The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-11
WHEAT TOUCHED GOO
No Bottom to Chicago Grain Mar
ket When Once Started.
The May Future Regained 3-8c of the
Loss, but with That Closed at An
other Low Record Mark.

CHICAGO. Feb. 10.-May wheat sold to
Coo to-day. n new low price record, and
closed with a loss OF Csc, at 6Osc. After a
steady opening on the cold weather and
larger exports, a loss Of 1c was caused by
free liquidation and pressure to sell. A re-
action OF &c ensued on covering by shorts,
followed by a decline at the close on more
selling. May corn closed Sc lower; May
oats, &c lower, and provisions with but
little change.
Wheat started higher, with May sc up,
at 60Bc. The cold weather gave the bulls
some encouragement, as did also the larger
export clearances, and they soon had May
up to Gle. Renewed pressure to sell, pre-
sumably on account Of the expectation that
the next visible supply statement will show
an increase, started a decline, however, and
May went down with a rush. landing at
Coo. The market seems to have acquired
the habit Of making new price records, and
the astonishing price created but little ex-
element, and no panicky indications fol-
lowed. II had been expected that a decline
to 6ec would develop another demoralizing
bunch Of stop-loss orders, but the orders
did not materialize. This somewhat alarmed
the shorts. and they proceeded to cover,
with the result that May reacted sc and
NAa NICNA 4OA q SAAAAN oN OFV4S WI toN-
ern receipts were again. however. numbered
among the bearish influences, Minneapolis
and Duluth reporting a total of 1876 cars,
compared with 1877 on the corresponding day
last year. Liverpool advices also were
rather bearish, and as the session neared
its close the selling again became free and
1t sc for May, and that month closed &c
above the days bottom figures. May opened
at 6o3sc, advanced 1ee, lost 1c. reacted Ac,
and declined Csc, to close at 60Ssc.
Corn was quiet most OF the session. but
an uneasy. unsettled feeling permeated the
market. Price changes were governed
cline was due entirely to the action of that
cereal. Opening trades showed a fraction
al loss, but that was soon recovered when
A0%c, rallied BQHc, declined A03sc, and
closed with May but Bc above the days
Oats were easier in sympathy with
wheat. and on moderate selling by longs
opening unchanged. There vas moderate
buying early, but later buyers appeared to
have been filled up, and May finished at
Provisions opened strong and higher on
estimated light receipts Of live hogs for
H Hene { week mod ana gyoa The btad offeribpg rsce Of ALL all
kinds of products were very light, and
the trade correspondingly so. There was
Operators to advance values, but the con-
tinued weakness in wheat had the con-
trary ERECT. some support was given TO
the market by two or three leading pack
time, with only slight reactions. The i'm
provement in wheat from the lowest price
on record also contributed to the strength
in this market. Later on il declined to
nearly the inside prices of the day on in
creased offerings and the withdrawal of
the previous support, with the closing
weak. most Of the early advance being lost.
Compared with last night, May pork is sc
higher, May lard .0212c lower and May ribs
unchanged.
Estimated receipts for Monday are:
Wheat, IS cars: corn, 600 cars; oats, 23
cars; hogs, 24,0O.
There will be no session of the Board of
Trade Monday, being a legal holiday in
IIlinois-birthday of Abraham Lincoln.
leading futures ranged as follows: