The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-30
ANOTHER DROP IN WHEAT
CHICAGO MARKET UNABLE TO HOLD
LAST WEEKS STIFF PRICES.
Cable Quotations Were Weaker and
Heavy worlds Shipments Reported
Other Markets Sympnthized.

CHICAGO Nov. 29-Wheat was weak at
the start and hardly changed except for the
worse as long as the session lasted. At the
close December was 1AG1&lc lower and May
1IsM1Ac lower. Weak cables and heavy
worlds shipments were the main factors
in the decline, though the extreme dizziness
of trade contributed not a little toward the
weakness Other markets were weak in
sympathy, corn lost 12c and oats 1sc. Pro-
visions closed unchanged to sc lower.
Bulls in wheat were given body blow
right at the start by the enormous worlds
shipments, which, including India,
amounted to 9,11S,OO0 bushels. The eff
feet was seen in the opening fig
ures, May starting &c lower at
913sc, and slowly declining to 91lsc.
1t recovered for a short time to $3.50, but
soon turned. weak again December was
even weaker, starting Hc lower at 9712c and
selling off without a stop to SIC. In neither
option was there anything but scattered
liquidation, but there was an almost utter
lack of support and decline was newt
able. Liverpool was I'D lower to start with,
due, it was said, to the unlocked for in
crease in Russian shipments, which last
week amounted to '3,256,OOO bushels. The
quantity on ocean passage was also re-
ported 1920, OC0 bushels heavier than it was
a week ago, and the Northwestern receipts
were still too liberal to be other than bear
ish in their effect, although Minneapolis
and Duluth reported only LAB cars. against
1876 the Monday previous, but to-day's re-
duced number was still ,113 more cars than
on the corresponding day of 1896. Only one
feature of the early news affecting wheat
was considered favorable to the bulls, and
II dT.OTN in hn tom af11FO
But this was almost entirely overlooked.
Primary market receipts were as encourage
ingly heavy to the bears as at any time
during the season at l ,5A 1872 bushels for
the day against 51S,S53 bushels a year ago.
Chicago also contributed it's quota of bear
iSh statistics Receipts were 1874 cars, against
only seventeen last year and local regular
elevator stocks increased $4,000 bushels
The visible supply increased GAS, 900 bushels
last week, compared with a decrease the
similar week a year ago of 1O57,OOO bushels.
The total visible now is 33. ,000 against
5S,914,000 bushels last year. Figures on the
export movement arrested the decline for a
time. Atlantic seaboard clearanceS since
Saturday amounted to $780, 900 bushels. Paris
advices to ST. Louis were to the effect that
France would require about 20 100000 BUSH
els of foreign wheat between Nov. l of this
year and Sept. l. 1898 The English visible
estimated to have decreased 14.O0O
bushels, Notwithstanding deliveries from
English farmers last week were much heav-
Ter than usual. After the posting of the
led decline, long wheat began dribblng out
again. May gradually sold down to $685.
but was bringing 905sd9C34c at the close.
December declined to 96c and closed at that
price.
Corn was easier from the start. The ac-
ton of wheat and Ad decline at Liverpool
were chiefly responsible for the course of
prices. Elevator interests were moderate
sellers of both December and May and
there was quite general selling of December
by commission houses. Shorts were the
principal buyers. Receipts were 37 cars. At
lantic clearanceS were 00O0 bushels. The
spread widened to 3$4c. May ranged from
1912 to 29@291sc and closed PC lower at 291kc
The market for oats was dull and uninter-
estin, though steady in comparison with the
other grain markets. Business consisted
chiefly in changing from December TO May
and not much of that. The break in wheat
had depressing effect but trading was too
narrow to admit of much decline. Receipts
were 40 cars. The visible supply increased
$4,000 bushels May ranged from 21@211sc to
217sc and closed &c lower at 217@22c
Provisions, though very dull, We're firm
during the greater part of the day with
prices averaging a little higher. Hog prices
were higher and foreign advices were more
favorable. Toward the end the market felt
the prevailing depression in the grain pits
and settled back some, though closing
steady. At the close January pork was I'M
changed at $8.1712; January lard sc lower at
&221s. and January ribs about unchanged
at $4.171a.
Estimated receipts for Tuesday-Wheat
25O cars; corn, 1875 cars; oats, 600; hogs 81, 900
head.
Leading Futures raporad nc fououc.