The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-30
WHEAT LOST STRENGTH
STEADY REALIZING SALES CAUSED A
DECLINE TO ~ 3-sC.
For a Time There Was an Indication
but 1t Firmed Up at the Close.

CHICAGO, Jan. 2S.-Heavy realizing sales
to-day caused a setback in the price of
wheat After an advance of 12c early in the
session, May left off at a decline of Sac
Compared with last Saturdays closing
prices, final figures showed 63sc advance
Corn dropped 5sd4c, but was still 3sQ32c
higher than a week ago. Oats declined so
&c. Provisions looked strong at one time,
but closed without notable change.
Wheat opened without excitement, 1sqAc
higher, at 7S1sgTS9sc, but after little back
ing and filling at starting figures, it began
to yield a little to selling by local specula-
tors. The latter were induced to take the
course they did, owing to the absence of
any heavy buying orders from the outside
and the indifference that Liverpool traders
appeared to have for the strength prevailing
on this side, quotations from there showing
q decline of 1BdAd. About this time corn
began to show such decided strength that
the buying spirit of wheat traders was re-
vived, and the May option, which had
sagged to 77$4c recovered to 7S12c. Worlds
shipments for the week estimated at 6,20O,00O
bu, of which 4,99S 600 bu came from United
States ports. The bulls derived some COM
fort for a time from q London cablegram
which told of severe frost prevailing
throughout southern Russia without any
show to protect the fall wheat. Receipts
here were 92 cars, of which IA graded con-
tract. Minneapolis and Duluth got 4S2 cars,
as compared with 800 for the corresponding
day year ago. The primary Western mar
ket receipts were double that of last year.
amounting to $4,000 blu. The seaboard
clearances of wheat and flour for the day
amounted to 746OO0 bu Continental mar
kets were weak. Paris reported heavy
break in flour and from 10 to 10 centimes
decline in wheat, and Antwerp cables were
1919 centimes lower. During the latter part
of the session longs liquidated freely, and
as the demand dropped off the selling in
creased in volume, becoming very large
near the close. May had been gradually
declining, but when it got down to 7714c a
lot of stop-loss orders were encountered
which caused good deal of enforced real
izing and for a few minutes it looked as if
the bottom had dropped out of the market,
May slipping off to 76$4c. That was a break
of 15sc from the top price of the day, and
the bears. apparently satisfied with what
had already been accomplished, did not dis
pute the rally that set in buying to even
up over Sunday In the last fifteen minutes
May rose to 773sc buyers. where it closed.
Corn was active and very nervous, with
price fluctuations quick and sharp. The
market opened firm, but yielded quickly on
account of local selling. Wall street was
buying heavily and the price recovered in a
lively fashion to a point within a small frac-
ton of the highest figure it had previously
sold at this season, but was once more
trampled down by local selling. May started
1sc higher at 3S@39Ac, touched $3.50, and
from that rose to 3912c. That is where the
local talent commenced feeding long corn to
buyers from outside and soon had them
filled up with still more long corn to dis
pose of. May dropped gradually to SS3sQ
3S1ac, and closed there.
Oats were treated to heavy selling while
the market shared in the general nervous
ness which attended trade in the other
grains, and prices eventually settled on a
downward course. Receipts were 200 cars.
May began 1sc higher at 2S7sc, declined to
2S1bc, and closed at 2S12Q2S5sc.
Provisions were firm, with the volume Of
speculation large. Packers did considerable
selling a. the start, but the offerings were
soon put out of the way by commission
houses buying and advance set in all
around. Toward the end when the grain
markets developed decided weakness, the
Improvement was all lost. May pork opened
5@715c higher at $40. 7OQ1O. 7212, rose to $10.75
then declined to $1,000, the closing price. The
range in lard and ribs was small.
Estimated receipts for Monday-Wheat,
100 cars; corn, $50 cars; oats, 240 cars; hogs,
10000 head.