The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-12
SMALL DECLINE SCORED
BREAKING OFF THE DROUGHT ONLY
SLIGHTLY AFFECTED WHEAT.
Corn and Oats Were Weaker and the
Losses Were Pronounced-Pro-
visions Higher All Around.

CHICAGO, Oct IA decline of KGHc
was all the effect the breaking of the
drought had on the wheat market. Short
sellers were timid about attacking the mar
ket, while every weak spot attracted buy
ers In corn the rain made its influence felt
more, that market declining AQ3sc. Oats
declined 1sGAc. Provisions were firm and
closed about &c higher all around.
December wheat, which closed Friday at
915sc, opened to-day at 91Q91Ac. This was
the result of the rain which the weather
bureau reported covering nearly the entire
drought-strcken district Outside of this
important factor news favored higher
prices. The Liverpool market opened I'd
higher. Receipts at Duluth and Minneapolis
were lao cars, against 1,51S cars a week
ago and l, 709 cars the corresponding day
last year. The worlds shipments last week
were lighter at 7,651,OOO bushels against o.
"a, 900 bushels the previous week, and TO-
$4,000 bushels the corresponding week
year ago Supplies on ocean passage showed
a decrease for the week of 100000 bushels.
st. Louis reported the sale early of &c.,,
COO bushels No. red winter wheat to go to
New Orleans for export. The market adj
vanced at once to 911sQ91Ac, but such good
buying was encountered that an advance
to 91AQ917sc soon ensued. The government
crop report was expected to-day and this
fact made trading very limited as the ses-
sion advanced, with the price keeping close
to Fridays values. London cables reported
that the drought in the Argentine Repub-
lie had been broken by rains Friday and
Saturday. Liverpool closed rather weak,
but the continental centers were all higher
and, apparently, regarded with compla
cency the breaking of the drought on the
L .<l~.1 10
ported deficiency of 80 per cent. in the
wheat yield of four important provinces in
Russia. The English visible supply inereas d
49l, 900 bushels during last week, While the
domestic visible increased $4,000 bushels.
Vessel room was chartered here for 60J,00J
bushels No. spring wheat-the rest of the
lot sold to Liverpool last week. One of the
significant items of the day was the official
report of 100000 bushels of wheat shipped
from India last week This is the first inn
portant shipment from that country in
many months, and is taken as a straw in
dicating the crop outlook there. This caused
the May wheat to sell 1c below December
at one time. Reports on to-days export
business varied, some estimates placing the
enga gements as high as eighty boatloads.
After selling at 9l4Q917sc, December slowly
eased off to 913sc, and was bringing 1880
9112c at the close.
Corn was affected more or less by the
breaking of the drought. Opening prices
were at CSC decline, and although the mar
ket rallied slightly in sympathy with the
advance in wheat, 1t fell back again later
and CLOSED 14M%c lower than Fridays final
figures. The large receipts, 1,102 cars, acted
as a drag on the market. Elevator firms
were liberal sellers all day. Local shorts
were the principal sellers. The visible in
creased $4,000 bushels Charters were for
1000 bushels. December ranged from 2Jc
to 289sc, closing at 2S$40 zS1sc.
The market for oats was weak and the
prices ruled slightly lower throughout.
There was quite liberal selling on the
drought and the market sympathized with
corn. There was a large increase in the
visible, 1854, 900 bushels. Receipts were 594
cars and charters were 5S4 900 bushels. De-
cember ranged from 1890 to 1880, closing
| 1sGIAc lower at 1y7sc bid.
Provisions were firm and slightly higher
the influences being higher yard prices and
the predicted cold weather which is eX-
pected to check the yellow fever and bring
the public into the market. English inter
ests were good buyers of lard A fairly
good cash business was doing. AT the close
December pork was &c higher, at $3.50; De-
cember lard, &c higher, at $4.25, and Deem
Der ribs, 212@5c higher, at $4.4712d450.
Estimated receipts for Tuesday-Wheat
800 cars; corn $50 cars; oats AGO cars; hogs,
Il, 900 head.
Leading futures ranged as follows: