The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-09
WHEAT MARKET WEAKER
OUTSIDERS LIQUIDATING AND FOR
EIGN QUOTATIONS HEAVY.
Early Prices Strong on Immense Ex-
ports for the Week-COarsc Grain
Higher-POrIS Declined.

CHICAGO, Jan. :. - Liquidation by out
siders to-day, together with heavy foreign
markets weakened wheat Under the IN
Huence of immense exports for the week the
market ruled strong, but finally crumbled,
and May closed 1sc lower. Corn advanced
Sake. Oats gained &c. Pork lost sc, while
lard and ribs improved 215c each.
Wheat gave some signs of revival at the
start, May opening 1sqAc higher, at rosa
70l4c. The weeks shipments to foreign coun-
tries We're enormous, amounting, in wheat
and flour, to 6,S60.00O blu, compared with
3S41 900 Blu the corresponding week year
ago. Bradstreet made some bnllish COM
parsons between the present market supply
of wheat in the world with what it was in
former years, and the much smaller stock
now in store created favorable impression.
Vast quantities of wheat had been sold in
the last two days and the market in con-
sequence was very susceptible to bullish in
fiuences. Shorts were inclined to cover and
May was bid up another fraction, reach
ing 703sc. About this time outside orders be-
gan tumbling into the pit, and as there was
no individuality about the buying May sagged
quickly to $3.50. Receipts here were 113 cars,
of which five graded contract Minneapolis
and Duluth reported SIS cars, compared with
spending day year ago. The export clear
ances of wheat and flour from Atlantic ports
were on a less heavy scale, amounting to
only $4,000 bu. Continental markets were
lower, and Liverpool showed 1ad decline.
The domestic visible supply last Monday
was 100000 blu, against 100000 year ago,
and good-sized decrease was expected to
be shown Monday as having taken place this
week. This expectation strengthened the
market ana under its sustaining influence
May gradually worked up to 7012Q7U5sc.
About half an hour from the close outside
selling orders again became numerous, ana
as the weak-hearted bulls were loath to sup
port the slight advantage they had gained
May was allowed to slip off to 697sc once
more. In the last few minutes of trade there
were few slight fluctuations, but May
finally closed at 653sd70c buyers.
Light country offerings and good ship
ping demand strengthened corn. Receipts
were large-640 cars-but under aggressive
buying by local bulls prices were we'll sus
tanned throughout the session. May opened
1sc higher, weakened for a moment to 36l2
G363sc then advanced to 37Isc. That figure
was near call price and selling by holders
of privileges resulted in a setback to SIC
sellers at the close.
A good cash den and and light receipts
helped oats. Elevator interests bought
freely, and, with the exception of a slight
dip early on some commission house selling,
the market ruled strong and prices were
well maintained. May opened 1sc higher OF
2.!24274c sold at NQ27hc, advanced to
2712c, and closed at 2714q27ssc.
AS a consequence of yesterdays heavy
liquidation, provisions opened weak. Large
receipts at the yards were also a depress-
ing factor. At the decline, there was a
good investment buying. end prices rallied
a little all around. May pork opened
shade lower At $995q10, declined to $9S5,
rallied to $10O21a, and closed at 1896. May
lard began a trife down at $5.60Q5.6 SPA sold
off to $5.5712 then rose to $3.50, the closing
price May ribs started unchanged at s.,
sold at $5.0212, weakened to 1896, then firmed
up to So, sellers, at the close.
Estimated receipts for Monday-Wheat,
100 cars; corn, 100 cars; oats IFS cars; hogs,
3S 900 head.
leading futures ranged as follows: