The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-03
WHEAT CLOSED WEAKER
RALLY AT LIVERPOOL HELPED ONLY
FOR TIME on THIS SIDE.
Other Grain Was Heavy and Declined
with the Leader--PrOviS.cn
Strong and Higher.

CHICAGO. Feb. 2.-Scalping operations
constituted most of the trading in all the
grain markets to-day. Wheat was strong
early on a rally at Liverpool, but turned
weak later under the leadership of the New
York market and closed &c lower. Corn
shows Lice decline. Oats closed unchanged.
Provisions were very strong and advanced
10Q27l5c, with a good trade.
Traders in wheat were somewhat puzzled
at the start by the action of Liverpool.
That market, in spite of yesterdays ad-
vance here, opened slightly lower and a
weak feeling on the curb was noticeable in
consequence. Later cables coming in be-
fore the opening here showed the decline
recovered and some advance besides. Ru-
mors were also current Of sale of a big
block of Letter wheat and seaboard mes
sages told of good cable acceptances of
wheat offered to the other side. The feel
ing was rather divided at the opening. May
started at from 95s4c to 96c, the lower of the
figures being 1sc under yesterdays closing
price, and with offerings at that figure,
though of small lots. But there were
vastly more buyers than sellers, and few
minutes after the opening 96Ac was offered
for May. That price brought offerings in
abundance and the price fell first to 96c,
That price ruled for some time. Not only
was there realizing at the top, but snort
selling as WELL The publication OF Tho-
mans crop report, giving 500 per cent. as
the present average condition of the crop
of fifteen bushels to the acre, or total OF
400 900 bu though quite generally ridt-
culed at first, had considerable effect as
the morning wore on. Outside of this news
was not particularly important or or much
influence either way. Northwest receipts
We're rather light, Minneapolis and Duluth
reporting 264 cars, against PSI last week and
224 year ago. Chicago receipts amounted
to Al cars. of which We're of CONTRACT ct
grade. Primary market receipts were 378, 900
bu, against 10000 a year ago. The market,
grew quite weak during the afternoon,
prices had in the meantime rallied on the
receipts of strong closing continental ca
bleS May getting up to 95c again, but ad-
vices from New York Showing break in
the February price on the small deliveries
on February contracts, and reports from
free offerings of Pennsylvania, Maryland and
Ohio wheat to arrive there. This started
selling again in this market and gradually
carried the May price down to 951sc. The
closing was at 9o14Q95ssc.
Corn was slow and barely steady. Market
was firm at first with wheat and on small
receipts, and sustained for a while by
little buying by shorts and against puts.
The late weakness of wheat caused some
selling by professionals and prices dropped
ranged from '' 287s@2sc to 2s5sa2Ss4c. and
closed a shade lower at 2S5sG2S34c.
Market for oats was very dull, the little
trading done being almost entirely of u
sCalping nature. Early firmness in
duced by wheat, and when that market de-
clined oats followed. Prices kept within
narrow range. May ranged from 241sc to
23ssc and closed unchanged at 237sc.
Provisions were the strongest on the floor
and fairly active trade was done. Reports
of stocks on hand during January showed
much smaller increase than expected and
this caused quite general covering by
shorts. Packers were also good buyers and
prices advanced from the start, market rul-
ing firm to the end. May pork closed 271ac
higher at $10;O71a; May, lard 12l2c higher at
$4.9212. anC May ribs, 10c higher at S..
Estimated receipts for Thursday-W
AZ cars; corn, $50 cars; oats. $50 cars; hogs,
$4,000 head.