The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-11-21
WHEAT DROPS TO 751-2C
SLUGGISH MARK ET Due MOSTLY TO
DEARIsE LIVERPOOL NEWS.
Loss of L 5-Sc Scored I'm the Final Fig
Showed Strong Undcrtsne.

CHICAGO, Nov. 2O.-Wheat was decided
" sluggish to-day and closed about 1ssc
lower Most of the decline was due to the
weak Liverpool opening and though later
news was of an encouraging character the
market refused TO respond. Other markets
showed some independence. corn closing
Lc lower. oats a shade higher and provi-
sions unchanged to 2isc higher.
Liverpool again give the tone to the be-
ginning of the wheat market here. IT sent
quotations from HID TO 2Ad per GENITAL
lower than the previous days closing
prices So strong was the desire to sell at
the commencement and so cowed and eau
tious al the same time We're intending buy
ers that December had to be offered at 76c.
against TIC yesterday, before buyers
could be found. To add to the opening
bearishness the receipts at Minneapolis and
Duluth had risen TO 919. compared with
Asa carloads a week ago and 96S the CORE
spending day of the year before. Some of
the European news was quite bullish. Paris
reported unfavorable weather and stated
that France would be importer before
another crop and Liverpool confirmed the
report of damage by locusts to the Argen-
tine crop. After the price had recovered
about &c from the opening prices there
was another slump because of a New York
telegram saying light rains had fallen in
Bombay. 1t was afterwards said, how
ever. that the rain in India had not fallen
where it would help wheat growing. The
best improvement in this market followed
an estimate by local statistician that the
show a decrease Monday of l. 900 900 blu and
possibly 100000 blu. The Increase the cor
responding week of last year was 1895 900
bu. The demand for cash wheat was good
and came from both exporters and home
millers. Early in the forenoon sales of 1870,
600 bu were made and $4,000 bu of that
was No. hard winter for export After a
recovery to 771A the market began to tend
downward again. The continental markets
sent much lower quotations at the close
and that renewed in its full force here the
very bearish feeling which had been tenn
porarily overcome. Finally about half an
hour from the close December broke to
751ac. Their was very little recovery De-
cember closing weak at 751sa755sc.
Corn opened weak under the influence of
the big drop in wheat. but the decline with
which the market commenced brought In
take advantage of the chance to buy that
the price soon rose again. The improved
tone of the cash market aided materially
in sustaining prices. May started 1c lower
at 2ehc. rose to 26%c. then declined to 261s
q261.c. closing steady at 26ssa2611c
Oats opened weak and Bc lower than
yesterdays closing price. Later in
the session the feeling was firm and prices
advanced. but fell back again toward the
finish and the gain at the close of the ses-
sion was small. The only influence the
market submitted to came through sym
pathy with wheat. May opened at 2l%@
2i15c. sold at 2lAc. advanced to 217c and
closed steady at 2liac bid.
The opening In provisions was seeming
ly influenced by the weak start i'm the
wheat market. but after the hog products
had risen with the subsequent forenoon's
recovery i'm wheat they did not again go
below yesterdays closing figures, although
wheat became SO much weaker than at
first. Only fair bGsipesss was transacted
January pork closed unchanged at $40;
January lard .02lee higher at 3.S7Ind3 90c
January ribs closed unchanged at $500
Estima ted receipts Saturday-Wheat 40
cars; corn AIS; oats. $50; hogs. 1900 head.