The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-05-28
ALL NEWS WAS BEARlSH
WHEAT FLUCTUATED WIDELY, AND
CLOSED NEAR THE BOTTOM.
Cables Were Weak and short Interest
Largely Eliminated-PrOvisi
Continued to Fall OF.

CHICAGO, May 27-Good weather, favor
able crop reports here and abroad, lack of
short interest and weak cables caused a
decline in wheat. July lost 31264c and Sep
TENDER 1A@13sc. Corn lost ss@15c and oats
&c. In provisions the declines were 2212c
in pork 15c in lard and 10c in ribs
The only buying reason at the start in the
wheat pit was the expectation that yester
days sellers would be buyers to cover
shorts, but that expectation was realized
only to a moderate extent. May and July
received from Letter brokers all the sup
port they needed during the first two hours.
and it did not require the buying of much
to hold them, the disposition to trade in
May having long ago been crushed and all
but oblterated in July. The general trad
ing was confined to September and Decem-
Der. Yesterdays short sellers of wheat in
this market, who were satisfied to buy in
September at from SEC to S615c, appeared to
have got all they wanted by IL O'Clock, and
the price began to yield for lack OF buying.
There was a vigorous trade lasting Tor
about fifteen minutes, during which the
price of September went down to Soc. May
at the same time dropped to $40 and July
from $110 went down to $1.07. The market
touched bottom near the end of the session,
but reacted some before the close. Atlantic
exports in wheat and flour were equal to
$4,000 bushels. Chicago receipts for the day
>.
fore. Minneapolis and Duluth got Ais cars,
against 407 last year. The total receipts at
Western primary markets were 594, 900
bushels. against $4,000 the corresponding
day of last year. July opened Zee higher at
81 .l0M1 10h, sold down to $1.09, up to S.10A,
fell off to $1.41a and rallied to $1.06u1 O6l2
at the close. September started 1sc better
at S4Bc, advanced to S51sc, declined to SAC
and rose to 1880 asked at the close. May
ranged between $1.70 and $175, the latter the
final figure.
A large business was done in the corn pit
to-day. 1t was surprising to see the great
numbers and apparent grit of the buyers,
in spite of the entire absence of foreign de-
mand and the fine terminating tempera-
ture. Corn finally broke with wheat. Re
ceipts were 1,025 cars. July opened Ac lower
at 33c, advanced to 33ssc and then dropped
to 32Ac, the final quotation.
In oats there was quite a good deal of
changing from July to September at
premium of 25sc for July. Receipts were
4S9 cars. July started unchanged at 24l3c,
then up to 2514c asked at the close.
The dropping price of corn and the inn
proving prospects of a good crop of that
cereal had tendency to weaken provisions.
Packers were sellers July pork opened
2l2c lower to 212c higher at 81. 75d11S0 sold
down to $11.70, then up to $11.S and fell to
$1155 at the close. July lard began sc lower.
at $6.171z sold up to $6.25, then declined to
$6.050607b and closed at $60715 asked. July
ribs opened 212c lower a $5.S7120590 rose to
$5.921a, then fell back to $3.50 bid, the final
figure.
Estimated receipts for to-morrow-W Wheat.
260 cars: corn, ,225 cars; oats, Ais cars; hogs,
5000 head.
Leading futures ranged as follows: