The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-19
FEW SHORTS IN WHEAT
LIQUIDATION CONTINUES TO FORCE
PRICES DOWNWARD.
Bears I'm Starting the Week
with Decline.

CHICAGO, April 1s.-Wheat to-day felt
the heavy liquidation of last week. The
elimination of a large part of the short in
terest and generally favorable crop
reports had sufficiently depress-
ing influence on the market to cause
a closing decline in July of y cent. The
coarser grain markets were strong, espe-
cially corn. which advanced Y cent. Oats
closed SIC higher. Provisions were stagnant
and closed at practically unchanged prices.
A rather easy feeling was noticeable at
the opening in wheat. With the exception
of California almost the entire country re-
ported crop prospects bright, with the
weather perfect for farming operations.
Prospective buyers were also held in check
for the time being by the fact that Liver
pool although opening at a good advance
had lost about all of it before trading COM
monced here. But the incipient weakness
gave way to strength almost before the
market got under way. The big bull factor
of last week. the foreign demand for Amer
lean grain, was again much in evidence, be-
ing stated that everything offered of wheat.
corn, rye and oats was accepted in the con-
tinental markets at good prices. This evil
dence of determination on the part of for
eigners to get all the grain possible before
the actual outbreak of expected hostilities
resulted in a very general buying movement
in which ST. Louis shorts were quite prom
inent, and which continued for a good half
hour. AS offerings were small and in scat
tered lots, prices advanced easily, July
opened at S634QS67s or shade under Satur-
days closing price. Before selling became
heavy enough to cause d turn, the market
had advanced to S7%c. That proved to be
the high price of the day. Realizing on the
advance became quite heavy, even before
top prices were reached. The liquidation was
augmented by the figures of the world
shipments. Loco blu. These figures showed
that Europe was getting the bulk of its
wheat from other countries besides Amer
lea. The early buying pressure soon dropped
off in q marked degree and it became evil
dent that the heavy LIQUIDATION of last week
had almost eliminated the short interest.
This in itself encouraged a good deal of
selling, and though the market received sup
port from scalpers, at times large enough
to cause fair reactions, the tendency of the
market in the main. was downward for the
rest of the session After the advance to
S724c a decline to S6a4c followed, and for
time the market was held at a slight adj
vance over the price. Before IL 80 o'clock,
HOWSNSls JulN Hdu uIOppeu 10 oo1SC NOIlL-
west receipts were light, Minneapolis and
Duluth reporting 2S1 cars, against 271 last
week. and sos a wear ago. Chicago receipts
were SO cars. The addition to contract stocks
to-day amounted to about $4,000 blu. Sea-
board clearanceS OF wheat and flour
amounted to 325.O00 bu. The latter end of
the session was marked by a good deal of
nervousness. though prices kept within "a
comparatively narrow range. Ahe price of
July at one time fell as low as S5ac.
From there it recovered to $3.50 and fell
again to SEC. 1t was bringing $3.50 at the
close. Trading was for the most part con-
fined to July. Very little was done either in
Nav or the more deferred futures
Corn was strong early in sympathy with
wheat. but after that acted independently
of the leading grain market. There was a.
large visible decrease 51S3,0O0 bu, the re-
suit of last weeks heavy export business
Foreign demand was still heavy Big and
little shorts bought freely and the demand
at times was general and heavy. Market
32A @32Ssc to 31s4c and closed hc higher
at 32Ac.
Oats followed corn to some extent, ruI-
ing firm and closing higher. Liquidation OF
ances and visible supply decrease caused
good demand, and all offerings were alb
sorbed. The best prices were ruling at the
close july ranged from 235sc to 2314 M23ssc
and closed 3sc higher at 235sc
Provisions were exceptionally dull and
prices during most of the session were prac-
tically al Standstill. Only a narrow scalp
ing trade was done. Packers took very lit
tie interest. and outside orders were almost
entirely lacking. At the close July pork
was unchanged at 1890; July lard, PFC lower
at $5.221a and July ribs PFC higher al S. 221b
Estimated receipts Tuesday-Wheat is
cars; corn. AS cars; oats, $40 cars; hogs
$1,000 head
Leading futures ranoed a follox,,e.