The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-03
HEAVY WHEAT RECEIPTS
ACCOMPANIED BY WEAK MARKETS
ABROAD CAUSED A DECLINE.
Large Crop Estimates. Abroad and
Russian Offerings Are Increasing
Pork Scored Losses.

CHICAGO, Oct. Enormous receipts of
wheat at primary Western points, increased
Russian offerings and estimates of large
crops here and abroad were at the bot
tom of the weakness shown by wheat to-
day. Besides trading was excessively dull.
December closed at 1sc decline Corn and
oats were stagnant, each market declining
about 1sc in sympathy with wheat. Pro-
visions were weak, partly on account of
grain and partly on bearish independent
features, closing 71AQ15c lower.
The opening in wheat was at a slight adj
vance over yesterdays closing price, De-
oember starting at 625sc. The Improvement
was apparently due to Bradstreet's figures
on the weeks exports, which were put at
37S0,000 bushels, compared with 5,O25,OOO
bushels the previous week. This had caused
strong curb market, yesterday, and the
strength was still noticeable at to-day
opening. Shorts were moderate buyers for
a short time after the start. buying being
heavy enough to cause a further slight adj
vance, December getting to 62$4c, and held
for a time at that figure. Then the market
slowly began to weaken and for the rest of
the shorts and soon the trend of prices was
steadily downward. There was plenty of
news of a bearish tenor, but trading was
so extremely dull, many of the most prom
inent brokers having gone to Omaha to
witness the peace festivities at the EXPOSE
ton, that the decline was very gradual
Northwest receipts were heavy, Minneapolis
and Duluth reporting 12H cars. against
l,OSl last week and 1,1SS year ago. Chi
cago receipts were 337 cars, thirty-six of
contract quality. Primary receipts for the
day We're 1.692,000 bushels, which were
largely in excess of last years. Atlantic
port clearances, exclusive of Newport News
and gulf ports, amounted to $4,000 bushels
Brokers reported an almost entire absence
OF cash bids at anything approaching
working basis Liverpool was Ad lower for
futures, though spot wheat was unchanged
London reported free offerings of Russian
wheat. This, with foreign estimates OF
Russian and worlds crop, both of which
We're very heavy, deepened the depression
Farmer estimate Of 700 900, 600 bushels as the
United States crop also helped to push
prices downward. The market became very
heavy during the close, demand almost dy,
ing out. December sold down to &c and
closed at 62Q621sc.
There was little trade in corn and prices
changed very little. The feeling was easy,
principally through sympathy with wheat.
The cash demand was slow. Receipts were
S49 cars. Clearances were moderate; Coun-
try offerings were on a small scale De-
cember ranged from 293s@2911c to 291zc, and
closed &c lower, at 29Ac.
The market for oats was stagnant, the pit
at times being almost deserted Prices were
influenced by wheat and corn, and averaged
little lower. Elevator people were sellers
VI MAY. INSCelplS were 400 cars. 1HSIc WcS
no cash inquiry. May ranged from 225sc to
229sc, and closed shade lower, at EssQ
2215c.
Provisions were dull and heavy. The open
ing was lower on yellow fever news and
heavy lard deliveries, and still further de-
cline resulted from sympathy with wheat,
the market closing at about the bottom fig
ures. Packers bought sparingly of ribe. At
the close January pork was 15c lower, at
s9.O21h January lard, 10c lower at $4.S5, and
January ribs zoe lower. at $467lh. Estimated
receipts on Monday-Hogs, $4,000 head.
The leading futures ranged as follows: