The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-06
FEEBLE WHEAT SUPPORT
CHICAGO BEARS FORCED SHARP DE-
CLINEs AND THEN COVERED.
Later in the Day Buying Orders BE-
came Numerous and Prices Adj
vanced-POrk Scored Loss.

CHICAGO Jan. 5.-Outside support was lacking
to-day and a wave of local bearish sentiment
caused sharp declines in both grain and provi-
sions May wheat closed %q7sc lower. Corn and
oats lost sc EACH pork 15c, lard 10d1213c and
ribs 71z01Oc
Wheat started firm, but very dull with few
orders from outside. The hrmness was only
momentary, however. for good deal Of wheat
called at the close yesterday had fallen into weak
hands and for sale the instant the price
showed hesitation. As long as the market was
left in the control of the local professionals the
tendency was downward. May. which opened sc
higher at 71Q71Ac, hammered down TO 7O2sc
before there was any symptoms of recuperation.
The recovery was brought about by buying orders
commencing to tumble in from outside sources,
induced apparently by the threatened cold weather
damage to winter wheat and reports Of heavy
exports from Atlantic ports. The foreign buying
became persistent that shorts were forced to
cover and May was gradually bid up to u5sc
Liverpool sd higher and receipts were COM
paratively small, Chicago receiving 1O4 cars, Of
which only car graded contract Arrivals in
the Northwest ia cars, compared with Ala a
week ago and 357 for the corresponding day last
year The shipments of wheat and flour from
Atlantic ports were heavy, aggregating 1O17 ,Oe0
bushels. st. Louis wired that good soft red win
ter wheat there was very scarce and that reports
from the country described wheat in the fields
looking very bad New York reported good con-
tnental demand for wheat and fifty boatloads
sold for export Under such influences the mar
ket held fairly steady until within half hour
of the close when the buying from outside sub
sided. The local spectators flooded the pit with
long wheat and also sold for the short account.
The market became quite heavy under this pres
sure and May was forced down to 7O5sQ7Os4c and
closed at 7024c.
Improvement in the weather. which favor
able for large movement in the country, weak
ened corn. Receipts at primary ports were large
and clearances moderate. Yesterdays buyers
turned sellers and as the demand was not suf1-
cient to absorb the offerings, prices steadily
forced downward The want of shipping facilities
was also a weakening factor, as much corn
bought for export could not be forwarded for
lack of cars. Receipts were $40 cars. May opened
1sc lower at 379s037Iac gradually declined to $3.50
and closed at 967s@SSc bid.
The declines in the leading grains and a poor
cash demand caused heavy feeling in oats.
Liquidation of long property and numerous selling
orders from the country caused a sharp decline
in prices. Receipts were light 12S cars. May
began unchanged at 27%lc and sold off to 271sc
the closing price
There was more or less liquidation in provisions,
particularly by certain traders in flour. AS the
market started out handicapped with enormous
hog receipts and Il decline in the coarse grains,
prizes were forced off all around. The demand
for products was slow May pork opened shade
lower at $1O421a@1O.45 and declined to 5000 May
lard began unchanged at $5.S5G5.S7h and sold off
to $575. May ribs started shade higher at $5.15
0517A and declined to $5.O5.
Estimated receipts for Friday-Wheat, rs cars;
| corn, 700 cars; oats 1856 cars; hogs, $4,000
Leading futures ranged as follows: