The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-21
HEAVY WHEAT MARKET
CABLES EASIER AND FOREIGNERS
SHOW LESS DESIRE TO BUY.
Receipts Large and Surprising In
crease in worlds visible supply
Reported-ProvisiOn steady.

CHICAGO. Dec. 2o.--wheat to-day fell into the
slough of dependency that generally forms dur
ing the holiday season. The market closed at
decline of 12c. Corn and cats lost only a shade
of their previous values. Provisions closed from
unchanged to sc lower.
With weak Liverpool market and rather lib
era local and Northwest receipts to contend with,
bulls in wheat were badly handicapped at the
opening to-day. Liverpool failed utterly to fol-
low yesterdays advance here and on the con-
trary showed an early decline of s@1ad. prob
ably because of the increase of 100000 bushels
in the American stocks. Minneapolis and Duluth
receipts were 1855 cars, compared with S64 last
week and 200 year ago. Chicago receipts were
POS cars six of contract grade. Buying orders
at the start were very few and far between. May
opened &c lower at 67A@67ssc. This price pre-
vailed for short time until the strength shown
by the coarser grain markets encouraged buyers
and caused little scattered covering by shorts.
The total amount bid for was small, but in the
almost stagnant condition of the market it was
sufficient to cause reaction in the May price to
677sc then the market weakened again. All out
side markets were weaker than Chicago New
York reported very slack foreign demand. AS
the foreign demand has been the big prop of the
market in times of liberal receipts reports of this
nature had the effect of contracting the specu-
lative demand and prices once morely slowly slid
off and before 80 May had reached 671sc. The
selling pressure at no time heavy, but there
was at times an entire absence of bids. Reports
of bad weather in the West were accompanied
with statements that winter wheat was unpro-
tected in many places and apprehensions of crop
damage caused a little flrmness for short
time after the noon hour. But Bradstreets re-
port of the worlds visible, showing an increase
of $3.50, 900 bushels, took away what little back
bone the market had left and late trading
all in favor of the bears. May finally got down
to 66B@67c and closed at 67Q67Bc.
Corn was rather quiet, but steady. The feature
of the market the large direct export busi-
ness, almost million bushels. This and the firm
cables and wet weather made the market very
firm at times. The weakness of wheat and the
rather poor quality of receipts adversely af-
fected the market later and the slight advantage
lost. Receipts were 726 cars. May ranged
from 35AQS5ssc to S51aQ85sc and closed a shade
lower at S514035asc.
Oats were fairly active and irregular May was
firm early, helped by and wet weather, but
December weak and offered at cent under
May without takers. 1t was apparent the De-
cember short interest quidated Export
sales from here were liberal, $50 900 bushels. Re-
ceipts were 3S1 cars. May ranged from 261kQ269sc
to 267sc and closed &c lower at 269sc.
The market for provisions was decidedly mar
row. Around the opening easness was
shown, hog prices being lower and packers show
ing disposition to press sales. The strength of
corn helped The market some. Trading was al
most at a standstill late in the day and prices
dropped again, the market being heavy at the
close. May pork closed unchanged at SO. 67k, May
lard sc lower at S. 80 and May ribs a shade lower
at $460.
Estimated receipts for Wednesday-Wheat, 200
cars; corn, SIS cars; oats 255 cars; hogs 40 900.
Leading futures ranged as follows: