The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-28
WHEAT WAS UNLOADED
CHICAGO TRADERS STARTED 4 DE-
CLINE BY SELLING DECEMBER.
Cable News Was Weak and Coarse
Heavy and Fell on.

CHICAGO. Nov. 26.-Liquidation in De-
cember wheat was the feature on Change
to-day. The December premium entirely
disappeared and the option closed A03sc
| under May. Weak cables and heavy North
west receipts were the factors. Compared
with yesterdays figures. December closed
| 11s@1Ac lower and May 2sQ12c lower. Corn
declined ssQ1kc, oats sc, and provisions
about sc.
Wheat opened at about Fridays closing
prices, May starting at 66asG66l7c and De-
cember at $3.50. There was no apparent
reason for the steadiness, and after about
half hours dull trading at opening prices
the market weakened perceptibly, Decem-
Der selling off to 663sd66lac, and May to
66A@663sc. Those prices marked the bot
tom of the decline for the time being. De-
cember even recovered a trifie, advancing to
669sc, but it was evidently hard work to
maintain prices. There was no encourage
ment to holders in the early news. Liver
pool, although unchanged for spot wheat,
was 1s0Ad lower for futures. Northwest
receipts were heavy enough TO influence
the market, Minneapolis and Duluth re-
porting 1,4OO cars, compared with 1,459 last
week and 927 year ago. Chicago receipts
We're 25S cars, thirty-three of contract
grade. Total primary receipts were very
heavy, 1752.0O0 bushels. New York reported
no export demand early but later hIty
loads were reported taken. Bradstreet put
the weeks shipments of wheat and flour at
5679.G00 bushels. From the start there was
a good deal of December liquidation. and
holders of May, becoming somewhat
alarmed at the continual dumping of De-
cember ON the market, which became quite
heavy when Northwest markets developed
weakness, also threw overheard part OF
their holdings. Weakness OF the coarse
grain markets was an additional incentive
TO sell and at times there appeared TO De no
short interest in the market, for December
at least Toward the close December hold
lied, and May, though given fair support,
was dragged down by the quick decline OF
the nearby future. Some recovery took
place from bottom figures but the market
was very weak at the finish, May closing
at 657s@66c and December at 65asQ65Ac
Corn was relatively as weak as wheat.
Cold weather was the chief bearish factor.
Some important lines of long corn were
sold out and short selling was prominent.
The. market received some support wnen
weekly puts" were reached. Cash de-
mand hardly so good as heretofore
Clearances We're moderate and receipts were
light being S62 cars May ranged from
359s033a4c to 31s34Ac, and closed ss91zc low
er at 33% 0337sc
Oats were weak with wheat and corn.
There was general liquidation on the part
of longs, ard prices went steadily down
ward. Cash demand was less urgent, but
prices were steady. Receipts were 273 cars.
May ranged from 26c to 261ac, and closed 9sc
The break in the grain markets and I'M
eXpectedly heavy receipts OF hogs eXerted
prices were a little lower all around. Trad
ing was not very heavy. PACKERS did most
of the selling, and local shorts were promi-
nent in the buying. Al the close January
pork was sc lower at $685. January lard 90
7i5c lower at 54.95, and January ribs &c lower
at $4.511a.
$50 cars; corn, 2l5 cars oats, 135 cars; hogs,
$1,000 head.