The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-03
WHEAT DECLINED 11-8C
FAVORABLE CROP NEWS AND POOR
EXPORT DEMAND REPORTED.
Leading Cereal Started weak nt Chi
cage, and the Little Bull
News Not Effective.

CHICAGO, May 1.-Rain in California
and favorable weather, present and pros
pective, for spring wheat seeding, together
with an absence of export demand, were
the influences under which wheat declined
11sc for July to-day. Other markets fol-
lowed the same course, corn declining sc,
oats about the same and provisions 212QlOc.
Wheat started easy at a slight decline on
the rather tame response of the foreign
markets to the good advance here yester-
day and the heavy receipts in the North
west. July opened at 71124715sc, as COM
pared with yesterdays closing price of 71Ac,
and under liquidation, which started at
once, it was hammered down to 7rsc. Then
the market turned, and in a half hour July
had climbed up to 721sG72Ac, the highest
price reached during the session. The de-
llVeries on May contracts were conspicu-
ously small, the total not exceeding so, 900
bu. 1t has been many years since such
small figures have been seen, and the bulls
were quick to seize the advantage which
this fact gave them. After that furry,
however, the market commenced to sink.
1t was the same old story, dull trading, and
what little there was being mostly selling
on the advances. By II o'clock July had
declined to 71hc. Minneapolis and Duluth
ANPCAlC0 bO NoAos oSdlIlOl Q q VICE dSO
The Liverpool market was firm and HQAd
higher. Chicago receipts were 10 ears. Ar
gentine shipments for the week were 81, 900
bu, against 696, 600 a year ago. Country ele-
vator stocks in the Northwest, which, a
month ago, were reported at 9,SO,G0 bu,
were given to-day as only 6,300,OU blu. A
bullish Missouri crop report was received
about IL o'clock, but had very little effect,
a rally of onIy 18c resulting. The market
then again Sagged, finally getting down to
TO12c, shortly before the close. The closing
price was 7U3sc. BradStret'S report of wheat
and flour shipments for the week from both
coasts put them at 1,158, $50 blu, against L.
654, 900 the week before and 1,260, QUO a year
ago.
weather in the West. There was a slight
narrowing of the spreads as a result of
small May deliveries. Little interest was
manifested. the only strength the market
showed being during the early advance of
wheat. This was soon lost under sharp
liquidation. Exports for the week We're g.
657, 900 bushels. July opened at 25HG25asc,
went to 2512c, declined to 25c, where it
closed.
Oats were weak, with most of the profess
SIGNALS large sellers. Heavy local receipts
and sympathy with corn were the infiu-
ences. Trading was quiet until the last half
hour, when liquidation became heavy. July
opened unchanged at 17BQ1Sc, declined to
1712c, closing easy at 176sc.
There was a small provision market.
FLUCTUATIONS were narrow and ~1nfrequent,
with prices showing a tendency toward
heaviness on the large receipts of most
Western markets.. The weakness of grain
also had some effect. AT the close July
pork was 21@c lower, at $3.50; July lard
about &c lower, at $4.17R, and July ribs
about 10c lower, at $4.65 bid.
Estimated receipts for Monday-Wheat, 10
cars; corn, 200 cars; oats, 263 cars; hogs, 3d.
600 head.