The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-07
CHICAGO WHEAT HIGHER
DECEMBER FUTURES ADD L lac TO
TUESDAYS &C ADVANC-4.
BUD Clique at Work on This Side
Provisions Still Falling.

CHICAGO, Oct. 6.-Wheat to-day added
114c to the &c advance it scored yesterday.
the market closing strong at close to top
figures. Foreign markets again held the
reins, but the advance was checked by the
unloading of large quantities of long wheat,
presumably for the bull clique. Corn acted
similar to wheat, but advanced only 1s0Ac.
Oats closed 14c higher. Provisions We're
again weak and showed declines of 715@
1212c at the close.
Wheat was strong at the opening. Liver
pool and Paris opened 1c higher. In addi-
ton to the invigorating influence of the
foreign advices trade was advised of sales
of 10000 barrels of flour yesterday at Min
neapolis, a good share of which it was
claimed was sold for export. The Ohio
state crop reports showed yield of only
27,S75OOO bushels. compared with 32OOO,OOO
bushels last year and said that prospects
for winter wheat were very poor on account
of the protracted drought. The weather
map gave no indication of an Improvement
in the prevailing conditions for the next
thirty-sx hours. First sales of December
were at from 9214c to 9214c. compared with
yesterdays closing price of 1880. The open
ing prices were not so tempting as com
pared with the closing of the previous day
wheat, presumed to have been held by a
local Spectator, was thrown on sale. The
market took it almost without effort, the
only effect being a &c decline. Then the
market bounded to 92%c. But perfect
food of wheat came on the market at that
price the result being that December was
pounded down to 913sc. Northwestern re-
ceipts were liberal at 1908 for Minneapolis
and Duluth, against S25 last week and LISP
last year Local receipts were 315 cars.
against 285 expected. Below a certain price
the demand for wheat seemed practically
unlimited and indicated the presence in the
market of some powerful interest. At $3.50
the offerings were absorbed so far that the
shorts became alarmed and started for COW
err This sent the price UP to within 14c of
the top figures, when offerings again be-
came in excess of the demand and another
reaction followed. The Bradstreet report
of the worlds available supply of wheat
showed an increase of 2.914 900 bushels.
against $4,000 bushels the previous week
week last year. Of the increase kiuring last
week 2,314000 bushels was in the United
States and Canada east of the Rockies and
coo in and a1oat for Europe. These fig
ures were much less than anticipated and
helped by reported export engagements of
seventy boatloads made the market very
strong toward the close. December was
bringing 923sc as the session ended.
There was nrm TeellnS In corn with
the trade influenced by the drought and the
government crop report. which is due Sat
urday and which is expected to show a ma
terial decline in condition. Gables were also
higher. There was very good buying by
strong local commission firms during the
morning, but offerings increased at such a
rate on all the advances that the market
made little Roadway The visible increased
1,576,600 bushels. Receipts were 400 cars At
lantic clearances amounted to 312. 900 bush
els. December ranged from 301sG30Ac to
29%c, closing H0Ac higher al 30030isc.
Oats were firm at a slight advance,
mainly the result of the influence of whea >
and corn. New York did some buying and
the foreign demand continued urgent, both
of which facts helped prices. Trading as a
whole was unimportant. The visible in
creased $1,000 bushels. Receipts were 277
cars. Clearances $4,000 bushels. December
ranged from 201sc to 1924 @197sc, closing Ac
higher at 20c asked.
Provisions were decidedly weak. An adj
vance of Sd in the English lard markets
and much smaller local receipts of hogs
than expected helped the market around
the opening but the slight rally brought
out liberal quantities for sale and the mar
ket soon became heavy. The demand died
out almost entirely as the session adj
vanced. Closing prices were at the bottom.
December pork, TIC lower at $S.021aQS05;
December lard 121ac lower at $4.37l5, and
December ribs, 715c lower at $4.6212.
Estimated receipts for Thursday-Wh
800 cars; corn, AS; oats. 800; hogs, $4,000
head
Leading futures ranged as follows: