The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-03
WHEAT MARKETWEAKER
HEAVY DECLINE PREVENTED By
FORECAST OF RUINED CROP.
Worst Prospect Ever Reported at This
Time of the Year-GOOd Cash De-
mand Saved Provisions,

CHICAGO, Nov. Aft attention had not
been forcibly called to the alarmingly poor
prospect for crop Of winter wheat next
season the market for that article would
probab Y have closed a good deal lover than
1t did to-day. AS it was, the December OPP
ton showed Ac decline at the finish. Fa-
vorable Argentine crop news large North
west receipts and additional rains east of
the Mississippi were among the weakening
factors. Corn was weak early, but closed
unchanged. Oats were a shade lower at the
close. Provisions closed sc lower for pork
and ribs and unchanged for lard.
Wheat started weak at from 95a4c to 957sc
for December, about 15c below the closing
prices of the day before The tendency dur
ing the greater part of the forenoon was
toward further break, and that was made
easy by the dizziness of trade About an
hour and a half from the opening Deem
Der had got down to 95Ac. Chicago receipts
were 2S6 cars, and Minneapolis and Duluth
received 1,04S cars, against 997 a week ago.
Liverpool quotations for futures were IA
vorable to the bears, but California wheat
on the spot there was 11zd higher than the
day before. Futures opened from I'D to
7sd per GENITAL lower. A report from st.
Louis said five mills had closed there the
reason given being that they could not sell
their flour at a profit based on present
prices of wheat. Argentine crop news con-
tinued to be of its previous favorable COM
piexion. Further rains have fallen through
out the drought-stricken district east of
the Mississippi and material Improvement
in the pasturage and winter wheat pros
poets is looked for All this was known
before the opening and was responsible for
the weakness shown during the morning.
The first matter of clearly bullish enough
character to arrest the strong downward
tendency was the report in the Orange Judd
Farmer of the acreage and condition of
winter wheat as it stood Oct. %. That re-
port indicated the worst prospect for a
winter wheat crop next season ever known
at this time of the year Even with this
as an incentive the market hardly wiggied
until buying orders from the outside came
in. That started the market up, and local
operators taking hold, December rose to
961sc. Some export business was done from
here. 10000 bushels No. spring and 100000
bushels red winter December closed at
Sec.
Corn was weak early in sympathy with
wheat, but rallied later. There was some
selling of long corn on the theory that
clear, cold weather would increase Western
offerings There was good inquiry for
spot corn, but not much business resulted.
Receipts We're moderate, being $40 cars. The
late rally in wheat started some sympa-
thetic covering by corn shorts, and all of
Der ranged from 26a4c to 267sc and closed at
26Ac.
After the first half hours business in
oats the market was very quiet, with no
disposition to do business either way.
Early elevator concerns sold quite freely.
and with corn and wheat both tending
toward weakness this market followed in
their wake. The recovery in those markets
caused similar action in oats, the market
closing shade under yesterdays price.
Receipts were 2l7 cars. December ranged
from 191sq19Ac to 19c and closed at 1875
Q19Ac.
In provisions there was some disappoint-
ment over the decrease in stocks, which
were smaller than expected. The market
was weak at the opening, and for some
time after on moderate liquidation. English
houses were good buyers later and prices
reacted. The cash demand was good. At
the close December pork was sc lower
at $3.50; December lard unchanged. at $4.221z,
and December ribs &c lower at $4.45.
Estimated receipts for Wednesday,
Wheat, 100 cars; corn, $50 cars; oats, $50
cars; hogs, $1,000 head. =,
Leading futures ranged as follows: