The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-31
LOWER WHEAT MARKET
BULL CLIQUE WITHDREW SUPPORT
AND OPTIONS DECLINED.
December Lost &c and January Fell
Fell OF and Pork Lost &c.

CHICAGO, Dec. 3O.-At the close of a dull.
but nervous and irregular swheat market
to-day May wheat showed 1adSsc decline and
December was &c lower. Practically no sup
port was given the market and very little
selling sufficient to cause sudden and
sharp breaks. Other grains and provisions
were dull and trife easier, corn closing 1sc
lower, oats Ac lower and provisions from
unchanged to 21a05c lower.
In wheat Liverpool showed about $4d de-
cline at the opening here which, although
little more than half of the drop here yester-
day, was apparently the cause for the east
ness at the start. First trades in May were
made at from 923sc to 925sc or 1sq3sc under
yesterdays closing price. Besides the de-
cline at Liverpool the Northwestern receipts
were quite liberal. Minneapolis and Duluth
reported $50 cars, compared with 407 last
week and 261 year ago. Another good
sized addition was likewise made to Chicago
contract stocks. Receipts here by rail
were 100 cars of which forty-seven were
contract. The quantity of contract wheat
added to stocks IL regular houses amounts
to about 10000 blu. Cablegrams were re-
ceived reporting reductions in estimates of
the Argentine crop, of hot winds damaging
wheat in New Zealand, of unfavorable
weather for crops in the interior of Russia
and of small stocks at the port of Odessa.
the present amount of which was reported
at 100000 blu, against II 100000 at the SINH
lar time year ago. The export clearances
from Atlantic and gulf ports were excep-
tionally heavy at the equivalent of $40 900
bushels in wheat and flour The price of
May was 927sq93c for a few minutes after
the opening, but soon declined again to 91%c
Decc mber wheat acted about as it has been
doing for some days-that is, as if inclined to
drop its premium over May. The trading in
IL was small and as 1t could easily have
been advanced to almost W. desired price
Dy the buying OF perhapSFleSS than 100 900
bu the bull party was favorable to its de-
cline 1t sold very sparngly at 96c to begin
with and dropped to SAC in the disposal of a
few 'hYeS." January, from having been at
from &c to sc premium over Nav, fell at
one time to-day to a slight discount. 1t
looks as If January wheat, as matter of
to remove the inducements Tor immediate
delivery. May, on the second big decline.
got down to 9ll2c A little better feeling
was noticeable just before the close May
recovering to 921sQ9214c under some covering
by shorts. Those were the ruling figures at
Corn was rather neglected by traders and
ruled dull, with very little of interest hap
penlng. There was some show of firmnesS
short time after the opening, but for most
OF the session the market was inclined to
easlness. wheat being the principal factor
May ranged from 297s to 295sc and closed Bc
lower, at 293sc.
In oats trading was fairly active, though
prices kept within a comparatively narrow
range The tendency was downward, in
sympathy with wheat, but there were plenty
OF buyers at any concessions. Offerings
We're ultimately too much for the demand
however. Elevator people sold considerable
May ranged from 2Sssc to 2312c, and closed
Hc lower, at 235sc
provisions were very slow and kept within
a narrow range. Prices were affected in a.
small way by the decline in wheat. but the
frmness of hog prices prevented any ma
Ierlal decline. The market closed steady
May pork was sc lower, at $S971h; NAV lard
unchanged, at $47712, and May ribs UNI
changed at S4.55.
Estimated receipts for Friday-Wheat. lis
cars; corn, AIS cars; oats, 1853 cars: hogs
1000 head. oN'