The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-30
SELLING ON HARD SPOTS
ACCOUNTS FOR DECLINES IN WHEAT
AND CORN YESTERDAY.
Foreign Prices Lower and Absence of
Early Weakness-POrlx Advances.

CHICAGO. Dec 29.-On the hard spots wheat
and corn were for sale to-day in considerable
quantities. The result was a decline of &c in
wheat and 19c in corn. Oats closed unchanged.
Provisions showed strength throughout and closed
5Q15c higher
Wheat started weak. with sellers in a large
majority. Liverpool showed substantial decline
and Berlin and Antwerp advices were to the
effect that Argentine offerings much freer
and at lower prices than from America. This
increased the general desire to realize and also
encouraged traders in belief that the recent
advance had been too fast. May opened 1s@hc
lower at 0hG7Ohc, with few sales as low
zoe. Northwest receipts smaller than
pected and this held back liquidation to some
extent but the selling pressure from local holders
was too great for the market to stand up under,
the recent heavy outside buying being conspic-
uously absent to-day. After advancing to G7Olzc.
the market broke to 6s7s@70c. For an hour the
market kept within about sc of that price, with
trading much narrower than of late. Then evil
dences of renewed foreign demand shown by
good export engagements at the seaboard heavy
cash demand here and at outside points, and
heavy clearances-1, O97, COO bushels-started buy
ing which by 1890 o'clock had carried the price
back to 70%c. Minneapolis and Duluth receipts
were 4S5 cars, compared with 753 last week and
583 a year ago. Chicago receipts were 127 cars,
four of contract grade. Total primary receipts
were $4,000 bushels. New York reported sixty
loads taken for export. During the latter part of
the session there was a good deal of selling to
close accounts over the holidays and although
buying in general was very steady, there was
enough liquidation to give the market rather
weak appearance during the last half hours trad
ing May declined to 7OAc and closed at that
price.
Corn was fairly active and weak. The market
started lower on the decline at Liverpool and
under continued liquidation, in which local longs
were especially prominent. The market was de-
cdedly weak until about noon In the latter part
of the session a better feeling developed by the
heavy cash business done here and seaboard en-
gagements of over 100 loads but toward the close
liquidation again became heavy and the market
was weak at the end. Receipts were 4O7 cars.
May ranged from $3.50 to SSc and closed half
cent lower at 3S1sc.
Oats were rather slow, but steady. The export
denand was good and receipts were light-167
cars. Prices ruled little lower during the morn
ing following corn, but recovered after noon. Most
Of the buying to-day was done by shippers the
selling by local longs. May ranged from 27Sc to
2Sh G2SAc and closed unchanged at 2S@2s1sc.
The market for provisions was the strongest on
the floor and at times showed considerable ac-'
tvity. Packers were free sellers early and prices
lost some of the early advance This was soon
recovered the buying demand being urgent
throughout. The market was very strong during
the last two hours of trading. "A feature was
the widening of carrying charges. AT the close
May pork was 15c higher at $1O52h, May lard lOc
higher at $5.75 and May ribs &c higher at $500.
Estimated receipts for Friday-Wheat, $50 cars;
corn. $40 cars; OATS 240 cars; hogs, 2S,C00
Leading futures ranged as follows