The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-14
WHEAT GOES lC LOWER
BIG INCREASE IN WEEKLY EXPORTS
ONE BEARISH FACTOR.
Heavy Argentina Cables Caused Weak
OpeninS-COrn Market Weak, Los
ing 4 Ia to 1 3-S Cents.

CHICAGO, May 13.-Bearish crop reports
and a decided decrease in weekly exports
caused extreme weakness in wheat to-day.
the July delivery closing with a loss of
&c to &c. Corn is down lac to 1850. Oats
show loss of &c to Sc. and provisions a
shade to 10c.
Lower cables and heaviness of Argentine
shipments caused heavy selling pressure in
wheat at the opening. Initial sales were
made at slight losses, July being down a
shade 10 &C TO CSC. at S412Gl84$4. The prin-
cipal selling was by holders of the Septem-
Der option, although the July delivery was
also offered quite freely and sold off To
S4ssc.
Weather in the Northwest was wet and
cold and this fact brought out some buy
ing orders early in the day, resulting in a
operations in the Red River valley were be-
ING delayed by rains the winter wheat sec
Sohs OF the country were being greatly
benefited by the additional moisture.
In consequence the majority of traders
were inclined to take the selling side Many
OF the early buyers disposed OF their wheat,
the market weakening rapidly under this
selling. During the latter part of the ses-
sion many bearish crop advices added to
the weakness. The weekly report of two
different crop statisticians showed i'm
proved prospects in all sections of the
wheat belt where any benefit was possible.
Bradstreet's figures on exports of wheat
and flour for the week were extremely
bearish. the amount, $4,000 blu. being the
smallest shipment for any week in sixteen
years. Liquidation was heavy late in the
day and the market failed to recover any
of the previous loss, the close being at the
bottom for the season. After touching S424 q
S3ssc July closed at S37sc.
Clearances OF wheat and flour were equal
TO 4IIU blu. Primary receipts were l69, 400
bu compared with 1880 bu a year ago.
Minneapolis. Duluth and Chicago reported
receipts OF seventy-fve cars against seven
ty-four last week and l36 year ago.
As result Of the bearish crop reports
and OF the slump in wheat the corn market
was subjected to a general selling move
ment during the latter part OF the session
There was some covering by shorts, but
offerings were so liberal that a sharp break
occurred Reports from the West showing
freer country acceptances, tended to in
any rallying power and closed at the low
point. July opened shade lower at 1870
and sold between 41ssc and 49c, closing al
4l9sc Local receipts were sixty cars with
three of contract grade.
Oats were affected by the weakness oil
wheat and corn, exhibiting considerable
weakness late in the day. During the
early part of the session the market held
quite firm under the Influence of small re-
ceipts. but offerings increased as the ses-
sion advanced and prices gradually de-
clined, The close about the lowest
point of the day. July opened unchanged
at SSssd3s1zc Local receipts were ninety.
six cars
Under the influence of weak grain mar
kets, provisions ruled easier. with the ex.
ception of ribs, which were relatively firm
on buying credited to a big packer. Out.
siders sold pork and lard freely, and there
was very little support aside from some
early buying by brokers July pork CLOSED
down TIC TO l0c at S11. 15d1l.l712. Lard wa:
off 7ikc, at s6.S7la. Ribs were a shade low.
er, at Sc. 351631i2