The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-09
GRAIN PRICES GO LOWER
ARMOUR SUPPORTED WHEAT AT
THE BOTTOM AND 1T RALLIED.
Corn Was Weak on Liquidation of One
Big Line Through Prominent Com
mission Households Weak.

CHICAGO. Feb. s.-Heavy liquidation democrat
lied the grain markets to-day. Notwithstanding
the severance of diplomatic relations between
Russia and Japan. Corn and oats were espe-
cially weak. May corn declining &c and May
oats BIC from the high points. Wheat recovered
partially. closing about Saturdays final hs-
ures. but May corn showed a loss of l7sc and
oats 24T2Ssc. Provisions firm. the May
products closing unchanged TO 10c higher.
With war in the far East virtually commenced
and all foreign markets responding there was
a dash to buy here at the opening by some hith-
erto stubborn short sellers of wheat. The re-
suit temporarily higher prices May opened
l4a1c higher at 94lsqS5c. and July was up sq7sc
s51zaS5a4c.
In very short time however. the short sellers
who had turned buyers had cause for regret
Both May and July wheat offered in large
quantities.
II was claimed that a line of several million
bushels held by a large local trader was sold
out The throwing out of this wheat induced
general liquidation and the market became ex-
tremely weak. May going to $3.50. drop of 1asc
from the top. while July sold off to S31s, or 25sc
from the high point.
The May delivery later received good support
fr9m Armour and the price of that option soon
resained cent of the early decline. while July
rallied in sympathy.
The market also helped by a dispatch
stating that all offerings of wheat from Odessa
had stopped. y late break in corn and oats
had a depressing influence wheat prices. but
additional support from the Armour interest
caused a fairly steady tone at the close. May
was unchanged at 94c, but July was down &c
at S49sc.
Clearances of wheat and flour were equal to
44o. 700 Blu. Primary receipts 10000 bu.
sage increased 3472 600 bu. while the visible sup
ply decreased $50, 600 bu. Minneapolis Duluth
and Chicago reported receipts of SOB cars, COM
pared With 4e3 last week and 1856 year ago.
CORN VERY WEAK.
The feature in trading in corn the heavy
and persistent selling by a prominent commission
house. The impression among traders was that
the principal bull leader disposing of part of
an enormous line through this Several
other large interests also the selling side
of the market, including representatives of a
number Of Eastern spectators.
Offerings continued to come out during the en-
| tire session and extreme weakness prevailed:
progress and this helped to send the prices
lower; The closing was firm along with wheat
but within the first half hour the price had fall
| en- to 53sc.
Shorts took advantage of the lower prices and
| covered moderately, causing slight rally at
| various times. but on each small advance more
| iOHk CoIIl Noulu COIHe out anu the ndThel WOulu
| decline lower than before. The bottom was
reached at SIC, drop of cents from the open
1 ing high point The close at 527sc. July
| closed 2d2bc lower at 507sc, after selling be-
| tween SOS d521zc Local receipts were 421 cars,
| none OF contract grade.
| OATS DECLINE.
| There the same experience in oats as in
corn trading and almost equal weakness. The
| opening was firm news, May being Ssc
to 1a64sc higher at A1kq44tsc to 44%c. Heavy
| selling by a prominent commission house led To-
cal traders to the belief that these offerings were
coming from the Patten line and this started
smaller holders to sell. There were not many
| oats wanted ana prices started downward The
| low point reached at 41Iac, 3Ac below the
1 high figure There some recovery later in
the day covering, but the close 2LG2&C
| lower at 417sc. Larger receipts and better grad
| ing were bear factors. Local receipts were 30I
| cars.
| PROVISIONS SHOW STRENGTH.
| The provision market showed strength in spite
| of the weakness in grains. There a good
| advance early ON an active demand for pork
and lard, but later part of the gain was lost or
| profit taking caused by the break in corn prices
! An advance of 10c in the price of hogs was q
| bull factor at the start. was the far Eastern
situation The buying led by commission
houses and foreigners. After ranging between
| $3.50 and $3.50. May pork closed lOc higher Al
| s13.6712. May lard closed unchanged at 81 52IL
| after selling between S7.521R and S767I5 Rib,
were up PIC at $6.S23, after ranging betweer
Sc. S0G69 81.
Estimated receipts to-morrow-Wheat * oars
| corn, 420 cars; oats $40 cars hogs, g, 600 head