The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-12
WHEAT MARKET HIGHER
PRICES HELPED BY REPORTED
CROP DISASTER in AUSTRALIA.
After First Few Minutes Firmness
Was the Leading Feature of All
Chicago Markets.

CHICAGO. Oct. 10.-The markets without
exception were strong to-day. Compared
with Thursdays closing prices, there is an
advance of sc in wheat and &c in corn, Zee
in oats and 3212c per barrel in pork.
Several influences combined to help
wheat perhaps the principal one being re-
ports of disaster to the Australian crop.
For second two at the opening the
majority of the crowd in the wheat pit
inclined to take a bearish view of the situa-
ton. But it was only for that length of
time. Then the sentiment suddenly
changed, and for an hour prices went stead
lily upwards until an advance of over lie
from the opening price of 6S1aQ6Sa4c for De-
cember had been reached. The easy feeling
at the opening was principally caused by
the Northwest receipts. Minneapolis and
Duluth received 1925 cars, which, although
forty-eight cars less than received on the
previous Saturday, only 81 cars below
the number received year ago from the
acknowledged very heavy crop of that
son. The bears were also somewhat en-
couraged by the view which Bradstreet's
report expressed of the size of this years
crop, which that authority is inclined to
think will not fall much short of 100000 900
bushels Among the reasons for the adj
vance which SO suddenly followed the open
ing weakness Were the following: The
weeks ciearances of wheat and flour from
both coasts were again over 100000 BUSH
els. Liverpool was firm at about yester-
days advance of a4d, and reported another
cargo of wheat being engaged for ship
ment TO Calcutta. A San Francisco tele-
gram said a cablegram from Australia to
a reliable house reported the wheat crop in
Australia destroyed by hot, Scorching
weather The statement was afterward re
cause the advance to $3.50 in the first hour.
Later, however, the bull feeling toned
down good deal; it was rumored that the
visible supply Monday would show an in
crease of $500 900 bushels. Cudahy was also
reported to have taken advantage of the
advance to sell a big line. and ST. Louis
price declined to 6S12c, but reacted again
and closed steady at 69c, an advance of
about &c.
Corn was active, strong and higher The
Local receipts were below expectations.
bles made a sharp advance. Shorts COW
cred, and there was good investment de-
mand. The strength was maintained even
through the soft spots of wheat, and the
closing was firm at good. substantial adj
vance May opened nc. higher at 259s4t2674c,
advanced to 271Ac and closed firm at z7$sc.
Oats were firm and higher, mainly infiu-
enced by the action of corn. Business. for
a Saturday was very active, and the aggre-
gate sales considerably in excess OF the av-
erage. Demand was good and offerings
r gef eshg Nay opened &c Rgh
at 1890. advanced to 204c and closed
steady at 201sc.
Provisions were very strong. Packers
were liberal buyers, and although one firm
sold 5000 tierces of lard the market alb
sorbed it and advanced while it be-
ing disposed of. After some reaction from
the top prices heavy outside buying orders
were received and were the principal cause
of the bullish snap with which the market
closed. January pork closed 3215c higher
at $7.S21a; January lard 712e higher at $3.50;
January ribs 122c higher al $3S712.
Estimated receipts for Monday = Wheat,
325 cars; corn. 100 cars oats, GOO cars;
hogs, Al, 900 head
Leading futures ranged as follows: