The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-15
BIG DECLINE IN CORN
THAT CEREAL LED CHICAGO MAR
KET, DRAGGING DOWN WHEAT.
BuIIish Foreign News Only Tempo
rarily steadied Prices-ProvisiOns
Scored Small Gains.

CHICAGO, Oct. 14-Corn led the grain
market to-day 1t sold at the lowest point
in months, and carried wheat and oats
with it. Changing from December to May
and general liquidation by Disguised longs
resulted in decline of 1AG1ssc for De-
cember Wheat declined %QKc, bullish
foreign news steadying the market TO a
certain extent. oats closed &c lower Pro-
visions were helped by an improved cash
demand and closed 21z671ac higher.
About all the strength the wheat market
showed to-day was confined to the first few
minutes trading. December started at 9134Q
917sc with one or two sales as high as 92c,
as compared with yesterdays closing price
of 91azc and for about half an hour the
price held at about that figure. Opening
influences affecting wheat were the higher
cables and the revised estimate by the
Hungarian minister of agriculture regard
ing the worlds wheat and rye production.
Liverpool before the opening here, had adj
vanced 5sd1Bd over yesterdays prices,
while Paris was unchanged to Is centimes
higher. The Hungarian figures made the
worlds wheat production for this year 203,-
600 bu less than last. The worlds rye
crop this year was estimated as 100000 bu
short of last year. The Northwestern re-
ceipts showed a rather marked falling off.
The total at Duluth and Minneapolis was
7S1 cars, against 1,046 week ago and S37
year ago. Chicago receipts were also
very light, VS. ears The effect of all this
was Offset in a measure by the Cincinnati
Price Current, which said that rains had
so improved the outlook that an enlarged
area was practically assured. Although
the opening was strong, there were quite
a number of holders who were willing TO
take their profits, and selling of this sort
was sufficient to start the market in the
opposite direction.
Very bad reports concerning the Russian
wheat production came in while the market
was weaker. but it's effect was not noticea-
bic. BroOmhallS special correspondent said
the Caucasus province would not export
bu last year. Very little life was shown
after the opening furry. Realizing sales
by longs. coupled with the weakness in
corn, made a combination which the mar
steady drift downward The decline was
not rapid, as the trade was too light to
warrant much movement. The early SELL
ing by the longs simply supplied the more
urgent of the shorts after which the mar
ket was left largely to it's own resources.
The exports for the day were equal to $780,
900 blu. Primary market receipts were l.
OS1ooo bu, against 1oSS 900 a year ESQ De
cember gradually settled down to 994sQ9012c
and closed at 90l3G909sc bid
! Corn developed great weakness almost
from the start: An attempt was made by
| change their property to May. In doing so
the difference between the two months wild
ened out to 4c per bu. December declined
1c per bu during the first hour. Large
quantities of corn We're thrown on the mar
ket as the session advanced, much of which
was credited to New Lork longs To add
to the weakness, there apparently no
| short interest, and at times it was very
| hard to dispose of offerings. Cash demand
showed a slight Improvement. Receipts
were 500 cars. Clearances were small, a.
600 blu. The Price Current said offerings Of
new corn will be early. December ranged
from Csc to 261aQ265sc, closing 1AQ1ssc low
er at 265sc bid
| Oats suffered with corn. There was no
| trade of Importance, and the market was
entirely sympathetic. There was some SELL
| ing of oats against purchases of corn. Re-
ceipts were light, 296 cars. Charters were
for 265O00 blu. December ranged from 1914
| to 1910, closing &c lower at 1880 bid.
| Considering the weakness of corn, provi-
sions showed considerable strength. The
market started strong with some outside
support and on the better cash demand
There was a period of weakness due to de-
| cline in grain, then quiet but steady buy
| ing by shorts started prices upward again
and kept the market firm for the remainder
of the session. At the close December pork
higher at &271s and December ribs 5Q712c
higher at $4.5212@455.
Estimated receipts for Friday-Wheat 210
cars; corn, S25; oats, 325; hogs. $4,000 head
Leading futures ranged as follows: