The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-22
BIG BREAK in WHEAT
MUCH OF Loss WAS RECOVERED,
HOWEVER, BEFORE THE CLOSE.
Liquidation Started I'm the July OPP
ton on Reports of Rain I'm south
west-Other Markets.

CHICAGO, Jan. fla storm OF liquidation
broke over the grain pits to-day. Nevertheless
after a fall OF Pa cents in July wheat ana IA
cents in the May, the markets closed al prices
little under the extraordinary high record set
in yesterdays final quotations for May, the lead
ing option.
July however, failed 10 rebound equally with
May.
Selling Of July wheat. owing 10 rain in the
Southwest, was the immediate cause Of to-day's
break. The rally was due covering by shorts
May wheat closed only 1s6kc lower than yes
terday. May corn IS %dhc lower. Oats are OF
&c Provisions closed from shade TO &C higher
The day was one of marked activity and ex-
element in the wheat pit. An ominous lull
pervaded the pit at the start. Opening quota
tons were steady. May being &c higher TO nc
lower, at s17sc 20 s2Ac. Trading was barely
under way, however, when a general selling
movement began in the July delivery.
The cause of the sudden activity in this option
was the relief from drought experienced by the
growing crop in the Southwest. where coplous
in July, small holders in May decided to secure
profits before it was too late. As result gen.
eral liquidation resulted
ARMOUR OPEN BUYER.
Armour bought openly in effort 70 stem
the tide, but offerings were too liberal and be-
fore the break had been checked May declined
to eolkc, q loss of 1&c from the high point.
July was much weaker than May and sold
from ssEsc to S44c at tbs opening down TO s1&c
sheer drop OF 2t1c. With May at s0lsc, early
short sellers began buy and the market grad
Commission houses and local traders were
MaY regaeed an of It's early loss the price
again touching sic just before the close. Final
to the improved sentiment as readily the
nearby delivery and closed with a loss OF lhc
CIearances of wheat and -four were equal to
32S 500 blu. Primary receipts were s7l,SoO bu,
Duluth and Chicago reported receipts OF s5i
cars, against 472 cars last week and s74
year ago.
CORN PRICES BREAK.
Corn opened steady on firm cables and unfavor-
able weather May being a shade higher TO
shade lower at 5oLc 50sq5olAc. The market
soon weakened. however, on the break in wheat
On the decline a lot of stop-loss orders came out
and quick slump to 491sc for May FOLLOWED, as
the market received little support but later
houses which have been friendly to the bull side
became fair buyers. and there was also covering
decline recovered, and firm tone prevailed
at the close. although May was 2sc 70 lRc lower
of contract grade.
HIGH PRICE FOR OATS
Oats Jared the best of the grains. and. while
there was a sharp break early in sympathy with
the wheat weakness, all OF the loss was recov-
cred and a high record in May recorded
Commission houses were the best buyers and
influenced by the continued light receipts
changed to 1sc lower, al 4214d42$o, sold down TO
Axe but reacted later in the day 10 42&c. The
close was at 2l4Q42ssc. Local receipts were LOG
cars
PROVISIONS HELD WELL.
Provisions weathered the gale and held steady
in the face OF the sharp break in grain prices
Much smaller receipts OF hogs than had been es-
timated, with an advance OF loo IN the price at
the yards. was the steadying influence. There
some selling by local longs and also for out
side account, but the market held we'll and closed
May lard up sc, at s725, while ribs were
shade higher, at S. 7e9De. 72sR
Estimated receipts tomorrow: Wheat, 40 cars
corn, 325 cars; oats. l65 cars: hogs Il 900.
Leading futures ranged as follows: