The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-17
PRICES OF GRAIN DROP
CHANG. : OF DELIVERY RULES
eau. sED SELLING OF WHEAT.
God De- nand for Corn Early. but
-Oats and Provisions Lower.

CHICAGO. Feb. ia change in rules gov
erning deliver IS was largely responsible for
heavy liquidati on in wheat to-day. resulting in
July closing 2 e2lsc below the final figures Of
Yesterday. May wheat closed 1k0ii.c down.
May corn is of 4017sc. oats 1Kc and provisions
nc t. SOC.
Decentralization was rampant in the wheat pit,
starting with CONFUSION caused by the inaugura-
ton OF a new rule in reference TO the delivery
of No. l and No. 2 hard wheat on. future con-
tracts.
Until to-day No. 2 red and No. l AID No. 2
hard winter wheat have been deliverable on
contract at SC discount. but the board voted to
make the rate after July l at &c discount.
Announcement of this decision brought out
heavy realization sales in the July and Septem-
Der options. Prices declined throughout the day.
The opening was comparatively steady. in
fueno.d by the e3 uly Liverpool cables. which
showed a slight aO.ance in the initial quota
tions. May being u Unchanged to &c higher at
97Ac to CSC. July " as unchanged to 1Rc lower
at gOG9Okc. Large q %santities of July and Sep
tember wheat came ,ut during the first hour
There was very little support to the market.
was nothing apparent IL, the general news to
bring out such heavy SELF az orders. Foreign ad-
Moreover, the cash demanG in all domestic mar,
kets was a noticeable feature. Cold weather in
IL VIZ ais a JUL aCtOA
MUCH LONG HEA FOR SAIL
In the face of these favor able circumstances.
however. long wheat conti1 rled to come out
the entire day. The weakn tss In the outside
markets and in the corn and oats pits undoubt-
eddy had some effect.
1t was also claimed that a natural reaction
from the recent buIIishness accounted for a
considerable part OF the depression. The close
was weak and near the bottom. After selling
down to 96Ac, or nc below the nigh point.
SIC. after toSchins SA.c.
CIearances of wheat and -four were equal to
against ss5. 900 bu a year ago. The worlds Wis.
ible supply, according to Bradstretds, showed
an increase OF 1.-Two Du; MI9h p Dgniunssn
562 cars last week and 4os cars a year ago.
CORN TURNS WEAK.
Corn met with a good demand at the opening
from local traders. and for a short time the
market was quite firm. The demand. however.
was not long in filling up. and when the break
in wheat occurred there was a lot of long corn
for sale and the market turneC weak.
The decline was checked Temporarily by the
interests, but as soon as this cpder had been
filled additional weakness was ma uifeSted. For
eisn news Is,r was less 6ailish; The clos N Ws theg P %ss
favorable for the movement, but receipts show
no tendency to increase.
May opened a shade lower to sqAc higher at
56hc to 567sc. and sold early at 56Asq56zc. The
close was at the bottom at 547sc. July closed
at 52&c. a net loss of A97sc. Local receipts
were 525 cars. two of contract grade.
OATS o LOWER.
Oats were very nervous and easily affected
either way. There was a break of nearly a
cent in the price of the May delivery on gen.
eral selling. brought out by the early decline
in wheat and corn. but a fair demand from one
OF the principal commission houses induced
other buying, ana a full recovery resulted.
The market again declined. however. late in
the day, due to the weakness in other grains,
and the close was near the bottom. May opened
unchanged to hc higher at 44hc to 44Ac, sold
between 42kc and 44%644zc closing at 427sc.
Local receipts were 327 cars.
REALIZING L IN PORK.
There was early strength in provisions with
good buying of pork and ribs. The advance in
prices. however, brought out heavy realizing
sales, which were increased by the extreme
weakness in grains. The early gains were all
lost and at the close prices were considerably
lower than yesterdays final quotations. May
pork showed the greatest loss. being down soc
at s14.7c after selling between s14.7 20 and SIS 20.
May lard was off 1zhQ15c at $7.60q76h, with
ribs 71aQ10c lower at $40.
Estimated receipts tomorrow: Wheat. 20 cars;
corn. 1870 cars; oats, $50 cars; hogs, 1900 head.
Taadfn0 ,,t,trac rano aS foIIoxrS.