The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-01-05
CLOSED AT A DECLINE
WHEAT AND CORN OPENED WEAK
AND NEVER RECOVERED THE Loss.
Of Small Profit Resulted I'm
Breaking the Market.

CHICAGO, Jan. After a weak opening
to-day, wheat and corn rallied near the fin
ISL, but closed l4c lower for the former
and lsc lower for the latter. Free selling
caused the decline and the rally in wheat
was the result of reported liberal export
business. May oats closed lac lower and
provisions finished slightly higher
The demand for May wheat, which was
so urgent at the close of the market yes
terday, seemed to have taken flight this
morning. There was nothing to cause the
desire to sell which inaugurated the days
business, except the impatience of the
scalpers. who, finding themselves with nc
or SO profit in long wheat made a stimuli
taneous rush to secure it and defeated their
object by their own inlpatience. Receipts
We're light. foreign markets firm and adj
vices from the country of a generally bull
ish character. The price of May. which. at
the close of yesterdays session, was 57A@
571sc, dropped at the opening this morning
to 5Il2c, with only few transactions at
Sc over that. Before it had any recovery
it got a shakedown to 57l4@57ssc. 1t was
at the latter point that the demand
turned and about u O'clock the price had
recovered to 57240577sc. English country
markets We're called firm and slightly high
er. Continental markets We're also firmer.
Primary market receipts amounted togeth-
er to 2S6, coo bushels. Country advices were
numerous regarding the scarcity of wheat
in certain sections and reporting millers to
be drawing from the elevators. New York
was weak for futures. but a good demand
for spot wheat for shipment was reported
AT an early hour of the session fifteen
boat loads were reported sold to exporters
some of it for France, the latter being an
unusual circumstance and said to be the
only wheat sold at New York direct to
France in two years. May closed at 561sc.
The trade in corn was moderately brisk
for time, but later it became quite slack
and at the same time weak. The independ-
ence of Illinois shown by New England,
which appears to get its wants supplied
from other sources than this State, this
season, and the consequent absence of de-
mand for shipment from here is the prin-
cipal depressing factor in the market. The
receipts were 313 carloads and $50 are esti-
mated for tomorrow. May corn opened ut
475sc and 471sc, dropped to 47ssc, recovered
to 473sc and closed with sellers at 47lac.
Oats were easier and met with rather
slow sale. The early indications were for
a steady and active market, but quite
good demand from shorts and few sellers
versed. Buyers scarce and longs offered
freely. This and the influence of corn
caused an easy feeling and lower prices
May sold from 31ssc TO 3l1sc and back to
Size. closing at 307sc
Provisions opened weak on the hog re-
ceipts overrunnng what had been consid-
cred the sufficiently heavy run as estimated
yesterday. The Cudahy interest, which was
best buyer at the decline and took enough
to cause lively rally. a rise of 30c per
barrel was effected for pork; lard was adj
vanced .loc and ribs .e6c. AT the close pork
showed a gain compared with it's closing
prices on the day before of 10c, lard a rise
of .071ac and ribs O5c. en-
Estimated cars for sSaturday-Wheat, so;
corn, 800; oats, 1907 hogs. $4,000 head.
Leading futures ranged follows.