The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-01
BOTTOM OUT OF WHEAT
MAY FUTURES TUMBLED YES Tl1RDAY
AND BULLS FASTENED TO UNLOAD.
Active Liquidation Set in After the
Opening and Developed Into
Panic Near the Close.

CHICAGO, Jan. 31.-Wheat lost all SEM
blanee of strength to-day and closed limp
and weak Toward the close a semi panicky
feeling set in owing to the heavy liquidation
of longs and May left off at a decline of
21sQ2Ac. Corn lost Lose, and oats CSC.
Pork declined tic, lard 10c and ribs 715Q10c.
The government report which showed a
yield of 675,000000 bu of wheat last year
gave wheat a weak start. May opened IS
CSC lower at 761sQ76l5c. and as the outlook
was rendered more unfavorable by a sharp
slump at Liverpool May declined to 76c. The
extremely cold weather with the unpro-
tected condition of winter wheat caused
more or less apprehension of damage to the
plant, and as there were many reports to
that effect buying became quite general,
while May advanced slowly to 765sc Re-
ceipts here were 191 cars, against 81 cars
for the same day year ago. Minneapolis
and Duluth got $50 cars, compared with $40
for the corresponding day last year. The
aggregate at primary Western markets was
coo bushels against 407, GOO the previous
year. Clearances of wheat and flour from
Atlantic ports, exclusive of Newport News
and Galveston, amounted to 47S,000 bushels.
AS the session advanced foreigners were re-
ported to be selling at the seaboard, while
New York and st. Louis and the North
west had liberal selling orders here. This
discouraged holders and a season OF active
liquidation set in which carried prices off
pretty steady. Bradstreet's visible showed
600 bushels decrease in stock of wheat
In this country, and 100000 bushels decrease
in afloat for Europe. After that was
made known, although certainly not in con-
sequence of it, longs abandoned their hold
ings and the selling became so aggressive
that May heSitating at 757sc slid Off to 745s
0I5Ac, where it closed.
BeariSh government figures and lower
cables started corn weak. A good demand
from commission houses sprang up and the
market developed a good deal of strength.
New York reported an excellent export de-
mand and shipping houses had reported an
Improvement in the cash business at work
able prices. The radical weakness in wheat
near the close of the session, however, dis
persed all other considerations and sellers of
corn became very numerous while the price
sunk in the last ten minutes to 14c under the
earlier market of the day Receipts were
37?Bc, sold sparingly at 3SQ3S1sc, then de-
clined to 3712c buyers at the close.
There was considerable liquidation in oats
and as the buying only scattered the
market ruled weak and lower. Cash de-
mand was slow. Receipts, 337 cars, May
opened 180Ac down at 2Sc, sold at 281sG
Z7zsc sellers. There was nothing in the pro-
vision situation to disturb holders, but the
opening decline in wheat and subsequent
much heavier loss in value of that COM
modify demoraliZed weak holders and de-
cline set in all around. Packers bought
freely while commission houses lacked SELL
ing. May pork opened 71aG1212c lower at
$1040d10.45, sold at $10471a, then declined to
$l0.35. the closing price. The range in lard
and pribs were narrow.
Estimated receipts for o-morrow--Wheat,
20 cars; corn, 450 cars oats, $50 cars hogs,
$4,000 head.
Leading futures ranged as follows: