The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-02
LONGS UNLOAD WHEAT
AFTER EARLY FIRMNESS THERE WAS
a QUICK SLUMP TO 73 3-4C.
Bears who Have Been Selling Wheat
from zoe Down Have Not Yet TAX
en- PrOnts-POrIx Strong.

CHICAGO, Feb. 1.-Continued liquidation
by speculative longs to-day weakened
wheat. The decline was checked by some
export business at the seaboard and at the
close May wheat had recovered all but Ac
of an early slump of 7sQ1c. Corn and oats
freed themselves from their entangling alH-
ance with wheat and left off with an i'm
provement of CSC in corn and A@3sc in oats
Pork advanced 5Q712c, lard 2l@c and ribs &C.
Comparative firmness at Liverpool con-
sidering the sharp slump here yesterday
gave wheat a good start. The weather
throughout the winter wheat country was
recognized as being very trying on the plant
and as the fields were said to be for the
most part bare of snow some apprehension
under such indication was unavoidable May
opened MGAc higher at 7424Q75c and as there
was a disposition on the part of several
shorts to cover the price touched 75Ac. Chi
cagO received IS carloads, as against Al for
the same day last year. Minneapolis and
Duluth got 4G3 cars, compared with 24 for
the corresponding day year ago. Primary
Western market receipts aggregated 545,CO0
bushels, whereas 47SLO1 was the total the
previous year. Atlantic port clearances of
wheat and flour for the day, exclusive of
Newport News, was equal to $4,000 bushels.
The early signs of recuperation in the local
market disappeared under the discouraging
news of the New York market. While 1T
Chicago the price of May wheat showed a
5sc advance Of yesterdays closing price,
New York did not recover more than lac.
AS the heavy shorts who had sold May
wheat from around 79c showed no inclina-
ton to cover on the early advance, the
market was left without support as soon
as a few of the more moderate operators
had taken what profit the improvement in
prices gave them. Then holders of long
ings and May declined to 13$4c. That figure
brought May within the limit of some orders
for export and this caused enough buying
to send May up to 74ssQ7412c, where it
closed.
Moderate receipts light offerings and a
good shipping demand strengthened corn.
Receipts were only 1874 cars and New York
reported a moderate demand for export
May opened 1s@Ac higher at 311sQ37s4c, ad-
vanced to 317sc sagged to 37$sc on some
proft-taking, then rallied to 3lBc, the clos
ing figure.
Oats were slow but strong. Receipts were
103 cars and large movement anticipated
on account Of the reduced rates which went
at CSC, reached S1sc, sold down to 27s4c,
then recovered to 2S1sc at the close.
Provisions started firm, but became weak
under the influence of the forenoon break
in wheat. Later, however, the market recov-
cred again on the reported healthy tone of
the cash trade. Some of the early weak
ness was ascribed to a large increase in
stocks at Liverpool May pork opened 2l2Q5c
higher at $10.371a0 1910, rose to $10.4212, sold
off to $102715c, then tirmed up/to $lO4O9
1042R al the close. The range in lard and
ribs was narrow
Estimated receipts for Thursday-Wheat,
81 cars; corn, 62O oats, $50; hogs, 81 00 head.
Leading futures ranged as follows