The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-11-11
BIG ARGENTINE EXPORTS
KNOCKED CHICAGO WHEAT PRICES
TO A STILL LOWER LEVEL.
Corn Showed Little Strength, Oats
nuaI Report Of Crop Averages.

CHICAGO Nov. 10-As a result of a sur
prise in the shape of enormous Argentine
shipments wheat to-day welt even lower
than Yesterday closing at a decline OF Ss1
1hc. Corn exhibited relative strength on
small country business. December closing
unchanged and May a shade lower. Oats
closed hd4c lower for December and
Shade under for May. Provisions closed
slightly lower.
Information completely discouragng 10
bull sentiment caused an opening break in
wheat of 11@3sc. December started at 611sc
and Nav at 1lssd71I.c. Liverpool was weak
and grew steadily weaker with the progress
of trading. but the chief factor in the de-
cline was the heavy Argentine shipments.
vi ich caused a lot of liquidation by local
longs. The Argentine supply was generally
supposed TO have been exhausted, and the
news that the shipments from the other
side of the equator were 1,752.O0o bu came
"a a surprise The price held for a short
time on the buying of shorts against puts.
December touching 61sic and May 719sc, but
the LAYING out of long wheat caused a de
cline December dropping 20 673sc and May
to IKE A report that the Argentine crop
had been injured by frost and dry weather
caused a rally from the bottom, but, as
there was no confirmation Of the report, the
little gain was soon lost Covering by
shorts near the end of the session caused an
advance, December going to 6a5sc and May
to ussc ssa11c below yesterday, and the
close was at those prices. A feature OF the
market was the narrowing of the December
May spread TO sac, with good deal OF
changing, as If the elevator people were ac-
cepting the difference. The seaboard re-
| ported ten boatloads taken for export Sea-
| hoard clearances were $4,000 blu. Receipts
| We're light. Primary points reported re-
| ceipts of 151 665 bu. as compared with l.o1,-
| 4l2 a year ago. Minneapolis and Duluth re-
| ceipts aggregated 500 cars, against us last
| week and l,3a0 a year ago. Local receipts
| were 1O2 cars % of contract grade
| An undercurrent of confidence in the fu-
ture value of corn rescued that cereal from
the Generalization which struck wheat.
! This belief was large y based on the small
| ness of country offerings Cash business at
| the seaboard was reported discouraglng, AT.
| gentine shipments We're large and LiverpooI
| lower but traders continued to buy and the
| price to hold its own. The opening was at
a loss of &c with wheat, but buying oy
| shorts and traders and the close-fSted atti-
| tude of holders of the long article caused
| rally which held to the close. December
opened at Slq3lhess ,s ranged at StdSaf ra2
yesterday. May closed a shade down at
$27sc asked. Primary receipts were 4s1 600
bu, compared with $4,000 a year ago. chi
! cago received 225 cars. Atlantic port clear
ances were 10000 bu- Fifteen loads were
| reported taken for export.
Oats were neglected by SPECTATORS selling
| within range of 14c and acting I'm a slug
gish sort of way with corn. Shipments for
the month have about equaled receipts. Re
| ceipts were 217 cars. December ranged at
2214G2215c and closed at 229sc.
| Provisions excited little interest. Buying
! of December pork aided the price for a time,
but the weakness of the grain market and
lower hog prices counteracted this. Janu-
| airy pork closed &c lower at SSH January
| lard a shade under at SOS and January ribs
PIC lower at s..
| Estimated receipts for to-morrow-Wheat
% cars; corn, 250 cars; oats, rs cars; hogs
|