The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-06
HEAVY WHEAT MARKET
FEAR OF LETTER ALL THAT PRE-
VENTED GENERAL UNLOADING.
News for the Cash Trade Was Strong,
but Options Scored Declines
Provisions Advanced.

CHICAGO, Jan. s. = Wheat was rather
heavy to-day and if the local talent had not
been afraid of being caught by the Letter
party the BQAc decline which marked the
close in May might have widened into
heavier loss. Cash news was strong, but
speculative news was weak. Corn did not
move enough to be worthy of notice and
closed unchanged. Oats declined 1sc. Pro-
visions were the strong market of the floor
and showed a closing advance of 7q15c.
Wheat started easy at about Ac under the
closing figures of the day before May
opened at from Gle to S1Bc, and July from
S2S4c to &c. 1t acted irregularly within
narrow compass for an hour, May playing
during that time between 91ssc and Ole. The
slightly easier feeling with which trading
commenced wasein part due to Thomans
crop report, which made the acreage planted
with winter wheat ia per cent. larger than
the area harvested last season. 1t also re-
ported the condition now as ST. against S4.1
on Dec. ], and estimated the quantity in
farmers hands at 240,00O,OO0 bu 41.S1 per
cent. of last years crop, and that there is
available for export in the next six months
100O000O0 blu. 1t was also matter of some
disappointment to the bulls that the Mime
apolis and Duluth receipts were not reduced
loads at the two places to-day, as against
AL a week ago and 100 carloads the CORE
spending day of last year. Chicago made
some amends, however, only twenty-six cars
being returned, as against estimates made
the day before for seventy-five, and COM
pared with 1S5 the similar day of last week
and thirty-seven a year ago. Liverpool was
about sd lower to begin with and dropped
another I'D later in the day. The first thing
the bulls got any additional comfort from
was the sale by Armour & Co. of 10000 bu
No. 2 spring wheat for export at once by
rail to the seaboard and a rumored sale of
$4,000 blu. The price was said TO be Acc be-
low the May price New York confirmed
the taking for export yesterday of eighty
four boatloads-496,C 60 bu there and 10000
gu at outportS. The export cearances from
Atlantic ports were again liberal amounting
in wheat and flour to 5900 bu. That was a
sustaining factor, but when about two hours
of the session had gone and the foreign
markets were found to have closed weak
confidence began to desert the early buyers
and they became more anxious TO avoid
loss during the following half hour than
tney had been before to secure profit.
Liverpool closed Ssd lower for the day Paris
at decline of from 10 centimes to Is cen
times in flour and 10 centimes in wheat,
while Antwerp, in addition to a drop OF
I've centlmes for red American the day be-
fore, reported a further decline of q like
fornian. Those features of the midday news
caused break to 9015c for May shortly
after their receipt. Letters agents were
quite active sellers on the decline and the
pull crowd was apparently playing for a
break Nevertheless it had the effect of
keeping the smaller fry out, and after those
who had bought in the morning had liqui-
dated at a loss there was little trade of con-
sequence besides the Letter transactions the
local crowd evidently being afraid of being
caught. A short time before the close May
reacted to 9l9sc, which proved the final fig
ures.
Corn was very quiet and price changes
TO hrmness, about the only really bearish
feature being the extreme dullness of trade,
which was mostly of a small scalping ma
ture. No features of interest developed. May
ranged from 291sQ29Ac to 29c, and closed I'M
changed at 29lsc.
oats were almost as NATIVE as corn, and
fluctuations We're even narrower. There was
a little scattered commiSsion-house selling
OF May which, in the absence of support,
was sufficient to depreSS prices a little The
pressure on January so prominent yesterday
mad almost disappeared. May ranged from
23Ac to 23lsc, closing lsc lower at 231sc
In provisions quite good business was
by Cudahy This and the weakness of the
hog market caused prices to sag for while.
Quite active commission house buying start
ed later and the market became decidedly
strong A bullsh feature was the days
shipments, which were again enormous. The
close was at the high points of the day.
May pork was 15c higher. at 1895; May lard
Tee higher, at $3.50, and May ribs 71bM10c
higher at $4.70M4.7212.
Estimated receipts for Thursday-Wheat
so cars; corn, $50 cars; oats, 800 cars; hogs,
1900 head.