The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-18
SMART SLUMP IN WHEAT
CAUSED by DISCOVERY OF BLUNDER
IN RUSSIAN EXPORTS.
May Futures Declined a Cent ut Chi
Markets Before the Close.

CHICAGO, ian. ia blunder yesterday
in reporting the Russian exports for the
week at nearly a million bushels less than
they amounted to caused a decided slump
in wheat to-day and May closed with a loss
of 7sQ1c Corn left off &c lower and oats
declined 9sd1ac. Pork is down 121ac and
lard and ribs sc each.
The foundation on which yesterdays firm
ness was built gave way in the spot where
it had seemed most secure, and wheat start
ed very weak. 1t was discovered last night
after the close that Russia, instead of hav-
ing shipped only 100000 bushels of wheat
last week, as reported, had sent out 2,024 600
bushels. There was a heavy snowstorm
prevailing here, and as the same conditions
were reported to exist in the winter wheat
sections, where the fields have been bare
from the recent thaw, the sentiment among
traders was very bearsh. May opened &c
lower at 705sQ7034c, but subsequently sold
very sparingly at 7O7sc on buying against
put, privileges. There was no special
feature on the early information to encour-
age any extensive buying, and, as outside
orders were scarce, the market ruled dull
and heavy and May went to 701ac. Receipts
here numbered 146 cars, of which twenty
eight graded contract Minneapolis and Du-
luth received 483 cars, against $50 cars for
the corresponding day last year Liverpool
showed I'D decline and sent further optimis-
tic reports of Argentine wheat prospects,.
London also reported the Argentine wheat
yield good deal better than expected, and
placed the quantity available for export at
$4,000 900 bushels. Primary Western market
receipts were again very much lower than
they were a year ago, and New York re-
ported only thirty boatloads disposed of for
export. The Atlantic port clearances of
wheat and flour were equal to 66yOOO BUSH
els, which, although liberal amount, was
not heavy enough to cause any buying The
sagged to 701sc, where some buying for the
long account caused a feeble rally to 701Sc,
but soon as the buying subsidized May weak
ened again to 703sc where it closed.
Lower cables and large receipts weakened
corn. The decline in wheat served to dis
courage longs, and there was a good deal of
liquidation by prominent holders Commits
sion houses were moderate buyers on the
decline, which helped to check any impor-
tant break Receipts were $50 cars. May
opened Aq3sc lower at 36%c declined to
$3.50 and closed at 365s dS634c sellers.
Oats met with rather influential selling by
brokers, and this together with the decline
in other grains, carried prices off. Receipts
were 263 cars, and the shipping demand has
dropped off entirely. May opened 1sqAc
down, at 279sc, weakened to 2744Q27asc and
closed at 273sc.
Lower prices for hogs at the yards and
the grain weakness depressed provisions at
the start. Commission houses sold freely
and prices declined rapidly until heavy buy
ing of ribs steaded the market and a slight
reaction set in. May pork opened 71ac low
er, at $l010 declined to $10O22 and closed at
$10.O5, buyers The range in lard and ribs
was narrow.
Estimated receipts for Wednesday could
not be obtained. Leading futures ranged as