The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-29
WHEAT JUMPS UP 2 lac
ANOTHER STIFF ADVANCE ON THE
CHICAGO BOARD YESTERDAY.
Bulls Take a Firm Grip After Hearing
from Liverpool and Boost the
Prices to 51c.

CHICAGO. Oct. 28.-Wheat acted to-day
as if started on a renewal of the recent
temporarily suspended bull campaign. 1t
advanced to 7114c for December and closed
at 707sQT1c nor nearly FAC higher than it
did yesterday. Better Liverpool cables. a
strong Northwest market and the engage
ments for Australian shipment all con-
tributed the strength. Corn and oats took
part in the bull feeling, advancing Sc and
1sc, respectively. Provisions closed at prac-
tically unchanged figures.
The Liverpool market was once again a
surprise to the traders who looked for its
being quoted very weak after Yesterdays
emphatic slump. But on the contrary
prices from there showed a Esd advance
by the time the session opened. That set
December going at an advance of Nc. The
first transactions in that opening were at
from 69c to 6914c, and inside of a half hour
the prices went to 695sc. The Northwestern
receipts were again SO heavy that they
weighed at times on the minds of the trad
ers. Minneapolis and Duluth reported 1,20S
carloads received compared with 965 week
ago and with 122S on the corresponding
day of the year before. To counteract this
were advices from the Northwest that
farmers deliveries are rapidly falling off.
A point in the situation in Minneapolis
which was much commented on was that
the premium of December over cash wheat
in that market which a few days ago was
&c was down to 1c at one time to-day. The
bull sentiment was held somewhat in check
during the morning hours by the weak Lon
don and continental cables, by the fact that
New York cleared no wheat and by the
continued closeness of the money market.
But a little before noon steady advance
set in December climbing to 705sc. This
was caused principally by a sudden develop
ment of buying orders supposed to come
from Cudahy whose selling was held to be
days break. That he should now turn
buyer was an unexpected development and
caused a sharp rally; The. Northwest was
also bullish with prices there advancing
sharply-making nearly &c advance-and
there was good buying here for Northwest
account During the last fifteen minutes
messages from San Francisco confirming
the sale of three cargoes to Australia
started buying anew. December reacted
somewhat before the close, final figures be-
ing 7o7s@71c.
Corn was quiet but firm. being helped a
good deal by the stronger feeling in wheat.
The advance in freights from the West is
expected to diminish the receipts tenn
porariy at least and that perhaps made
shorts all the more ready to cover. May
2S2sc and closed steady at 2S14G2Sssc.
Oats were quiet. A firm feeling existed
action of wheat and corn. Very little in
terest centered in the market. May started
a shade higher at 21asGt211ac, touched 214@
213sc, advanced to 213sc, and the last price
was 2114Q213sc sellers.
Provisions were heavy. The heavy re-
ceipts Of hogs and large estimates for to-
pretty general selling a further decline took
place. The strength Of wheat and corn had
its effect later and about or all not the
21ac lower at $3.50; January lard was un-
changed at 4.50c; January ribs were I'M
changed at 3.S5Q387hc.
Estimated receipts for Thursday-Wheat,
146 cars; corn, 500 cars; oats, 345 cars; hogs,
81 900 head.
fo1I