The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-02-17
WHEAT 3-4C LOWER
LACK OF SUPPORT MADE TRADERS
TIMID ON CHICAGO BOARD.
Corn and Oats Only Slightly Affected
by Weakness I'm Leading Cereal.
Provisions Falling OF.

CHICAGO, Feb. 15.-More from lack o.
support than anything else wheat was weak
and closed &c lower. Traders have become
timid from the disastrous effects of the past
weeks surprising fluctuations. and, as a
consequence, have become exceedingly eau
tious. Corn and oats were but slightly af-
fected, and closed unchanged. Provisions
had a downward tendency and show ma
terial losses.
There was a fair speculative trade in wheat
for a short session, the market having so
1c range. The feeling developed was a htue
unsettled and prices rather nervous. The
start was weak. There were a good many
selling orders on the market, and some of
the early sales were as low as 65%c, or at
12c decline from the close last night. But
the decline started some good buying. the
strength being increased by a rumor that a
cold wave would invade the winter wheat re-
gion tonight, and possible damage to the
growing crop was feared. AS the strength
developed shorts began to cover. and it did
not take long to advance the price TO $3.50
66lsc. split. Among other routine news
which helped strengthen fluctuations was
the more moderate Northwestern movement
and reports that the bulk Of the same was
coming from the elevators. But the buying
fever gradually subsidized. and when the
longs attempted to realize they found that
the demand was exceedingly tame, and in
the effort to get rid of their holdings the
price was gradually lowered nearly &c, and
there was not much recovery. The Argen-
tine shipments were quite a factor in pro-
ducing weakness. for the trade has heard so
much of the shrinkage in the crop and the
10000 bu shipment was a surprise. Yet, the
total shipments for the first two weeks or
February this year have been only 100000
bu, against 100000 bu the same time last
year and 100000 bu the same time two
years ago. May wheat opened about Ac
lower, with sales at 65AQ66c, improved grad
ually to 66asQ661zc. split. and then turned
weak and sold OF to 651c, closing at 6512c
bid.
Corn was fairly active and sold up sharply
was Influenced some by wheat and also by
the impression hat the prospective change
In the weather might cut off receipts. 1t
followed wheat on the last break. May
opened f~ractionally lower at 30d3O1sc, split,
sold up gradually to so1sc, but weakened
Trading in oats was exceedingly quiet,
nearly all the trading being done by country
dealers. The market was influenced almost
entirely by the action of wheat. May opened
unchanged at 21Sc, sold up to 2lasG2113c,
and closed just steady at 211sc bid.
Provisions were heavy, said to be because
of the selling out of long stuff by stock
yards firms In anticipation of a heavy run
of hogs next week. May pork started at a
decline of from 21xc to 15c. dropped another
of 121sc. at SOLO per brl. May lard at the
close was worth 5.e0c, as against 5.70c on
Friday afternoon. May ribs, which closed
yesterday at 5.35c. rested at 5.221kc to-day.
for Mondav-Wheat, 165 cars;
corn. 800 cars; oats. 200 cars; hogs. $4,000