The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-24
WEAKER WHEAT MARKET
CABLES LOWER AND COMING CROP
PROSPECTS MORE FLATTERING.
All Active Futures in Grain and Pro-
visions Score Declines-May Wheat
at $1.O5 and Talk of 81 Wheat.

CHICAGO, May 25-Fine weather lower
cables and the promise of an early harvest
weakened wheat to-day. Prices declined
1ac in July and 1A@1Ssc lower for Septem-
Der. Corn lost hc and oats 1zdSsc. Pro-
visions showed declines of 10Q1212c
Lower quotations from Liverpool and
bright sunshine at home started the wheat
bears all over the room to activity, with an
accompanied break in prices. The bullish-
ness that was apparent in wheat Saturday
had no trace left to-day. The country news
on the whole was of the most favorable
character, not only as to the promised
heaviness of the yield, but also the pros
pect of an early harvest. September was
so freely offered that it sold at SSS4c before
buyers appeared in any great number. The
relief from the selling pressure came from
the bidding up of July, which was quite
easily effected on account of the small open
interest in it. 1t rose from $1.09l5 in 12c
jumps between every fresh transaction until
it was up to $1.141a, and the effect on Sep
TENDER put the latter at sec. While Letter
was apparently giving good support to July
his brokers were selling September freely
Everyone feared a demonstration in May
and predictions were made of a rise to 81
for that month before the end of the week
most part was exceedingly bearish, the only
exception to that being a falling off in
Minneapolis and Duluth receipts, being 3S9
cars, against S72 last Monday. Chicago, how
ever got 296 cars and a g., 600 bushel cargo
by lake. against only six carloads the cor
responding day of last year. The clearanceS
from Atlantic ports since Saturday were
equal in wheat and flour to 49,, 600 bushels.
The visible supply showed an increase of
1871. 900 bushels, compared with 1,44l,OOO
bushels the similar week last year. July
started 1q2c lower at $1.O919Q1.1O1a, adj
vanced rapidly to $1.14i5, then settled back
to 81 O91s, and rallied to Sill bid at the close
September opened 13sQ15sc lower at $3.50
S9Ac sold up to S91@c, down to SSAc, then
strengthened to S9Ac bid for the final quo
tation. May ranged from $145 to $1.65, the
latter being the closing price.
The Improvement in the weather was the
most prominent of the influences in the corn
pit. The recent buyers on poor prospect for
next crop were less positive about chance
of failure and became sellers. There was
also considerable selling on short account.
A weak market was the natural result, but
it was not by any means pan1cky weak
ness. The bulls seemingly are not or the
kind that act as if one good day made
whole summer. and they were not sellers
knocking out of the bottom. The steadi-
ness of wheat after the break 1t had in the
forenoon helped to maintain the courage of
the corn bulls Receipts were 6S2 cars. July
opened h@5sc lower at 350354c, sold down
to 34ss@34asc, and improved to 351sQ35Ac at
the close.
The market for oats was tame. July
opened A@1ac lower at 257sc, sold up to Csc
down to 255sc, and advanced to 253sc at the
close.
Provisions shared in the weakness de-
veloped in grain. The break in corn espe-
cially was an influence. Packers, with one
or two exceptions, were sellers The de-
mand was rather Indifferent, July pork was
down 21A1712c at the opening at $12 20Q12. 25.
fell off to $12, and rallied up to $1215 at the
cose. July lard started 561Oc lower at $6.S7
m642 sold down to $6.32. and closed at
$637ia. July ribs opened nc off at So Is: de-
clined to $6.071a. and rallied to $6.1OQ6.12h
for the final quotations
Estimated receipts for tomorrow
Wheat 400 cars; corn, 1000 cars; oats, 445
cars; hogs. 5000 head.
Leading futures ranged follows: