The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-10
SHARP BREAK in WHEAT
CESSATION OF SUPPORT BY RECENT
BULL LEADER THE CAUSE.
Corn and Oats Hold Firm and Close at
Small Fractional Gains-Pr0vi-
sions Also Are Higher.

CHICAGO. Dec. 9.-Cessation of support from
the big operator who has recently been the main
factor in creating a bulish wheat market caused
a sharp break in prices to-day May wheat
closed &c lower but corn and oats were firm.
May closing sc and hc higher, respectively.
May provisions showed gains Of SC to 121zc-
Traders who had expected big advance in
wheat prices, as result of manipulation oy
the leader of the bulls. were disappointed. While
prices held firm at about yesterdays closing
figures during the greater part of the day, sup
ported by limited purchases by the big bull
operator. the volume of business was light The
local crowd seemed indisposed to take any ac-
tive part in the proceedings, preferring to as
sumo watchful attitude in regard to the oper-
ations of the leading long. There was some
selling at the start, due to lower cables and to
slight moisture in the winter wheat sections,
with predictions of more, and May opened uu-
changed to &c lower SIC to S21sc. Commission
houses with ST. Louis connections had buying
orders. AS result OF the small offerings In
the pit firmer feeling developed soon after
the opening. May advancing to S21sc. The Mis-
souri, crop report was regarded buliish In
fuence, the condition being rated at So, as
against 96 last year. Trading was quite feature
less until late in the day, when commission
houses turned active sellers, and with an absence
of support the market weakened. On the decline
a lot of wheat came out stop-loss orders and
a sharp break followed, May selling OF to SIS
GS1Nc. Shorts covered freely at the lower level
and steadied prices, but final figures were at
loss, May being off nc at size. Clearances
of wheat and flour were equal to 25i. 500 bu Pri-
mary receipts 1.16s,OOo bu. against 1oS7ooo
bu year ago. Minneapolis, Duluth and Chicago
reported receipts of 629 cars. compared with SAG
last week and 693 a year ago.
Local sentiment among corn traders was in
olined to buliishness, and with scattered buying
and light offerings the market ruled strong.
Small receipts, Improvement in the cash de-
nand and the Missouri crop report were the
STRENGTHENING influences According to the Mis-
blu less than that of last year. Late in the day
the severe break in wheat had some effect, but
the close was firm After opening SHADE lower
TO 1sc higher at 4skG423sc to 421zc. May sold
Receipts were 1871 cars, one OF contract grade
The oats pit was partly deserted, owing 10
the greater attractions in the wheat market,
but prices held comparatively steady throughout
the session There was fair buying early by
brokers and selling scattered but mostly
what by the break in wheat, but the close was
steady May opened shade to &c lower at 3o.sc
to 357sd36c ranged between 357sc and 36Aq36ltc.
and closed 1sc higher at 361sc. Receipts were
120 cars
Provisions were strong under a good demand,
owing principally to- shorts. There Were no
special features the trade. The selling was
largely by packers. May pork closed 12lzc higher
at sll.40 lard was SC higher at S6.52h and ribs
up 5qI712c.
Estimated receipts for tomorrow: Wheat. IS
cars; corn AS; OATS ,140; hogs, $4,000 head.
Leading futures ranged as follows: