The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-09
GRAIN PRICES ARE DOWN
BEARISH FACTORS COMBINED, CAUS-
ING MARKET TO DECLINE.
More Profit i'm Feeding 6O-Cent Corn
to Hogs Than selling It-Pro-
visions Dull.

CHICAGO, Sept S.-Several bearish fac
tors combined to-day to press prices lower
with the result that the near futures de-
cined to some extent. Spectators
in general, however, were inclined
to the belief that the far deliv-
cries were in a strong position, and in con-
sequence in those months the bulls had
little the better of the argument Sep
TENDER wheat closed a shade lower, De-
cember wheat &c down, September corn lac
lower, December corn 1sqAc higher, De-
cember oats AGssc lower. and September
oats &c higher. January provisions closed
2l2c to NC lower
Weather was the principal factor In reg
ulating wheat prices. Washington sent out
the prediction that tomorrow morning
would see frosts in the Northwest. This
held prices steady for few moments. Ira
ders then became convinced that the wealth
er map showing fairly warm and dry
weather was just what was wanted to start
the heavy spring wheat movement and be-
gan selling freely of September. Gables were
weak. shipments were heavy. especially from
Russia, and prices slumped off rapidly.
Trade early was active, but soon lapsed
for some time. On the decline an excellent
export business developed; the seaboard re-
ported sixty-two loads taken, and Duluth
shipped twenty loads direct. This, together
with the fact that, regardless of heavy
movement expected, receipts Northwest
were only about half last years figures and
grading was still poor, started a reaction.
September started &c lower to nc up at 711a
1 en-
opened BQAc to shade higher at 6SQ675sc
and declined to 67asc. In the late rally that
| followed December received more support
than September. and closed steady shade
down, at 67Ac September closed weak lzc
| down. at 7llsc. Local receipts were 2S6 cars,
| one of contract grade. Minneapolis and Du-
luth reported Gil cars. making a total for
the three points of 9O3 cars. against 1.43l
cars last year. Primary receipts were 1,279-
600 bushels. against 10000 bushels a year
| ago. Seaboard clearances in wheat and
| -four equaled 42SOOo bushels. World
shipments were II $4,000 bushels, against
7,41S,OOO bushels last year. Breadstuffs on
| passage increased 3,30i, 600 bushels. The
visible supply increased $4,000 bushels.
The corn belt had warm weather yester-
day. This was particularly significant to
| the bears, who at once sold stuff freely,
and prices declined. September developed a
| time. Regardless Of the fact, however,
that ten days more will put the corn crop
generally In safe position, the bulls saw
| in the lower prices and free offerings
simply an opportunity for additional profits
| While September ruled weak, the other
months, especially December, received ex-
cellent support Trade after the opening
| hour was not active. The bears argued
| weak cables increased receipts and good
weather conditions. Again these factors
| were arrayed, cash corn at zoe premium
over December, stocks lowest on record a
country side swept almost clean OF
merchantable corn, a late harvest and hogs
selling at prices which makes ii profitable
to feed 6Oc corn rather than to sell ii. Sep
TENDER started siQ1Ac down at 57s4G5Tl.c
| dipped to sec and closed weak. lac off al
| 57iac. December sold at 42c, but rallied TO q
firm close, 1uAc up at 1850. Receipts
| were 125 cars, nineteen of contract grade.
Oats were sold freely at the opening in
sympathy with other grains Receipts wer,
| liberal at 400 cars. but the grading was 50
! poor, only twenty-seven cars, to induce
caution in selling after other grain:
steadled. Trade In general was uninterest
ing. December sold at 3012c and closed IA
sc down at 30a4f30bc. September opened Il,
lower to unchanged al 34a337sc, dipped L
3SAc, but closed steady, 1sc up at SAC.
Provisions were dull and tame. Price.
ruled steady most of the day with very
narrow fluctuations. Lower prices for hog:
and the break in grains caused early sell
ing, which was offset at once by fair sup
port. The close, however, was weak Jan
uary pork 71kc off at $l490; January larC
&c down at 1886, and January ribs 21ac lower
at $lS7h.'
Estimated receipts for tomorrow: Wheat
400 cars; corn, 2SO, oats, $40; hogs, 1890