The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-03
WHEAT DULL AND LOWER
AMBITION OF THE BULLS CURBED
BY EARLY BEAR NEWS.
Leading Cereal Opened Higher, but
Cable Reports Indicated a De-
cline and Prices Fell.

CHICAGO, Dec. 2-The result of an ex-
eeedingly dull days trading in wheat was
decline of 14c in May and 1ad9sc in Decem-
Der. Corn and oats each lost about 1sc.
Provisions closed slightly lower
The early news concerning wheat rather
tended to curb the enthusiasm of the bulls,
who looked forward to another day of
profit. May started shade higher at 66s4 a
667sc, but there were plenty of small-fry
sellers at those figures, and the price imme
diately dropped to 665sQ6634c, where it hung
for a time. In spite of the very substantial
advance here yesterday Liverpool was only
slightly higher at the opening, and all the
advance was lost before trading commenced
here. Northwest receipts continued heavy,
Minneapolis and Duluth reporting 1853 cars,
compared with 1853 last week and 759 a
year ago. Chicago receipts were 140 cars,
three contract grade Seaboard adVices re-
ported only a very moderate business, but
yesterdays big engagements served to
steady the market in the face of the early
selling. When the scattered liquidation had
ceased prices improved, May advancing to
671kc. Selling against ''calls," however,
started it on the down grade again. After
II o'clock the market became excessively
dull, and until the end of the session prices
fuctuated in a range as narrow as that
usually ruling in coarse grades. Very little
news of an influential character was circu-
lated, but the extreme dullness was in itself
against the market and the tendency was
in the main downward. A midday weakness
in corn was the incentive for a little selling
as was also some favorable Argentine crop
news Primary receipts were 1884, coo
bushels Atlantic port clearances of wheat
and -four amounted to $4,000 bushels. Indi-
cations were for an increase of one to two
millions in the visible. Very little was done
in December, but that option was much
weaker than May, so much so, in fact, that
1t influenced the latter option Leading
commission houses were sellers toward the
close. May declined to 66$s@6612c and closed
at 6612c bid. December opened at 66c, sold
as high as 6614c and declined to 651bc where
it closed.
Corn was firm early, but reacted and
closed weaker. The seaboard reported big
export demand-over one hundred boat loads
sold-and on this account prices advanced
somewhat. But country advices suggested
heavier movement, and cables were dull
and lower A tendency to liquidate ulti-
mately became general, one firm alone let
ting go over a million bushels. Receipts
were 3S6 cars. May ranged from 344c to
S4s4c and closed 1sc lower at 1850.
Oats seemed entirely dependent on wheat
and corn, and prices averaged lower. Bust
ness was very moderate in volume and the
price range narrow. Leading longs were
moderate sellers. There was a good cash
demand Receipts were 3N cars. May
ranged from 269sc to &c and closed 1k@Ac
lower at 269sQ26%c.
cot
main steady, though averag ing a little low
err Hog receipts We're heavy and packers
sold more freely. which depressed prices
early in the session. The buying demand
was good, however, and more general. Pro-
vision stocks showed a decrease, which
helped the market. At the close January
pork was 212c lower, at 1926; January lard
a shade lower at $5121a@5.15, and January
ribs 21aQ5c lower, at $465
Estimated receipts for Saturday--Wheat,
$50 cars; corn, AIS cars; oats, 300 cars; hogs,
$4,000 head.