The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-29
WEAK WHEAT MARKET
LARGE OFFERINGS STARTED
HEAVY SELLING MOVEMENT.
December Option Opened at n Heavy
Decline, While Other Markets Were
Erratic-PrOvisiOms Gained.

CHICAGO, Nov. 27.-All of yesterdays
1ssc advance in May wheat was lost to-day,
while December dropped 1Ac. There was a
big increase in winter wheat offerings,
especially from Indiana, and this was very
effective with the crowd that sold from the
start. Other markets were dull, with mar
row fluctuations and only slight changes
in prices at the close.
Wheat opened weak for both May and
December. May started A@3sc lower at
9224@927sc, and December at 99c, decline
of 1zc. Liverpool cables were disappoint-
ing, showing but 1a@5sd advance as re-
Spouse to the bulge yesterday. Northwest
ern receipts were 927 cars, against 972 last
week and 542 year ago. The persistency
with which receipts up there refused to
fail off in spite of all predictions to the
contrary, was also a clog to the market.
1t developed that the heavy advance in
December was having it's natural effect on
country shippers who possessed any that
would inspect up to contract grade Wheat
that would have gone to Toledo or st.
Louis under ordinary conditions, was
headed this way, and $4,000 bushels of No.
red winter ready to ship from Indiana
was sold in the pit at from 99c to 9S%c for
December delivery The opening decline in
reduction when the above information be-
came generally known. Chicago receipts
We're 299 cars. Bradstreet reported Ameri-
can clearances of wheat and flour for the
week from both coasts at 1860 900 bushels,
against 1858 900 bushels for the week be-
fore, and 3 1853 900 bushels the corresponding
week of 1886. There was some bull news to
hand, but little attention was paid to 1t.
New York reported thirty-two boatloads
sold for export, twenty of them for Trieste,
Austria. The days clearances from the At
lantic SeahOard amounted to 1000 bushels.
Only about 10000 bushels increase in the
visible supply is expected Monday. The adj
vices from the Northwest were that owing
to bad weather farmers deliveries had ma
terially fallen out. The bearish effect of the
sales of No. winter wheat to arrive
here from Indiana was increased when 1t
became known that handlers of cash wheat
were sellers of carloads to arrive for Iowa
and Nebraska correspondents who had No.
l Northern spring to ship. armour & Co.
likewise sold December wheat in the pit,
which was supposed to be against wheat
bought in Duluth to come here. Selling
market broke to 9712c near the opening, and
1t had sold as high as 9912c 1t steadied
to Nav bK d net egnrey es
cape. 1t sold betewen $3.50 and 92Ac for
some time, then broke to 915sc, closing at
91%c.
Corn was slow, with trade for the most
part consisting of transfers of December
contracts to May at about 35s@3$c differ
ence. The tendency of prices was slightly
downward, due to receipts of SAG cars and
sympathy with the decline in wheat. Gables
were SOLID higher. Atlantic clearances We're
30l 900 blu. May ranged from 29S4c to 2912Q
295sc, and closed shade lower at 299sc.
Oats were weaker and closed lower. The
decline in wheat had depressing effect.
December showed some strength shortly
after the opening, on fair demand, but the
advance was lost later. Elevator interests
did most of the selling Receipts were large
-7O1 cars Seaboard clearances were $4,000
bu May ranged from 22Ac to &c and
closed Ac lower, at 221sc.
Provisions were very dull but firm De-
mand was only fair, but offerings were even
smaller. There was some transferring of
December contracts to January, and cash
demand was quite good At the close jan
uary pork was 215c higher, at $S171a; January
lard 212d5c higher. at $4.2712, and January
ribs a Shade higher, at $415Q4.171a.
Estimated receipts for Monday = wheat
As, 900 head.