The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-19
WHEAT SLUMPED 11-2C
WEAKNESS DUE TO SMALL TRADE
AND LARGE UNLOADING.
Heavy Receipts and Visible Increase
Sent Corn Lower-PrOvisions
Strong and Higher.

CHICAGO, May 1S-Wheat to-day closed
at a 1ss011bc decline. 1t was a very mar
row market. and the weakness was not so
much due to any new features of the gen.
eral situation as to the smallness of trade
and the selling by the bull clique of about
100000 bushels long wheat Corn was very
weak on the heavy receipts and visible in
crease, and declined 5sQ%c. Oats declined
nc. Provisions, on the contrary, were
strong on good short covering and closed
715G15c higher.
Wheat was rather weak at the opening
December starting at 921sQ92Hc, as COM
pared with Saturdays closing price OF 9219c.
Offerings were not heavy, but there was an
even smaller demand. the result being a
slow decline to 91%Q9l7sc. The Liverpool
wheat market responded indifferently to
Saturdays advance here. quotations at the
opening showing the modest gain of I'D per
GENITAL. That had a tendency to make the
local bulls cautious at the opening here
and to correspondingly encourage the
bears. The bearish features were the gen.
erous rams in the West and Northwest.
and the consequent Improvement in wheat
prospects, liberal Northwest receipts and
the heavy worlds shipments for the week
-9,5OO,O0O bushels. Minneapolis and Duluth
received 1,494 cars, against 1,470 last week
and 1,462 on the corresponding day year
ago. After the decline to 9lsll917sc the
market lazily swung around in the opposite
direction, and up to the time of the receipt
of the closing Liverpool cables ruled fairly
steady at around 924Q92$sc. The Chicago
receipts were 1S4 cars, against 210 expected,
and the amount inspected out of store was
$4,000 bushels The quantity on ocean pas
sage increased only 100000 bushels. not
withstanding the heavy shipments for the
week. Russia's contribution to the latter
total was 3.216OO0 bushels, compared with
100000 bushels the previous week India
sent $4,000 bushels. Paris was unchanged
at the opening for wheat, and 40 confines
higher for nearby deliveries Of flour The
increase in the visible was only 1,136 900
bushels, compared with 2,S74OO0 bushels in
crease the year before. The present total
is 23,9SO0O0 bushels, against 571S2, 900 bush
els year ago. The English visible de-
creased $4,000 bushels. The Atlantic port
clearances for the day were liberal.
amounting to the equivalent of 6,25o, 900
bushels. The continental markets closed
firm, Antwerp showing 1919 confines rise
and Paris 10 confines. Liverpool closed
unchanged to I'D lower than Saturday. The
this came in, and the loss of the early ad-
vance at the foreign market accentuated
the weakness. Selling of long wheat, gem
orally credited to the old bull CLIQUE, be-
came quite a feature near the close and
had the result of pounding December down
to gle. The close was at 91691kc
Corn was rather spaSmodic, ruling dull
ana active at different periods but with
the exception of a brief interval shortly
AFTER the opening was weak all day. The
opening was weak on the heavy receipts
1,S39 cars. The market rallied a little with
wheat, but when the demand from shorts
ceased which was the only support of con-
sequence 1T received, prices sank rapidly
me heavy visible increase, 2, 793, 600 bushels
was decided factor Charters were for
$4,000 bushels. December ranged from 2655
@26Ac
There was a fairly active session in oats.
with downward tendency to prices The
Visible supply Increased ], 499 900 bushels
Ihls and sympathy with corn were the in
fiuences in the decline. Elevator people
sold considerable. The receipts were 4S7
cars December ranged from 1880 to 1890
lSlac, and closed Ac lower, at 1S15c.
Quite a good business was done in provi-
sIons. Large hog receipts and a decline at
the yards caused q small opening decline
but the market rallied sharply. The
Cudahys covered on a large scale and there
was also some influential commission
house buying, suggesting a renewal of out
side interest. Offerings were light at the
close December pork was 121aG15c higher,
at $1.S712Q7.90 December lard 10c higher
at @27l2, and December ribs 715010c higher,
at &.571aG4S0.
Estimated receipts for Tuesday: Wheat.
24O cars; corn S0O oats, $50; hogs, $4,000
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