The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-11
HEAVY SELLING in WHEAT
CAUSES A SHARP SLUMP, FOLLOWED
BY SMALL RALLY.
Net Fractional Loss Shown-Corn and
Oats Firm and Higher-Au Hog
Products show Advances.

CHICAGO, Dec 1o.-Heavy selling in the
wheat pit to-day with an absence OF any sub
stantial support caused decline OF 1hc from
the high poirt in the May option and over &c
in December A rally however. preceded the
close. which, compared with last night. showed
a net loss of ssQ1sc. Other grains were strong
corn closing A6&c higher and oats up nc. Pro-
visions closed from 75sc 121-c higher
Small holders were inclined to dispose OF their
wheat at the start. under the influence Of the
weakness which developed late yesterday and
the apathy OF the foreign markets As result
easier tone prevailed the opening. and
May was nc lower t. hc higher at Sic to s1ssc.
The feature Of the early trading was pressure
to sell December. before wanted in
sufficient quantities to stop its decline loss
of over cents had been registered. Commits
sion houses with St. Louis connections We're
prominent sellers during the first hour. The
weakness in the current month acted drag
on May and before any considerable support
developed the price declined to SOAc. a loss Of
lhc from the high figure. Local longs were free
sellers and many stop-loss orders were reported
on the way down. which added impetus TO the
downward trend. Weakness in outside markets
increased the selling pressure. Confirmation OF
reports of rains in Argentina brought out buy
ing orders by commission houses late in the
day. and the market responded to the improved
demand. much of the early loss being regained.
The close was steady, with May %qizc lower
at S0xGS0Sc. Clearances of wheat and flour
equal to 200 blu. Primary receipts were
91S. SEQ bu, against 7S7, 200 a year ago. Mnneap
oils, Duluth and Chicago reported receipts or
Gas cars against 500 last week and 63S year ago.
Corn firm in spite OF the slump in wheat.
The significant feature of the trade OF late has
been the smaller deliveries December con-
tracts from DAY TO day, showing that the cash
corn has become pretty well placed. There was
little corn the market to-day and while the
demand was not urgent buyers had TO bid the
price up in order to secure enough TO NIL orders.
Weather favorable for the movement but
local receipts continued small, only 132 cars
none contract-beilg shown on the inspection
sheet. After opening Sc to NC higher at 4z3sc
to 43c, May sold between 425sc and 43ssc. closing
at 4?G43Hc.
Oats displayed strong undertone with corn.
The feature of the trade was the buying or May
by Eastern houses. who evidently were taking
of hedges and standing long on the market
Local interests also bought freely, and the de-
mand was augmented by covering by shorts;
Offerings mostly scattered. May opened
unchanged to nc higher at sshc 10 36kc. and
after selling between 35hc and $3.50 closed at
36s.c Receipts were l37 cars.
Provisions ruled higher and there was bet
ter demand than for some time past Buying by
shorts and commission houses caused small
advance early and the gain was held all day.
May pork closed 12izc higher at sli.521, lard
Up 5Q71sc at s6.57hQ6.6o and ribs TIC higher at
S. 90
Estimated receipts for tor morrow: Wheat, 50
cars; corn, 1S5; oats, $50; hogs, 5000 head.
Leading futures ranged as follows: