The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-19
CHICAGO MARKET WEAK
WHEAT AFFECTED BY DIsAPP0INT-
ING CABLES LOST L I-SC.
Corn and Oats Both Decline Fraction
aIIy-ProvisiOns Were Weak, but
Closed Unchanged.

CHICAGO, May 18.-The grain and pro-
vision markets were again rather weak to-
day. Wheat fell the farthest, being af-
fected by weak cables first and disappoint-
ing worlds visible decrease later. closing
at 11Bc decline. Corn and oats closed 1s@Ac
lower. Provisions opened lower but closed
at substantially unchanged prices.
In wheat Liverpool showed a severe
break at the opening, the first quotations
from there showing I'D decline and later
recording another Id break. That would
have been enough of itself to have started
this market weak but with the almost per-
feet weather and go carloads of wheat re-
ceived at Minneapolis and Duluth in addi-
ton there was apparently no hope for the
market The first trades in July made sim
uItaneously in the pit were over a range
of from Tic to 705sc, principally at 70Ac.
Yesterdays closing price was 7134c. Some
heavy traders were satisfied with such a
nice clean profit over night on large lines
and were about the only class of buyers to
be found This was sufficient to steady the
market, however, and trading for the next
hour was done at from 1sc to Ac higher than
the bulk of the opening transaction. Buy
ing later became more prominent, the fact
of the market receiving such support in
the face of the discouraging news unset
Ting the confidence of the smaller shorts
and causing them to become buyers. The
result was an advance to 112c. New YORK
reported clearanceS OF wheat and Hour at
more than 400 900 bushels for the day and
late cables brought buying orders. Inc
market held comparatively firm until the
receipt of BradstreetS report OF the world S
visible, showing decrease of l935 600 bush
els whereas 100000 bushels or more de-
crease had been looked for The decreased
worlds stocks the week before was ABOUT
five million bushels. The making public OF
these figures caused decline to 7O12c.
Rumors of heavy export business at the
seaboard caused slight stiffening of prices
just before the close, the final quotation
for July being 705sc.
Corn was easier, but showed more
strength than expected in view of the fine
weather and the weakness of wheat. Shorts
were liberal buyers on the opening break.
This was the sustaining feature of the mar
ket. Elevator people were sellers. Exports
were S64,0 bushels. July opened 1sc lower
at 24$4c, sold between 247sc and 249sc, clos
ing at 249s@24a4c.
The market for oats was uninteresting
and a small business was transacted.
Prices were almost at a standstill for some
time after the opening, but when wheat
commenced to go down oats did likewise.
There was a good cash business at lower
prices July opened about Ac lower at 17$4c.
by shorts, then declined to 17%c, where it
closed.
Provisions were rather puzzlng, some
dealers buying the market up, then selling
to keep the market moving. Opening prices
were weak and lower on heavy hog re-
ceipts West. Packers gave the market good
support. At the close July pork was un-
changed at SS.221h. July lard unchanged at
$3.50 and July ribs 21ac lower at A.4712.
Estimated receipts for Wednesday,
Wheat, cars; corn, 125; oats, 200; hogs,
81, 900 head.
The leading futures ranged as follows: