The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-15
WHEAT BECAME WEAKER
AFTER OPENING STRONG III SLUMPED
on INCREASED VISIBLE.
When Weakness Set in Both Coarse
Down, Scoring Declines.

CHICAGO, Fec. IA large increase in
the visible supply. together with small ar
rivals at the seaboard. caused decline in
wheat after an early rise of sc. May left
off with a decline of 14q7sc. Corn lost 2sQ
1ac and oats lsc. Pork closed with a loss
OF 10Q121ac, lard 712c and ribs 597l2c.
Unexpected strength at Liverpool in adj
diton to light domestic receipts gave wheat
a strong start May opened asQ5sc higher
at 73s4074c. and as New York reported for
eigners fair buyers of March and May
wheat at the seaboard. the price soon
touched 741sc. The same was true of for
eign business here, the orders being general
ly to buy in short wheat The visible sup
ply statement soon forced itself on the at
tention of the traders and as it gave evil
dence of showing d considerable increase it
was suggestive OF caution to the buyers.
The result was an increase of 1,117000
bushels for the week, bringing the total up
to 90,161000 bushels The market, however,
in anticipation Of some such an addition TO
stock had become very heavy and before
the actual announcement was made the
price of May wheat had dropped to I3$sc,
and it got as low as 731sQ73Ac before it
recovered from its declining tendency. Chi
cago receipts were 13S cars. of which ten
graded contract. and Minneapolis and Du-
Iuth received 73S cars since Saturday morn
ing. The worlds shipments for the week
We're S,332OOO bushels and the amount on
ocean passage was increased 100000
bushels. The clearances of wheat and -four
for the day were very small amounting to
only 10000 bushels. The market ruled
heavy all the time after the result of
the visible was known, while a good deal
Of Or at decline
The lowest prices of the day prevailed as
the session was drawing to close, May
declining to 12%c and resting at 72$44123sc.
The early strength in wheat and higher
cables started corn firm. 1t was too freely
offered, however, to maintain the rise and
when wheat withdrew its support 1t brought
corn to the ground. The increase of 2,416,000
bushels in the visible supply, against $685.,
000 bushels decrease the corresponding week
of last year, was sufficient discOura cement
in itself to account for all the weakness that
succeeded it's announcement. Receipts were
$50 cars. May opened 1sQ14c higher at 1880
31&c, declined to 36%437c and closed at
Numerous outside buying orders and
good speculative demand from elevator con-
Germs strengthened oats. The break in the
other grains caused a decline, but the mar
ket held steady throughout the session.
Receipts were 4l5 cars. May began &c up
at 29c, rose to 2915c sold off to 2S9s42S34c
and closed at 2S34c sellers.
Heavy receipts of hogs and lower prices
at the yards Handicapped provisions The
market ruled dull all day while near the
end of the session weakness developed on
liquidation by holders which forced de-
cline all ar9 9G nd Nay pork e,S opened zen o gn
at SOCIOLOGY. May lard started a shade
lower at $50, weakened to S5.6212 and closed
at $5.6212Q5.65. May ribs began unchanged
at 5.O71k, declined to S. and closed at 500
Estimated receipts for to-morrow-Wheat,
157 cars; corn, $50 cars; oats, 415 cars; hogs,
Leading futures ranged as follows: