The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-09-14
WEAK GRAIN MARKETS
LEADING CEREAL HAMMERED AND
DECEMBER WENT OFF &c.
Corn and Oats Recovered from Early
Weakness and Provisions Fol-
lowed, Scoring Advances.

CHICAGO Sept. 13.-The weakness of
wheat Saturday was renewed to-day. and,
for the same reasons, weak foreign mar
kets and bull liquidation. December closed
at 17sQ2c decline. Corn was weak early
but recovered all the decline later. Oats
were a shade higher at the close. Provi-
sions, like corn. started very weak, but
changed, and by closing time advances of
5Q10c had been recorded.
Wheat opened heavy and without any
special activity. The opening trades were
at from &c to 1c per bushel below the Sat
urday closing prices December started at
951sQ95asc. against Saturdays closing price
Of $3.50. The tendency for the next hour
was to recover a little of the first loss, but
at the end Of that time the first thought of
the traders came back to them, and still
lower price than the lowest point of the
opening range was brought around without
much business passing. The Liverpool
market was from Id to 115d lower. The re-
ceipts were heavy-55S cars at Chicago and
1,452 at Minneapolis and Duluth-the guam
tity on ocean passage was 900 bushels
larger for the week, and an increase of
somewhere around 100000 bushels in the
visible was looked for and the expectation
was subsequently fulfilled. Out of the 55S
carloads received at Chicago only ffty-nine
were contract and only forty-eght cars of
47O received at Minneapolis were No. l
Northern. But little attention was paid to
this, however. After the receipt of the Wis
ible supply figures which showed $4,000
bushels increase although that was about
what had been looked for, the market had
a very severe weak spell. December recov-
cred to 9534c during the first hour. 1t fiut-
tered uneasily for some time between $3.50
and $3.50, and until near the time for the
announcement of the visible figures it gave
no evidence of further weakness. Then,
however, it became very weak, and the
price dropped down to 9312c, like the ham
mer of a pile driver. Closing cables report
ed Paris from Is to 20 centimes lower and
Antwerp unchanged. The report of thirty
loads being taken for export and reports of
damage to Argentine crops by locusts tend
ed to bring about rally later in the ses-
SiOn and under covering by early sellers
December recovered to y41sQ94Ac, where it
closed.
Corn participated to a very slight degree
in the weakness with which wheat was af-
fected. For time after the opening the
market was easy at a small decline. This
was caused by heavy receipts and a phe-
nomenal opening break in provisions, which
started liquidation by timid holders. The
visible supply increased 2,3S4,O0O bushels
and local stock increased 2,011, 600 bushels
Notwithstanding this there was good buy
ing, the market being helped perhaps by
the hot weather West, and all the decline
was finally recovered. Receipts were 1851
cars. December ranged from 32Q321sc to
311@4319sc, closing unchanged, at 31Bc.
Oats were influenced somewhat by corn
during the morning. Later in the day good
cash inquiry was reported, which caused a
firmer feeling. The spread between May
and December was narrowed. Receipts
were $40 cars. Visible supply increased 1885,
600 bushels. December ranged from 21c to
2O9sc, closing at 21c, shade above Saturday
There was very small developed yellow
fever scare at the opening in provisions
Liquidation on fear of further spread of
the pestilence caused a sharp opening
break, but a prominent packer who has
been a free seller later bought heavily and
prices quickly reacted. Trading dropped off
later but prices remained strong. AT the
$S.321s December lard, loo higher, at $780,
and December ribs TIC higher, at $4.S5.
Estimated receipts for Tuesday-Wheat
AIS cars; corn. 1900; oats, 49, hogs, 10000
head In