The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-13
BULLS LOSE CONFIDENCE
STORIES OF HEAVY ARGENTINE CROP
ARE NOW IN SEASON.
Early Gains in Grain Market Wiped
Out and Last Quotations Low
er-POrk Heavier.

CHICAGO, Jan 12.-Reports of a heavy
crop of wheat of good quality in the Argen-
tine Republic broke the confidence of hold
ers Of wheat to-day and robbed the market
Of half cent gain made earlier in the ses-
sion. May closed with &c loss. Corn and
oats left off shade higher. Pork declined
sc and lard and ribs 212c each.
There was enough bullsh feeling among
traders carried over from yesterday to start
wheat strong, although the general stua-
ton when business began suggested a down
ward course. Liverpool cables came only
14d higher, and the Price Current spoke of
the prospects for winter wheat more encour-
agingly. One point of the early news con-
corning domestic receipts was interpreted
favorably to the bulls. Northwest receipts
were quite moderate, Az cars, against AL
for the same day last week and 332 for the
corresponding day last year, and Chicago
received las cars, of which only % cars grad
ed contract. May opened a shade lower at
70BQ71c and as the market began to show
| strength shorts took fright and covered. AS
there was very little for sale, competition
soon helped the price and May advanced to
7112c. A private message from a leading To-
cal trader, who is abroad, reported Russians
canceling rye sales, and declared France
was a buyer of wheat. This had bullish
effect, and as New York syndicate, which
was reported long about 100000 bu, bought
on every little dip, the price held steady
within 1sc of the top the greater portion of
| the session. The aggregate of the Western
primary wheat receipts was Gas 900 bu, nearly
double that for the same day last year. The
| clearances of wheat and flour at Atlantic
| seaboard, which acted as a stimuant to de-
| Ginning prices yesterday, had depressing
! effect to-day as only 100000 bu were report
| ed handled. Reports received late in the
| day said that the Argentine wheat crop
would be of large proportions and the grain
| of good quality. AS the expectation of a
| deficit in that quarter has been one OF the
| sustaining features here OF late, TINS piece
| OF news had weakening erect. ana May
| declined to 1O4c buyers, the closing price.
| Damp weather and bullish news from the
| country concerning the demand FOR teedlnS
and reduced stocks in first hands strength
| ened corn. May opened a shade higher at
| 3714 037$sc, and as buying orders were quite
| numerous. the price during the first hour
and half was forced slowly but persist
| emily up to 1880. Receipts were IA cars.
| Export Clearances were small, 2260O0 bu, but
| the demand here from the East was good
| and some sales for shipment were reported.
| Railroad cars also We're less scarce, al
| though shippers still complained OF being
| unable to procure all they wanted When
wheat in the last hour began to drop, corn
followed, getting very heavy near the end:
| Selling orders began pouring into the PIT
any May sagged to S1s@37Ac and closed at
| 374dS7asc.
| lIBnI OHeTlHSS anu sinai I6CtlplSs lOl CdlSJ
| strengthened oats. There was good export
| inquiry and a few speculative orders were
| sufficient to send prices upward. May opened
| a shade lower at 279sQ2734c and advanced to
| 2Sc where it held steady during the greater
| portion of the session. Near the end, how
| ever. eats yielded with the other grains and
May sagged off to 273sQ27$4c, and closed at
< light run of hogs and good export
| demand for meat products started provi-
sions strong. The market was called Gu to
| absorb a good deal of long property, but as
| commission houses bought freely prices
| were we'll maintained until wheat and corn
| began to show weakness. Then provisions
| became quite heavy and the early gain was
| lost. May pork opened a shade higher. at
| $10.221aQ10.25, advanced to $lO,2lA then sold
| off to $1015 and closed at $101712. May lard
| began unchanged, at $3.50, sold at $5S212,
weakened to $575 and closed at $5.771a. May
| ribs started unchanged, at $51213, rose to
| $50.
Estimated receipts for o-morroW-1oWheat,
116 cars; corn. 700 oats, 10; hogs, 10000 head.
| loading futures ranged follows.