The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-09
SHARP BREAK IN WHEAT
FOREIGN PRICES LOWER AND
HEAVY VISIBLE INCREASE HERE.
Weakness Set In at the Start, and
There Was Nothing to Rally the
Market-POrk Higher.

CHICAGO. Nov. S.-The sharp break at
Liverpool caused an opening decline of 160
115c in wheat to-day. The market did not
stray far from those figures, December
showing 11kc decline at the close. A heavy
visible increase was a bearish factor.
Other grain and provision markets were
firm corn and oats advancing &c each,
while provisions closed unchanged to TIC
higher.
Wheat made a drop at the opening of
about 11kc per bushel compared with the
price closed at Saturday. Liverpool mar
ket opened I'D lower and had declined ed
more by the time the trading commenced
here this in face of a sc advance yester-
day. Receipts everywhere greatly exceeded
last years, 1907, 0O0 bushels being reported
at primary points, against 10O7, 900 bushels
last year while Minneapolis and Duluth
receipts amounted to 1888 cars, compared
with 1,S56 last week, but 1893 last year. Sell
ing was quite general at the opening. Sew
eral stop-loss orders were uncovered. De-
cember started at from 9212c to 93c, against
Saturdays closing price of 94c. A few sales
were made at 93Ac right after the opening,
then prices sagged off again to 92l2c. After
the first half hour, trading became very
dull and prices kept within sc limit for
the remainder of the session An explana-
ton of the Liverpool weakness was found
in private English cables claiming fine
prospects for the Argentine crop. There
were rains throughout the winter wheat
belt and more indicated. Later in the day
an addition to the previously plentiful bear
news was made by the publication of the
visible supply statement 1t showed an In
crease of 2,075000 bushels compared with
an increase a year ago on the similar week
of 1243,OOO bushels. There was an increase
in the quantity afioat for Europe of 1000
h1JC ho1c 1fc for fhn Wa
were 9247, 900 bushels, inclusive of 272 600
bushels from India The English visible
Louis said that bids sent to the country
Saturday for wheat had all been accepted.
The market was steadied in a measure by
the heavy exports, $4,000 bushels, fair
Withdrawals from store here and stronger
French markets. Paris wheat was steady
to 20 centimes higher and flour advanced
1890 confines. Antwerp was unchanged.
New York reported $4,000 bushels taken
there and at outports Saturday and fifty
eight loads to-day. The India shipments of
eco bushels We're something of sur
prise to the trade. The worlds available
supply is expected to show an increase this
week of about 5000. 600 bushels the increase
last year being 1881, 900 bushels. Northwest
markets ruled very weak and exerted con-
siderable influence on values here later in
the day. December was bringing 927sc at
1t ranged from 9034c to SOC and closed at
90H@9O3sc, a decline of 1ssQ1lzc.
Corn was steady, helped by an excellent
export demand at the seaboard. New York
reported seventy-eght loads taken for ex-
port. This caused the market to soon re-
cover from the slight opening decline. 9th
er strengthening factors were the light re-
ceipts, ass cars, and the rains west, which
were expected to still further diminish the
movement. The visible decreased 5000
bushels. The market, as a whole, was
quiet There was some changing by eleva-
tor people, who took December and sold
May December ranged from 26asc to 257sc
and closed 1sc higher at 261zc.
Oats were quiet, the bulk of the business
consisting of selling December and taking
on May. The feeling was firmer on the ex-
ceptional cash demand here and at the sea-
board. The visible increased % 900 bushels.
Local stocks, however, decrea sed $4,000
bushels. Receipts here were 379 cars. De-
cember ranged from 19zsQ191ac, closing 1sc
higher at 1934@19Bc.
Provisions were very dull, but steady.
Hog receipts were 5000 less than expected,
and yellow fever news was more favorable
and opening prices were at a slight adj
vance, which was maintained to the close.
Fluctuations were very narrow in conse-
quence of the small amount of speculative
trading. December pork closed TIC higher
at $765, December lard 21bc higher at $4.271A,
and December ribs unchanged at $445 jan
uary ribs showed a slight Improvement
Estimated receipts for Tuesday-Wheat,
10 cars; corn, 600; oats, S4O; hogs, $4,000
head.
Leading futures ranged as follows: