The Indianapolis journal., 1894-02-01
WHEAT ON A DECLINE
Fluctuations, However, Narrow
and the Market Uncertain.
Cable News Was i'm the Interest of the
Bears While Local Indications
Are the Other Way.

CHICAGO, Jan. 31.-The feature of the
grain market to-day was the extreme dull
ness and the narrow range of prices. Wheat
went down under weak cables, reacted on
a light buying, declined again on poor ex-
ports and closed isc lower after ficctuating
within a ssc range. May corn and May
oats are unchanged and provisions slightly
higher lraround.
Wheat began the day with a tired feel
ing and at a decline of Ac from yesterday s
closing price for May, at $3.50. Cables We're
unsatisfactory to the bulls. Liverpool was
lower and private cablegrams were discour-
aging There was a rumor that the Aus
trian government was contemplating in
creasing the duty flour to 7f. Advices
were also received that Argentine wheat is
Being offered freely on the other side. But
with all the bearish news the market held
up steadily. The receipts in the North
west were only moderate and the reports
that millers' supplies of wheat are getting
low are attracting some attention. Stocks
in country elevators, too are decreasing,
which fact is being watched by spectators,
thinking that the result of light deliveries
at country elevators will soon be evident
by smaller receipts at Duluth and Minneap-
oils. A little buying caused by an advance
in cash wheat at Minneapolis sent
prices up to yesterdays closing fig
ures after May had dropped &c
under the opening price. There was not
sufficient demand, however, to maintain the
advance, and on the small export clear
ances another decline followed F'luctua-
closed but &c from the days top figures at
$685. May opened at 639sc, declined 1sc, ad-
vanced &c. reacted Ac, advanced 1sc and
closed at 6324c.
In corn only a moderate speculative trade
was witnessed, the market covering very
narrow range with operations confined TO
room traders. a comparatively steady
feeling existed, and the undertone was
rather more firm Receipts were slightly
under the estimate, and helped TO sustain
prices. The market opened little better
on the bright weather, and sold off a frac-
ton further. A good demand sprang up
for May around SS1tc, and the price rallied
1sGLc ruled steady and closed at the day S
top figures. -
There was a steady market for oats with
fair trade. There was moderate selling
by longs, but not enough to materially
affect prices. The available supply de-
creased 5000 bu, which helped hold up
prices. May opened lsc lower, advanced
isc and closed at the top, at 291sc.
Some strength was developed in the spec
ulatiye market for provisions early on a
little support accorded to it by two prom
inent commission houses and a packing in
stitution one of which was rather a free
seller yesterday. Prices were unchanged at
the opening and then advanced steadily
for q, time. with only slight reactions. A
fairly steady feeling prevailed later on an
Improvement in the demand for shipment
and on the report that there would be a
falling off in the receipts of live hogs in
the near future. There was, however, very
little doing, except a squirt of activity Just
before the end of the session, the market
advancing to moderate extent and clos
ing near the top figures of the day Com
pared with last night May pork is 1212c
higher. May lard .O7l2c higher and May
ribs .0712c higher.
Estimated receipts for tomorrow are
Wheat, 10 cars; corn, $50 cars; oats, 30
cars hogs, $4,000 head. Leading futures
ranped as follows.