. eased off and the clos
ing was about $50 lower than yesterday
for May, while July closed about the same
as yesterday. The proposed change re-
RardlnR No. ! Northern is presumably in
tie interest of the Chicago elevator own
ers. who are bring ing and clearing that
grade. The outcome of the vote Is doubt
ful.
In the corn crowd the talk OF large alb
sorpriOn by S. V. White and others has
alarmed shorts and there was good buying.
The sharp upturn in rovisiOns also helped
the market Prices were somewhat gov
erned by the action of wheat. There were
numerous outside buying orders at the
opening and initial trades were "a Oasc
above the final quotations of yesterday.
After selling off fraction, advanced 40
3sc, when wheat turned down and corn
sympathized. selling oft IS "a l3c. rallied ls
04c. afterwards ruled easier and closed
with q shade advance.
There was q moderate trade in oats and
steady feeling prevailed. prices for May. in
which the bulk of the trading conferred,
being confined to "a Q range. The opening
was at lsc advance, and the close at lsc
decline.
The receipts of hogs werc even smaller
than had been looked for. Only 1900 head
were reported at the yards and for next
week 150, coo head are all that are looked
for. Tradingln provisions was only mod
erately active at any time and very dull
for the most part. Estimated receipts for
Monday are: wheat. 225 cars: corn, 255 cars;
oats. $50 cars: hogs. $1,000. The leading flu
lures ranged as follows: