The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-01-12
WHEAT DECLINED 1896
ANOTHER SLUMP OWING LARGELY
TO LOWER LIVERPOOL PRICES.
Weakness Extended Quickly to Both
Germ and Oats-PrOViSiOns Re.
NAMED Firm and Advanced.

CHICAGO. Jan. u.-Wheat opened weak
and averaged so during the session. clos
ing with a decline of 1Ssc. The feature was
the weakness of the Liverpool market,
which was Il great surprise to spectators.
Corn and cat were likewise weak, declin-
ing &c and Sc respectively. Provisions
were strong and made small advances.
Wheat was struck in its most Vulnerable
point at the opening, when the cables re-
ported Liverpool from I'D TO $4d lower.
May wheat, which closed at Size Saturday,
opened to-day at from sOssc to Sole. and
in little more than half an hour later it
was down to soc. which was its last rally
ing point for more than sc reaction. The
effect of such unexpected weakness at Liv-
erpool was all the more depressing, and the
reason for it more inexplicable because
of the bullishness of everything relating to
the statistical information connected with
the weeks movement. The worlds ship
ments last week were only a little over
100000 bushels, or nearly 5000, GOO more
bushels under the weekly consumption and
O,O00 bushels less than the week before.
The receipts at Chicago were only twenty
carloads. Minneapolis and Duluth got 36l
cars compared with coo a week ago and 92l
on the similar week of the previous year.
The exports from the Atlantic seaboard
since Saturdays report were only 25O,G coo
bushels in wheat and flour together. The
Visible supply about satisfied expectations,
showing Il decrease of 779, 0O0 bushels. These
favorable factors led to some increase i'm
the buying and some revival of confidence.
but the rally was not very import, mt. The
absence of business from outside sources
was as noticeable as for some time. When
the price or May first touched soc il was
brought about largely by the selling of
peopie who had puts sold. and, on the
other hand, the buying that caused the
price TO react to S04sc was in a great meas
ure due to buying by those who had puts
bought. There was Il moderate demand i'm
the pit for January wheat, and it exceeded
the offerings. as may be concluded from
the spread between January and May mar
rowing from &c TO 2Ac. although $1,000 BUSH
els was about the total amount of the
transactions. After the first reaction from
soc to SOSc. May tumbled again to SOdS01sc.
1t had another rally to S0iHc and again a
fresh fali TO SOC. from which the last slump
IL only recovered sc, closing at SO1sc. or
sc below its resting price on Saturday.
Corn was again heavy, because of the
zier and other receivers. Their selling was
SAID to be due to the poor condition of corn
IN many places in the country. Sympathy
with wheat, always more or less inriuen-
tiai In the course of the corn
market, was also a factor. May opened
unchanged at 2issc and declined to 2i1ac,
where it closed.
Oats acted in consOrt with wheat, follow
ing mat market on a downward course
hIu AperlenclnS a very good business en-
route. A general description of the trad
ing would satisfactorily be given under
general scalping. and there were some
large lines changed May opened "a shade
lower at l84d1S1sc, sold down TO 1873 a
and closed at 1S1xc bid.
Provisions showed strength all day. and
this In spite of the large hog receipts and
weakness in wheat. Those two factors had
but a slight effect under good buying by
shorts especially. The packers prices soon
recovered from the small! opening decline
AT the close May pork was about 21hc nigh
er at IS; May lard sc higher, at AZ: Nav
ribs PFC higher. at S4.121s.
receipts for Tuesday-Wheat
81 cars; corn, 1854; oats, 232; hogs, $4,000
head.