The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-21
LOADS OF LONG WHEAT
THROWN OVER ON WEATHER NEWS
FROM THE WINTER BELT.
Result Is N Loss of Nearly Two Cents
ing INTERPRETATIONS Also Down.

CHICAGO, Jan. 20-Rain and snow,
breaking the long drought in the winter
wheat territory, took all argument away
from the bulls in the grain pits to-day, and
prices broke badly all around in conse-
quence, May wheat closed with a loss
Of 1&017sc. corn 11sc lower and oats &C
down. Provisions lost from 10c to 1719c.
At the opening in wheat there was an
attempt made to support the market on
the early small break. but it was of no
avail. Cables were higher. but a small
rally was poorly held. Everywhere in
the suffering winter country relief was at
hand. Light rains were reported early,
with promises Of plenty of moisture. Later.
snow fell in several States and every indi-
cation pointed to an end to the drought.
Additional bearish news arrived in the
shape Of the weekly worlds statistics.
Worlds shipments were reported S,S74,0O0
bu, against $3.50. 900 blu last year. Bread
stuffs on passage were increased 1,152,0O
blu. and the visible supply showed un-
expected increase. These influences set
long holders to unloading excitedly. Prices
at outside points were rapidly dropping
under Chicago quotations. The North
west began selling here, and st. Louis,
frightened at the prospects of plenty of
wheat from the winter country. dumped
something like 100000 bu in this mar
ket. Stop loss orders were executed free
ly, and May. which opened 3sQ5sc lower.
at SO5sQSO9sc. and had touched s02.c, slid
to 791sc. The general opinion among trad
ers was that longs had overstayed In the
market, and must now sacrifice profits to
get rid of their wheat. The decline was
unchecked, and wheat was offered from
all quarters. Contrary to former breaks,
on this campaign there was very little de-
mand at low prices. May closed very
weak, 1aQl1sc down, at 79lsq79Ac. Local
receipts We're 5S cars, of contract grade;
Minneapolis and Duluth reported sol cars,
a total of coo cars, against LOIS ears last
week and Coo cars a year ago. Primary
ceipts were $50 blu, compared with 793, 900
bu a year ago. Seabcard clearances, in
wheat and flour, equaled only 158, 900 bu.
Corn showed unusual early strength,
considering the weakness in wheat. Gables
were higher and on the theory that the
snow and colder weather predicted would
necessitate heavier feeding to stock, trad
ers began TO buy in. May opened steady
and at once advanced. The small ship
ments last week to Europe and the de-
crease of amount of corn on passage were
bullish incentives. The total quantity now
on ocean passage is S056.OOO Blu, or about
half the amount of year ago There was
little sold at the outset, and country offer
ings threatened to dry up. This strength,
however. could not stand against the bad
break in wheat and in sympathy with that
cereal May corn, which had touched 65Ac,
dropped TO 633sc Bulls bought steadily
on the decline and held to a great part
of their stuff. May closed weak, 11sc down,
at 6S5sG 63%tc. Receipts were 12S cars.
Oats had an early bullish market. Fol
lowing the corn strength and on bullish
oats statistics this pit opened steady and
May sold ND to 4634 Corn was the lead
ing influence, however, and brought late
break. Commission houses were the prln-
cipal sellers May closed sc down at $3.50.
Receipts were Isl cars.
Provisions opened fairly strong on an
improved hog market and the early
strength in coarse grains. There were
some early buying orders, but this demand
was light, and when wheat broke selling
became general Packers did some buying
on the decline May pork closed 17I2c down
at $685., lard 1Oc lower at S9.65, and ribs
lOGi21bc down at $S.606S. 6212
Estimated receipts for tomorrow: Wheat,
40 cars; corn, 100 cars; oats, 195 cars; hogs,
1900