The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-30
BREAK IN CASH WHEAT
GENERAL WEAKNESS CAUSED 1-4c
DECLINE IN SEPTEMBER.
New York Dealers ResoId in Chica go
and Assisted in DemoraIiz-
ing the Market.

CHICAGO. Sept. ga break of S14 cents
took place in September wheat to-day The
weakness in the cash article affected flu
lures. December closing at 1c decline. Weak
outside cash markets, heavy primary re-
ceipts and reseling of wheat here by New
York all counted against the price. Corn
declined ssQ15c and oats 1%c. Provisions
were weak early, but closed steady at small
advances
The opening in wheat rather indicated
bull market. although it was difficult to find
any explanation of the apparent inclination
among traders to buy beyond the fact that
Liverpool did not show the decline natural
ly looked for after yesterdays break here.
There were numerous fair-sized buying or
ders at the start with scarcity of offer
ings the result being that December opened
at 6S%@6S7sc, Yesterdays closing price, with
64c offered almost Immediately. But the
tone of the market soon changed. North
west receipts were liberal, Minneapolis and
Duluth reporting 1,190 cars, compared with
931 last week and 1019 year ago. Chicago
receipts were 296 cars, considerably over
running estimates. OF this number nineteen
were of contract grade Receivers said the
country was responding more readily to bids
and indications favored freer movement
of wheat. This sort of news weakened the
confidence of buyers and resulted in a CORE
spending increase of offerings, under which
prices gradually declined, December get
ting down to 6315c about an hour from the
start. In the meantime September had be-
gun to show radical weakness. Cash de-
mand was reported poor and primary re-
ceipts, 1,659,0OO bushels. were 100000 bushels
larger than a year ago. This was partly
l@-vl 49,
at $4,000 bushels, and complaints of the
Russian wheat yield. But extreme weak
ness of outside cash markets, notably New
York, and attempts by dealers in that city
to resell wheat recently brought here but
not yet shipped, started liquidation that
brought the price down with a rush, all
classes of sellers came into the market, the
rapidity of the decline bringing out stop
orders, both in September and December.
The latter option had rallied to 63%c on the
heavy clearances, but the selling which the
slump in September started brought the
price down to &c. The market grew very
heavy toward the close. Selling pressure
was removed to degree, but the weak
cash situation was very effectual in keeping
buyers away and prices kept declining to
the end. At the close December was bring
ing 62s4062zsc. practically bottom figures for
the day. September showed at one time a
break of SIC, selling down to SAC from Csc,
the opening price. 1t closed at Csc.
Corn was weak all day. liquidation mostly
ing prices on the down grade. Cash in
quiry was fair. but not much business was
done. Receipts were liberal, being 7S7 cars.
Seaboard reported thirty-eight loads for ex-
port. The market was weakest in the aft
ernoon, when sympathy with wheat caused
general selling. December ranged from
$3.50 to 292sc, and closed as@15c lower at
293sc
The market for oats was easy, prices be-
ing influenced by wheat and corn. Septem-
her holders sold September and bought De-
cember in limited quantities. Trade, as a
whole. was light. Receipts were 1886 cars
and clearances were light. May ranged
from 227sc to 2219c and closed A@ssc lower
at 2212c.
Provisions, in view of the weakness of the
grain markets, were surprisingly steady.
Liberal hog receipts caused slightly lower
prices at the opening. There was more or
less short selling on the expectation that the
break in grain would direct prices, but all
offerings were taken and the steadineSs the
market displayed caused general covering
later. At the close January pork was TIC
higher at $9.121z, January lard 212c higher
at $3.50 and January ribs unchanged at
$4.721a.
Estimated Receipts for Friday-Wheat, 315
cars; corn, $40 cars; oats, 425 cars; hogs,
o.. 900 head