The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-15
DULL SESSION IN WHEAT
EARLY FIRMNEss LOST AND OPTIONS
SCORED 1-2C DECLINE.
When Letters Brokers Started "a Sell.
ing Movement ''TaiIers' Rushed
to UnIoad-POrI1 Lower.

CHICAGO. Jan A.-At the close of a dull
scaping session in wheat to-day May
showed decline of about &c. Firmness at
Liverpool steadied the market early, but
weak continental cables and selling by the
Letter interests caused marked weakness
late in the day. Corn and oats were prac-
tically at standstill and closed unchanged.
Provisions showed 2Iac declines as the result
of exceptionally heavy selling.
In wheat the Liverpool market showed
an opening I'D decline, but before business
commenced here it showed I'D advance over
yesterdays price. That started prices here
at an advance of from 1sc to 14c, and as late
cablegrams reported continued firmness at
Liverpool the price here kept creeping up
by small fractions during the first hour and
a half. May opened at 905s09034c as COM
pared with yesterdays closing of 9015c.
Though the demand was limited, yet offer
ings were almost totally absent, and by II
o'clock 907sQ91c was quoted. News from Ar
gentine was not so bearish as yesterday and
the lessening of that pressure was of course
felt. Private cablegrams from Liverpool
said that Argentine offerings were 5ecreas-
ing and that market was frmer in conse-
quence, and the Liverpool Corn Trade News
in another cablegram confirmed the Iessened
the Argentine news that did not lend any
assistance to the buoyancy was the export
from there this week of 10000 bushels, which
served as an indication to the trade that the
crop of Argentine had now commenced to
move toward the consumers. The Chicago
receipts were thirty-seveh cars, against
eighteen the same date year ago. Mime
apolis and Duluth reported 1854 cars, against
1873 a week ago and 2S5 the corresponding
day of last year. Total primary receipts
We're $4,000 bushels, against 259,000 bushels
last year. The visible is estimated to show
from 100000 bushels to 100000 bushels de-
crease, against decrease of 1000 bushels
year ago The exports from the Atlantic
eeaboard ports were equal in wheat and
flour to 1920 bushels. The market had
good deal of encouragement from the lib
eral exports, and ruled strong until the re-
ceipt of the closing cables, after which time
an easier feeling prevailed. Liverpool main
tanned it's early strength, but Paris noted
declines in wheat equal to from lac per
Dushel for January 10 Zee per bushel Tor
March and June, and Antwerp reported &c
per bushel decline i'll both red winter and
Walla Walla. Some inquiry for wheat for
export was advised from New York, but it
was said to be at prices below the market.
The market did not begin to feel the full
effect of the weak continental cables until
about half an hour from the close, nut in
the absence of any appearance of anxiety
abroad TO come after wheat mere In any
great quantity the feeling became more ag-
excessively bearish. Letter brokers sold
wheat when cali price was reached, which
started liquidation from other sources, and
in the last ten minutes of the session the
market was very weak. May finally sold
down to 90d901sc, and was at that price at
the close. 1t was reported after the close
that vessel room had been chartered for
million bushels of wheat for Letter.
Trade in the pit was lighter than on
any previous day of this dun week. Only
the narrowest kind of a scalping business
was done and price fluctuations kept within
&c. Light receipts and the early tirmness
of wheat gave the market a firm under
tone which was apparent to the end. May
ranged from 29Ac to 29lsc and closed UNI
changed al 291sc.
Oats were quiet but steady throughout.
There was moderate commission house buy
ing Selling was scattered. Good cash sales
and light receipts helped sustain the mar
ket. May ranged from 23ssc to 23Ssc and
closed unchanged at 235sM23SIc.
Provisions were enliVened by enormous
selling of pork, lard and ribs, supposed to
be for a Cleveland plunger. The market,
however absorbed the offerings with sur
prising ease, and though prices yielded some
for a time most of the decline was ulti-
mately recovered. Packers were all good
buyers. At the close May pork was 21sQ5c
lower at 50 3712M940; May lard "A shade lower
at $475@47715, and May ribs 212c lower at
$40.
Estimated receipts for Saturday-Wheat,
81 cars; corn, 295; oats, 1856; hogs, 900 head.
Leading futures ranged as follows