The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-03
WHEAT WENT OFF AGAIN
BUYING BY THE BULLS NOT ENOUGH
TO ABSORB OFFERINGS.
ON the Decline There was a Slump of
&c from Top Prices-COrn and
Pork Higher.

CHICAGO. Feb. 2.-After temporary firth
ness to-day, wheat yielded to further liqui-
dation of long property. Heavy export
takings at the seaboard checked the decline
2 cents from the top price of the session,
and May closed with a net loss of SAC. Corn
and oats held aloof from demoralizing asso-
citation with wheat and left off at an ad-
vance of sc in corn and hq5sc in oats. Pork
and lard were a shade higher, and ribs UNI
changed.
The circulation of many crop damage re-
ports and fair buying orders from New
York started wheat firm. but without much
animation. May opened Ac higher at 1850
7434c, and during the first few minutes trad
ing advanced to 751sc. The Price Current, in
its remarks concerning the condition of the
winter wheat plant, said most of the wheat
area had snow protection, and the average
condition of the plant was only moderately
lowered, while its general promise was good.
That was a sort of frost that nipped the
budding expectation of crop scare, and
May declined to 745s@7424c again. Chicago
received eighty-five cars, of which four We're
graded contract. Minneapolis and Duluth
got 46S cars, as compared with 40S for the
corresponding day year ago. New York
reported heavy buying of futures there by
foreigners, while advices from Liverpool
were to the effect that offerings from Ar
gentina were diminishing. That encouraged
considerable buying and May rose to 751sQ
75Ac. AT that point the bears put the kettle
on and gradually boiled the price down.
st. Louis and New York sold heavily and
this brought about considerable enforced
liquidation by local spectators. May declin-
ing to 73Ac. Aggregate receipts at Western
primary markets were 10000 bushels, COM
pared with $4,000 a year ago. Atlantic port
clearances of wheat and -four were equal
to 1868 600 bushels This helped to check the
boatloads disposed of for export the early
short sellers covered in sufficient quantities
to start the price upward, and at the close
May was bringing 735sQ7334c buyers.
Corn showed independent strength, which
was attributed chiefly to a good export de-
mand and light acceptances on bids sent out
through the country last night. The trade
in the pit was fairly large with commission
houses doing business on both sides The
and the close was within a fraction of the
top price for the day Receipts were mod
crate. 6l0 cars. May opened a shade higher
at 37BQSSc advanced to 3S3sc, met some
protit-taking and declined to 3724c, then
rallied to 3S14c. the closing price.
Light receipts and good shipping de-
scarce. Receipts 149 cars. May began a
shade higher at 2S1sQ2814c, rose to 2S11c and
closed at 2SssU2S12c.
A smaller increase in stocks than ex-
pected, together with higher prices for hogs,
strengthened provisions. The price advanced
sharply during the fore part of the session
on account of extensive buying of ribs.
Later, however the advance was lost in
sympathy with the decline in wheat and SELL
ing of pork by packers. May pork opened a
shade. higher at $40 4212Q10.45, rose to 5000
and declined to $10.35 then firmed up to
$10421a, the closing figure. May lard started
21ao up at $5.S5, rose to $3.50. then weakened
closed ~ hn-
gan shade higher at $5.171a05.20, advanced
to $5.2212G5.25, declined to $510 and closed at
$5.1775.
Estimated receipts for Friday-Wheat,
so cars corn, 700 cars; oats, 165 cars; hogs,
q, 600 head.
Leading futures ranged as follows: