The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-30
QUICK SLUMP in WHEAT
WIDE BREAK AT LIVERPOOL
CAUSED 2 1-2C DROP AT CHICAGO.
Bulge in May Oats Owing to Fears OF
n Squeeze-PrOvisions Irregular,
with Pork 22c Lower.

CHICAGO, April 29--Wheat to-day closed
unsteady at a decline of 2Q21ac on the Chi
cago exchange in response to a &c break at
Liverpool. At one time the Chicago market
showed a loss of &c. Corn closed 1ac lower.
Oats were strong and especially May, which
closed 1lsc higher, while July gained 1zc.
Fears Of a squeeze in May caused the bulge.
Only 100000 bu. are in store, against an es-
timated short interest of 100000 Pro-
visions were irregular, but closed strong
with lard, which ruled Independently of the
cable Gdvices and gained 10c. Pork lost
&c and ribs gained PIC.
For the first time in four days the Liver
pool market to-day showed signs Of weak
ening. 1t started at declines averaging 212c
bushel, except for spot grain, which was
quoted 115c higher. This was the first set
back in the foreign market after 21l2c adj
vance. The bears were jubilant, thinking,
as they did, that the so-called speculative
bubble abroad had exploded. Quotations
hQ1c higher from London, 41Ac at Mark
Lane and &c at Paris were quietly ignored,
and July, which closed here yesterday worth
951ac, started at from 9914c to $3.50. A little
covering carried it up to 941sc. This demand
was soon filed and bottom was not reached
until July had sold at 9212c Western re-
ceipts showed considerable tncrease-7uOO COO
bu at primary points against $4,000 last
year. Northwestern receipts were 522 cars,
against $50 last year. Atlantic ports cleared
4O3, 900 blu. wheat and flour. Closing Liver
pool cables brought the bulls no relief, that
market winding up at the bottom of q sc
decline for July. But the local crowd which
had apparently sold short almost TO man,
tried to cover half an hour before the close
and had to compete with heavy New York
buying. The result was bulge OF 21ac in
July, which touched 94%c. Realizing car
loss of &C. May, which opened $1.2012Q1.21,
sold off to Site, closing at $l.2O. a net loss
of 21ac.
Corn was fairly active, but heavy for the
most part, and closed at 1ac decline. The
country acceptanceS were heavy, export &C
ceptances comparatively light, and elevator
people and other receivers sold against corn
to arrive from the country The lowest
prices were made at the start, but the heavy
feeling prevented any material recovery.
Receipts were 467 cars, and S3S,UOO Du. were
inspected out of stock. Atlantic ports
cleared 637,OcO bu. Liverpool spot corn was
quoted I'D lower. July opened 10%c lower
at 34d34ilc sold between $3.50 and S41z@S45sc.
closing 3sc net lower at 34Ac.
Oats opened weak, but heavy purchases
against cash acceptances caused a rally,
especially in May. The short interest in the
latter month is supposed to be about 5000, =
600 bu., but only 100000 bu- are stored here.
received 81 cars May sold between zee
and 305sc closing 11sc net higher at SO9sc;
July 25Q26isc, closing at 26c, net gain
of 15c.
The demand for lard was the feature in
provisions to-day. Western receipts of hogs
were II 900 head against $4,000 head last
year. Bacon and hams were steady to firm
at Liverpool Lard ruled Sd lower. Prices
opened weak on free liquidation on higher
ocean rates. Some covering of pork and
ribs was induced by the Independent
strength of lard and the market closed
strong. July pork opened 12Q22c lower at
81. 10GI11 90 sold between 81 and 127@11. 80,
closing 22c net lower at $11.10. July lard
opened nc lower at $557@5.60, advanced to
$575 at the close, a net gain of 1Oc. July
ribs sold between $542 and $5.52, closing
21ac higher at $3.50.
Estimated receipts for to-morrow-Wheat,
124 cars: corn, 625 cars oats, pa cars; hogs.
$1,000 head
Leading futures ranged as follows: