The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-02-11
THELOW RECORD in CORN
MAY FUTURES DROPPED TO % 5-sC
AT CHICAGO YESTERDAY.
Wheat Developed More Weakness on
Heavy Sales, and Losses Crept
Into All the Markets.

CHICAGO, Feb 10.-Corn made a new low
record for the crop to-day. May closed at
239sc. Wheat sold at one time CSC above
yesterdays close. but turned weaker and
closed at &c decline, caused apparently by
the overloaded condition of the market.
Oats were also weak and closed CSC lower.
Provisions declined 5G7l2c.
May wheat was offered at the start at
76A4767sc, against 77Ac at the close yester-
day. This early weakness was brought
about chiefly by the failure of the Liver
pool market TO respond to yesterdays adj
vance here and by the reported generous
snowfalls over the winter wheat belt The
supposed gravity of the European political
situation received no confirmation from the
action of the foreign markets. Even En-
glish consuls always sensitive to
rumors, showed no change, and traders
therefore paid hut little attention to the
disquieting reports. But after the first few
opening sales more was offered at the
decline. Holders of important lines Of long
wheat were evidently more inclined to buy
more at the concession in price than to part
with any, the consequence of which was a
quick reversal Of the opening course of the
market. Later news also favored the buy
ers. Minneapolis wired that milers were
active buyers of cash wheat. 1t was said
that the supply of wheat in the Northwest
was not sufficient to permit the mills to
run to the extent they did last year. while
the demand for flour said to be in
creaSing. The late cables indicated that
the early weakness in Liverpool had been
recovered and this was a helping factor
Another bullish influence was the report
from Beerbohm showing that wheat stocks
in Europe really decreased over 100000
bushels in January instead of 100000
bushels. rpDOrtpd LiyerDOOl Corn
Trade News. Chicago received seven cars
of wheat. Minneapolis and Duluth re-
ported 2lS cars, against 224 week ago and
459 the corresponding day of the year be-
fore. The bulls stuck to their recent pro-
gramme until from a694c at the opening
May got up to 7l9sc The latter proved the
dumping place for as much long wheat as
could be disposed of without breaking all
the pegs in the market The speculative
crowd was apparently overloaded, and,
finding the demand falling, made an effort
to unload. Their offerings were sufficient
to break the market slowly at first, but
more rapidly near the end of the session.
May was finally forced down to 761sq764c
and closed easy at 76Ssc.
Corn was weak and had for the cause of
II heavy selling of several prominent re-
ceivers. The market received practically
no support, and sellers were aided by the
weakness of wheat near the close. Exports
were rather light at i1i,OOO bushels. May
opened a shade lower at 2ic and a split
fraction higher. then declined to 235sc, the
lowest point yet touched for the crop. 1t
closed at that figure
In oats an easy feeling was perceptible
at the start and prices gradually sought
a lower level. sympathy with wheat was
principally responsible for this, although
later in the day shorts showed some dis
position to SELL which materially helped the
decline. May opened a shade lower at
1I2sc. sold to lie and closed at 17G17sc.
Provisions were easy all day. Hog re-
ceipts were larger than expected and OPEN
ing prices for provisions were lower In con-
sequence Packers were liberal sellers all
day and still further decline ensued part
of which, however. was subsequently re-
covered. At the close May pork was TIC
lower, at $77O67.721s; lard &c lower. at
$3.S212, and May ribs &c lower at S395d3. 971a
Estimated receipts for Thursday-Wheat
IL cars; corn, 400 cars; oats 800 cars; hogs
50. 000 head.
Leading futures ranped as follouc.