The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-09
GRAIN MARKET DUMPED
LARGE RECEIPTS IN PROSPECT AND
FOREIGN DEMAND SMALL.
Wheat Took Header I'm sympathy
Strong, but Closed Lower.

CHICAGO. Dec. S.-Wheat. corn and oats to-day
Joined hands in running down hill. the road being
creased by the lack of foreign demand for wheat
the higher freight rates and by the prospects Of
larger receipts of the coarse grains Wheat closed
at a decline CT &C for May and 1Q1sc for De-
cember. Corn declined 9sa1ac. oats &c and
provisions 2kQ5c.
Wheat opened steady at unchanged prices for
May and a shade higher for December Liverpool
at the time trading started here had lost slight
opening advance. but Northwest receipts were
considerably smaller than last weeks, although
still running over those of last year This for
the time being held up the liquidation which be-
came so prominent, especially in December. later
in the session and gave appearance of frmness
to the market. May opening at 655sc, was held
for few moments at G55sG65s4c. December
opened at SAC. Minneapolis and Duluth receipts
were 91S cars, compared with 1,36s last week and
SIS year ago Chicago receipts were 142 cars
seven of contract grade The Northwest markets
showed steadiness but New York developed
weakness soon after the opening here and this
was taken as an indication of discouraging ad-
vices from abroad. That this supposition was
correct apparently shown by the very mod
crate export demand reported later. Longs grew
discouraged and soon there was plenty of wheat
for sale from every direction. December suffered
the most, liquidation in that option taking it to a
discount of &c under May at one time. The SELL
ing of December at times very heavy. At
lantic port exports of wheat and -four were large
1870 eco bushels. and this fact steaded the mar
ket after May had declined to 65B@65Ac and
December to $3.50. But there were plenty of other
bearish influences not the least being the weak
ness shown by coarse grains. and after the noon
hour the market turned weak again. Foreign
crop reports all favorable and winter wheat
in country was reDOrted IN promising con-
dition. Foreign markets were generally weak at
the close. The export sales placed at the
seaboard at from twenty to thirty loads and the
cash demand here slow. In the last hour of
trading good deal of wheat sold stop
loss orders and buying was very scattered toward
the close. May declined to 647sc and closed at
that price December declined to &c and closed
at 631sc
Corn showed little strength at the start con-
tinued light receipts during favorable shipping
weather having bullish effect But the market
very soon turned weak and remained so to the
close. The recent agreement to restore east-bound
rates tended to depress prices. The lghtness Of
the cash demand was also bearish factor. Dur
ing the latter part of the session selling became
very heavy and general, leading bulls being prom
inent in the liquidation Country advices stated
that new corn would soon move more freely. Re-
ceipts 253 May ranged from 3S5sc to
1850 and closed asQ1kc lower at SSa4c.
Oats weak and lower. The amount OF
business done was small and nothing of import
ance developed, the weakness being apparently
altogether in sympathy with corn The cash mar
ket steady and 100. coo bushels sold here
for shipment East Receipts were 3O6 cars. May
ranged from 254@267sc to 26Ac and closed Ac
lower at 257sc.
Provisions had another heavy run of hogs to
contend with, but held remarkably steady not
withstanding. The market strong during the
morning, there being good local support, while
outside buying orders were much more numerous.
Realizing and more liberal selling by packers
caused prices to decline later, but the market
at time showed weakness. At the close May
pork 21zc lower at 1910. May lard sc lower at
S.. 22h and May ribs 21ac lower at $4.721z
Estimated receipts for Friday-Wheat, las cars;
oats, 80 cars; corn, 300 cars; hogs, $1,000
Leading futures ranged as follows: