The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-14
WHEAT WAS UNCHANGED
EARLY STRENGTH OVERCOME BY
PERSISTENT SHORT SALES.
Liverpool Was Strong and Good De-
mand Reported for ExpOrt-PrO-
visions scored Losses.

CHICAGO, Jan. 13.-Heavy liquidation by
local spectators exerted bearish influence
on wheat to-day and an early rise of &c
was wiped out, May closing unchanged.
Corn left off 1sQAc lower and oats closed a
shade higher. Pork lost 1Oq1212c and lard
and ribs Tee each.
Unexpected strength at Liverpool, where
the market was quoted 5sd higher, notwith-
standing the weakness here yesterday, start
ed wheat strong. This advance, which was
wholly Independent of any known condi-
tons made shorts somewhat nervous and
instead of May wheat being pressed for sale
at 70$4c as it was yesterday afternoon, there
were buyers anxious to get it at from NAG
Use. Local professionals, who almost to a
man have sold wheat short for a week,
placed very little confidence in the opening
rally, and in accordance with their views
sold more at the advance. On a further rise
to 713sQ7115c during the next half hour, they
sold again, and in the next half hour had
the satisfaction of a decline to Tic. The
sellers, other than those who were short,
were not numerous during the decline re-
ferred to, apart from those who had the
protection of calls for the day at from 711sc
to 1850, and the market was quick to re-
act on any moderate demand. Receipts at
graded contract. Minneapolis and Duluth
reported sos cars against 412 cars for the
same day last week and 364 a year ago.
The aggregate of Western primary receipts
was of 764O 600 bu, compared with $4,000 bu
last year. The East wired early in the day
that the foreign demand for wheat and corn
had improved, and there was a good amount
reported disposed of from Kansas City for
NV of
held the market fairly steady until renewed
reports from Argentine claiming that the
weather was all that could be desired and
that the exportabe surplus was being en-
larged, started longs selling on a more elab-
crate scale. The persistence of the bears
was finally rewarded by further decline,
May getting down to 1O3sc about half an
hour before the close. The market was
prevented from a further decline by New
York reporting seventy-five boatloads being
disposed of for export, and May closed at
704c buyers.
Continued wet weather and the wheat rail-
ly strengthened corn at the start Heavy
receipts We're against the price, however,
and as the market was given little support,
free selling against calls soon caused feel
ing of depression to set in. Receipts here
were 500 cars and Western primary markets
1082,0O0 blu. May opened Ac higher, at 3112Q
375sc, held steady at 375sc, then slumped off
to BIC and closed at 3l1sc buyers.
A good cash demand, light receipts and
speculative buying helped oats Top prices
were not maintained, however, out the mar
ket eased off in sympathy with corn. Re-
ceipts were 131 cars. May began &c up, at
2s02S1sc, sold at 2S1sc, declined to 27$4c, then
firmed up to 277sc at the close.
Further taking of profits by recent bulls
in provisions caused another slight decline
in prices The market was burdened
throughout the session by a poor shipping
demand for meats and lower prices for hogs
at the yards. May pork opened PIC lower,
at $1015, declined to $1005. and closed at
$10G5d10O715. The range in lard and ribs
was inconsequental.
Estimated receipts for Saturday-Wheat,
1856 cars; corn 760; oats, $50; hogs, 24000 head.
Leading futures ranged as follows: