The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-02-08
WHEAT STILL LOWER
Free Selling at Chicago Yesterday
Sent May to 62 1-8c.
Receipts Have Been Heavy and Indica-
tiOns Point to a Good CrOp-PrO-
visions Higher.

CHICAGO, Feb. THE wheat market
continued its downward course to-day and
landed May &c lower at the close, with a
new low-price record. Free selling, large
receipts, weak cables and mild weather
were responsible for the decline. May corn
closed unchanged after an early break and
a new low-price record. May oats closed
&c higher and provisions slightly higher all
around.
Wheat started weak, with May CSC lower,
at 62&sc. Cables were lower, Liverpool be-
ing quoted depressed and I'D lower. North
western receipts were again heavy, Mime
apolis and Duluth having 313 cars, COM
pared with 27 on the corresponding day
last year. Primary market receipts OF
wheat to-day were 417.0OO bushels. against
237, 600 bushels last week and $4,000 bushels
on the same day lest year. Primary mar
ket receipts of wheat for the first three
days of this week were $4,000 bushels over
the three same days last week. The wealth
er was mild and there were no indications
of weather to injure the crop. Under the
depressing conditions prices declined, with
slight fluctuations, until May touched 621sc.
a new low-price record. The selling became
free and general, being led by Larnson,
Schwartz-Dupee, Geddes-Kirkwood, Ram
se~y-Chandler and P~ope-Lewis. Bangs was
a very large seller. presumably, for Seay7
ems, and SeavernS himself sold, as cid
Armour & Co. Eastern wheat and wheat
which had been held for a long time for
country spectators came out very freely.
Bradstreet's decrease in the visible supply
and the more liberal export clearances had
little effect in sustaining prices, and May
closed but kc above the bottom figures of
the day. May opened at 62&sc, advanced
5 81, lest &c anu reacted 49, 70 CLOSE at
IN corn still lower prices were recorded,
the low marks on May being 36s4c, and July
375sc. Opening trades were at sc lower,
and on continued liquidationS Of long corn
the price was forced down another 14c, one
line estimated at 100000 bu coming on the
market on this break. There was also free
selling by several of the larger receiving
and elevator interests, and this also helped
depress values. The decline was followed
by improved demand and This caused val,
ueS to react ssQ12c, when the price held
steady for a time. again sagged back a
fraction, and closed with no change. Til
action of the wheat market and the liberal
receipts were the principal factors in Great
ing the weakness which prevailed early in
the day. and cables were weak and unfa-
vorable to holders.
There was only a moderate trade in oats.
and, considering the weakness in wheat
and corn, prices held remarkably steady.
Selling by longs was surprisingly light,
end This. combined with the late rally in
corn, was the chief cause of the rally OF
M.Q&sc from the bottom figures. The avail
aided in firming up the market. and May
closed kc from the top figures OF the day.
Provisions were somewhat nervous and
irregular early, opening higher and advanc-
ing on a few shorts covering, and then los
ing the advance on the break in wheat,
and recovering OF a little buying on out
side account. A moderate break followed
on increased scattering offerings, no one in
particular selling. The. volume Of trading
was moderate. A frmer feeling prevailed
on a little support to the market later,
presumably by the packers and shorts, a
good advance from the inside prices being
scored. The final figures were at the out
side for the day for lard and nearly so for
pork and ribs. Compared with last night
May pork is .15c higher. May lard .O21ac
higher and May ribs loo higher.
Estimated receipts for Tomorrow are:
Wheat, 57<cars; corn, 5000 cars; oats, 40
cars; hogs, 23,W0 head. Leading futures
| ranged as follows: