The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-24
WHEAT TURNED WEAKER
LIVERPOOL NOT AFFECTED BY CHI
CAGO'S THURSDAY ADVANCE.
Increased Receipts and Heavy
worlds Crop Estimate Caused
Active SelIing-POrk Higher.

CHICAGO, Sept. 23.-Wheat to-day abated
a good deal of its recent bullishness and
closed at a decline of about s4c in Decem-
Der. Talk of increased receipts in the North
west and Southwest, and estimates of a
heavy worlds crop promoted active selling
on the part of recent buyers and kept the
market weak the most of the session. Corn
and oats were sympathetically weak, corn
closing Ac lower and oats CSC lower. Pro-
visions were independently strong and
closed 71461Oc higher.
Weakness was shown by wheat right from
the start Prices at Liverpool were a dis
appointment to traders, that market re-
spending feebly to yesterdays sharp adj
vance here. Northwest markets opened at
lower prices. Opening trades in December
were made at 64Q641sc compared with yes
terday's closing price of 6412Q645sc There
a good deal of realizing at the start
by weakened holders, which made the
market rather wobbly for time. An under
tone of strength soon developed, however,
when later advices showed an improvement
in prices both in the Northwest markets
and Liverpool, but when the Northwest
again began to decline, which it soon did,
the price slid off again and to lower figures
than before, December declining from $3.50
6415c to 637sc. The decline was gradual for
some time, as buyers were present in suffi-
cent numbers to take care of the offerings.
Reports of freer country offerings, which
came from all over the West, were respon-
sible for a good deal of selling. Bullish
news was not lacking. Dry weather was re-
ported in Argentina with wheat threatened
by locusts. Drought was said to prevail in
parts of Russia, preventing seeding opera
tions. Minneapolis and Duluth receipts
amounted to 955 cars, compared with 1859
last week and 1,Op1 a year ago. Chicago
receipts were 219 cars The break of the day
came when Beerbohms estimate on the
worlds wheat crop was received from
Liverpool 1t put the total at 2,640 600 900
bushels, which was very much higher than
any estimate heretofore made and SOC 100000
over last years estimate. This brought all
classes of holders on the market and buy
erS were flooded with offerings December
reached 631ac before the bottom was reached
and though covering by shorts became fair
ly heavy at that price. the market recov-
cred very little. Late in the session cables
showing strong continental markets stopped
the liquidation in a degree and from then
to the close the market was steadier. Paris
showed an advance of 30 centimes and
Amsterdam and Berlin also showed good adj
vances. Seaboard claimed forty loads for
export. December advanced irregulariy to
631sc and closed at that price bid.
Corn was slow all day. There was a fair
amount of buying of December against
cash sales, but not sufficient to sustain the
market, prices ruling slightly lower all day.
sympathy with wheat was the principal fac
tor. Receipts We're liberal, S72 cars. Elk
port sales were reported at sixty loads.
Country offerings were light. December
ranged from 2934 237sc to 1850 and closed
1sQAc lower at 295sc.
Oats were dull and weak. Attempts to
take profits and a poor demand caused
material decline in prices. Weakness of
wheat was responsible for good deal of
selling. There was a good cash inquiry and
clearances were large Receipts were 404
cars. May ranged from 23c to 225sc and
closed &c lower at 225s@22Ac.
Provisions showed independence of grain
markets and though the market was mac
tive with the exception of a short time be-
fore the close, prices were well sustained.
Yellow fever talk apparently had no ef-
feet. Packers were good buyers of ribs.
Trading was mainly local. December pork
closed TIC higher at $S.271a; December lard
10c higher at 1876 and January ribs TIC
higher at $4.771a.
Estimated receipts for Saturday-Wheat
225 cars; corn, 300; oats, $50 cars; hogs Is, COO
head.