The Indianapolis journal., 1898-12-08
WEAK CABLE REPORTS
ASSISTED HEAVY RECEIPTS IN
FORCING DOWN WHEAT PRICES.
Wide DifTerentinI between January
and May Futures-POrk Declines
on Heavy Hag Receipts.

CHICAGO Dec. Weak cables and heavy re-
ceipts were the factors to-day in the wheat pit.
May wheat shows a loss Of h91ic and December
ssc. Coarse grains weak early, but rallied
and closed 1sQ14c higher for and 1850
higher for oats. Provisions declined 2i1Q71ac.
Wheat opened weak at decline Of sc for May
and December. the former starting at 63ss@65lAc
and the latter at 643s@6415c. Liverpool was the
factor. That market reported declines that were
entirely unlocked for by local traders prices being
said off at about the time business commenced
here The weather was favorable for the move
ment but receipts here were light, 127 cars, five
Of contract grade. Northwest receipts
heavy, Minneapolis and Duluth reporting 1000
cars. compared with 1854 last week and 600 year
ago. Primary receipts were 1.552 600 bushels. al
most double those Of last year. There was little
buying against puts Immediately after the open
ing. which caused temporary reaction in the
May price to 65%c but selling soon became too
heavy for the market to absorb and the price de-
cnsd to 65A 065$sc. The feature of the mornings
trading was the liquidation in December, which
was much more general than yesterday and which
resulted in widening of the discount from 1c to
1iAc under May. Commission houses were active
sellers. 1t is expected that after the close of
navigation, now at hand, December deliveries will
be freer, and this undoubtedly influenced traders.
The weakness of December had its influence on
may ana IQuluaJlOn III IndL OpllOu was dlSO hiOIe
active. About II o'clock the market became
steadier reports Of heavy clearances and
good cash and export demand and prices slowly
recovered May at one time getting high
65%c Atlantic port clearances were put at 500, 600
bushels. New York early reported the sale of
$50 600 bushels No. Northern Duluth wheat for
shipment to Germany BY the export busi-
ness had been put at ZOO 600 bushels. Sales here
were placed at 900 bushels. Late in the ses-
sion the market was really strong, advances in
coarse grains helping. Shorts covered quite
freely and liquidation of December stopped. May
closed at 654sc and December at 641sQ64Ac
Corn was relatively much stronger than wheat.
The market showed some sympathy with wheat
at first and opened lower, but soon recovered and
late in the day was very firm. The local de-
mand was good and offerings after the first hours
trading light. Receipts moderate, 253
cars and clearances were large, 1000 bushels.
Cash sales were over coo bushels. Leading
bulls good buyers. May ranged from $3.50
SS%c to S4hc and closed Ac higher at S4Ss@3413c.
Oats weak early in sympathy with corn,
but became strong when advanced. Prom
inent bulls, who were liquidating yesterday, were
buyers to-day and this fact caused lot of cover
ing. Receipts were moderate, 800 cars. and the
cash demand was good. May ranged from 251ac
to 26%a2614o and closed A@ssc higher at 261sc.
Considering the heavy hog receipts, provisions
were remarkably steady. There was some weak
at first. but good general buying caused
prices to advance and the market was well sup
ported for most OF the session. Packers sold
sparingly. Near the close, however, the weight
of the hog receipts proved too much for the
ket and under increased liquidation prices de-
clined sharply. At the close May pork 712c
lower at s9.42lA, May lard shade lower at $5.271s
and May ribs 211c lower at s475.
Estimated receipts for Thursday-Wheat, 100
oars; corn, $50 cars OATS 300 cars; hogs. $4,000.
Leading futures ranged as follows: