The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-01-06
MAY WHEAT In A SLUMP
WENT BELOW sIxTY-yINE ON An
ARRAY OF BEARISH NEWS.
Provisions Turned Weak After In
itial Firmness-Corn and Oats Low
err, with but Little Animation.

CHICAGO. Jan. 5-'Wheat, depressed by
the poor export business, the decline in
outside markets and good crop news, closed
weak, May sc under yesterday. Provisions
slumped on heavy realizing. May pork
closing 1O9121kc, May lard 71k91Oc and May
,, ribs 5a71kc lower. Corn closed &c and oats
sc under yesterday.
The wheat market opened easy on the
absence of any stimulating news. May a
shade under yesterday. at 691s@e99sc. This
was the high notch for the day, for there
after the price went under puts and stayed
there, buying against those privileges
causing only the feeblest upward motions.
The poor export business was one reason
for selling; good crop news from Argen-
tine and elsewhere was another. The weak
ness of Northwest markets-Minneapolis
showing greater falling off than Chi
cago-and selling orders from that section
were also factors in the weakness. On the
decline considerable long wheat was let
out. With this array of gloomy news the
fact that receipts were more liberal and
clearances small added but little to the dis
coura cement of the bulls. Ten thousand
bushels cash wheat was sold for the sea-
board, but in view of the large stocks the
transaction was CONTEMPORARY labeled
retail business and forgotten. May
slumped as far as possible and then closed
weak. &c under yesterday, at 6S7sc. Pri-
mary receipts were 5OlS2i bu, against 653,6SS
bu last year, and atlantic port clearances
in wheat and flour were equal to 100000 blu.
Receipts here were seventy-six cars. none
of which graded contract. Minneapolis and
Duluth reported 453 cars, compared with
333 last week and 442 year ago.
The strength exhibited early by the pro-
vision market was overcome later by heavy
realizing. prosecuted throughout the ses-
sion with great animation. Receipts of
hogs, 5000 head under expectation, and bet
ter prices at the yards were the causes
given for the slight gain recorded at the
opening. A good demand from new quar-
tiers and some conservative purchases by
others caused a further advance. Under
pressure of profit taking the gain was lost
and the market turned weak. May pork
ranged from $l0.721a to $l0.95Gi 1892, closing
10@121zc under yesterday. at slO.77ls; May
lard from $5.921s to s6.O5a607lz. with the
close 712G10c under, at $685. May ribs from
s5.72is to s5.S2R closing 5qI1zc down, at
S.. 72ls@5.75.
Corn. steadied by provisions for a time.
later succumbed 10 the influence of wheat
and the reaction of provisions and closed
rather easy. Country offerings
ported small and primary receipts light
4S3 cars here. ClearanceS were larry large.
Scattered lots of long corn were let out in
the decline. Trade was dull throughout
the session. May sold from 327sc TO $3.50,
closing Ac down. at 327sqoSc.
The trade in oats was small and prices
, shade lower, in sympathy with the other
grain markets, although there a fair
demand for cash to be loaded on boats and
held until the opening of navigation Local
receipts were los cars. May ranged from
23a4 d237sc TO 2ic and closed easy, 1sc under
yesterday, at 23kc.
Estimated receipts to-morrow-Wheat, 60
cars; corn, 40 cars; oats, 165 cars; hogs,
%, 900 head.