The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-04
WHEAT UNDER PRESSURE
AFTER FIRM OPENING PRICES
SLUMPED OFF TO az 5-s CENTS.
Weakness Influenced other Markets,
Corn and Oats Both Declining
Pork Lost % 1-2 Cents.

CHICAGO, Feb. S.-Under pressure of
heavy liquidation to-day wheat declined 13sc
from the top price of the session. Near the
end, however heavy export takings brought
about a reaction and May left off with net
lass of CSC. Corn declined sc, and oats 14c.
Pork lost 221ac, lard 1212c and ribs &c.
Apparently everything was against the
price of wheat at the outset. but the market
nevertheless started quite firm. Argentine
shipped $4,000 bushels wheat during the
week, against 10000 the week prior, and
Liverpool was Id lower for September wheat
and sd lower for futures, while outside
markets all showed considerable weakness.
Owing to the sharp decline of the last few
days a profitable shortage las been created
which the more experienced traders tried
to secure under cover of the bearish news,
enabling them to execute the maneuvers
without attracting notice. May opened a
shade higher at 735s@737sc and as some of
the bulls, who succeeded in getting out near
the top of the recent adv e, were ready
to try an investment Ma rs bid up to
74c. The market kept pr well for an
hour and half. At the el. of that time
buyers seemed to have enough, but there
was still wheat for sale. After dragging
slowly for time between 1875 and 1850
the market began to yield little. No SOON
er had the price touched 731ac than every
body seemed to have wheat for sale at
once, so that from that point down to 73c
very little could be disposed of and not
until May reached 725sc did the buying be-
come urgent enough to cause a slight re-
action. Chicago received ninety cars of
which five graded contract. Minneapolis
and Duluth got 41O cars, compared with 432
a year ago. Aggregate receipts at Western
primary markets were $4,000 bushels
whereas only $4,000 bushels were received
the corresponding day of last year. Atlantic
port clearanceS of wheat and flour were
considerably less than the recent average,
amounting to only $4,000 bushels. In the
final market shorts covered freely while
count on reports that seventy boatloads had
been taken at the seaboard for export and
May improved to 730731sc, the closing price.
The weakness of wheat extended to corn
and caused a good deal of liquidation. Re-
ceipts were 713 cars. May opened shade
lower at 3S1s63SAc, declined to 373sc and
closed at 375sc buyers.
Trade in oats was large and prices shade
lower on heavy selling by elevator people.
Receipts were 1S4 cars. May started UNI
changed at 2S3s42812c, sold off to Csc and
closed at 2S16Q2SAc.
mission houses weakened provisions A good
many stop loss orders were encountered on
the break and this led to sharp declines
throughout the list. May pork opened 21Ac
lower at 5000, fell to $10.15 and closed at
5000 May lard started unchanged at Sc. S5,
sold down to $5.721a and closed at $5.721a@
SIS. May ribs began a shade lower at
$5.15q5.171@, declined to $5.071a and closed at
$50.
Estimated receipts for Saturday-Wheat
go cars; corn, 74O cars; oats, POS cars; hogs,
10000 head
Leading futures anoad q @ fo1Iouys.