The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-04-17
A SURPRISE IN WHEAT
AN EXPECTED BREAK AT THE OPEN
ING FAILED TO MATERIALIzE.
All offerings Quickly Taken and the
Prices Being Same as Monday.

CHICAGO, April 16.-After an early ad-
vance on heavy short covering to-day wheat
weakened on the liberal shipments from
competing countries, and closed unchanged
for May. May corn closed i4c lower, May
oats 1sc lower and provisions at slight de-
clines.
The news received by cable this morning
was so decidedly bearish that previous to
the opening of the session a decline in
wheat for the day seemed inevitable. That
was the impression on the curb previous to
the start, 56Ac being the quoted value then
of May compared with 561ac as the market
was coming to a close yesterday. When
trading commenced upstairs SO much was
found to be wanted at 56Ac and even at
562sc that very soon no one would sell at
any such prices The result was that in
stead of the expected break an advance COM
menced which carried the May price up to
5715c, and it had other apparent foundation
than the panic among the May shorts. st.
Louis shorts, it is said, covered 100000 bu
or more of May wheat in the first hour of
the session and the local contingent was
not behind in the struggle with st. Louis
for a share of the limited offerings. The
Liverpool cables quoted wheat I'D higher
than that market closed on Thursday last,
and such a small advance was considered a
ness here. In addition to that the Russian
shipments of wheat for the week were D.
0S0,000 bu and the Argentine shipments g.
$4,000 bu for the same time. The weather
most favorable, and it was in the face Of
such combination of bearishness that the
advance already noted occurred. The off,
Set was the comparatively small domestic
elevator stocks Bradstreet's usual state
ment of the weekly changes OF stocks in
this and other countries showed that not
withstanding decrease In the United
the amount of the worlds decrease for the
week to 1.067,OOO bu. The amount on pas
nent increased ESQ, 900 bu since a week ago.
Minneapolis and Duluth received liz cars,
WITH frn 800 caas year ago xpor
in wheat and -four together to a little over
100000 blu. The closing cables reported adj
to nc at Berlin The market here ruled
weak and lost in the end all that was
Sellers at 5sisc for May.
Corn was active in spots at wide inter-
walls, but was weak the greater part OF the
then advanced to 461sc, selling down later to
451zc and closing at 45laQ4o9sc. Receipts
for for tomorrow. In addition to the rail re-
primary receipts were $4,000 blu, compared
with 10000 bu a year ago.
Z Oats attracted but little attention. Trad
ing consisted almost entirely of small scalp
ing and local covering. Fluctuations We're
confined to a narrow range and an easy
feeling was Influenced by the weakness in
wheat. May sold from 281@c to 2Sa4c, and
closed at 2Slac. July ranged from z714c to
271zc closing at the low price at which re-
cepts were given.
Pork advanced 10c per brl, but there was
an evident desire to sell at the advance
and when wheat broke provisions followed
suit and left pork in the end at a decline
for the day of 1oc per brl: Lard and ribs
pursued similar course, being firm early
and closing weak, with respective losses Of
71ac and SC per. 100 lbs.
Estimates for tomorrow: Wheat, IL
cars; corn, 125 cars; oats, 120 cars; hogs TO-
600.