The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-11-18
LITTLE BULGE in OATS
BECAME A STRONG FACTOR IN THE
CHICAGO GRAIN MARKET.
Wheat Dull Most of the Day, but
Turned Active Near the Close and
Scored a Gain of L 3-Sc.

CHICAGO. Nov. ia little bulge which
took place in oats and which advanced the
price of that article &c was all that saved
wheat and corn from almost utter stagna-
ton to-day sympathy with the strength
in oats put some degree of activity and con-
siderable strength in both these markets
during the latter part of the session. Wheat
closed 114@1ssc higher and corn advanced
55c. Provisions were firm, though dull, and
advanced 5Q10c.
Wheat was fairly strong at the opening
and for some time after, although keeping
within a range so narrow as to be remark
ably even for dull market. The foreign
wheat markets were not as bearishly af
fected by the decline of yesterday at Chi
cago as they were expected to be, and the
Northwestern receipts were very much
lighter. Private cablegrams also confirmed
yesterdays dispatches reporting less favor
ably of the condition of the Argentine wheat
crop With such encouragement to holders
the market there opened at a slight inn
provement over yesterdays closing prices,
May starting at S919QS95sc and selling short
ly after at $3.50. Only few of the smaller
shorts covered, and, as the bulls did not
press the market, the trade during the
morning was very small, with prices keep
ing a little above yesterdays closing figures.
The two Northwest receiving points, Mime
apolis and Duluth, reported 769 cars of
wheat to-day, against LAO Wednesday
week ago and 500 the corresponding day of
the previous year. Chicago had 127 carloads
inspected into store, against 104 last week
and % a year ago. Liverpool had declined
asd per Genital before Iaulng started here,
but Paris was quoted from centimes to
Is centlmes higher tor wheat and 70 centlmes
higher for later deliveries OF flour to 10
confines Improvement for March-April.
The market was aided in degree by lib
era. Atlantic clearancea. The quantity Of
wheat cleared from Atlantic ports was BAL
OUO bushels and of flour 1900 barrels, or
equal together to 435, 000 bushels. The pri-
mary market receipts OF wheat were $780,
6S3 bushels, compared with ST 800 bushels
the year before, and therefore to-days ex-
cess was not so markedly bearish as recent
similar comparisons A dispatch from San
francisco said the price of wheat there was
&c per Genital lower than it sold yesterday,
and New York reported the inference that
there was little to promise of export de-
mand. The market here was oversold, and
furry that started in oats, putting up the
December price of that article 1c, commune
Gated additional nervousness to the shorts
in wheat. After II o'clock the price began
to feel the effects of the jump in the coarser
grain, and for the first time in the session
the price of May got above 90c. 1t stayed
above that mark and the advance started by
the unusual strength and activity of oats
kept the market going until near the end
May was bringing 90Bc. The close was
strong at 90AQ903sc
Corn was a dull market, with practically
nothing going on except changing until oats
developed it's strength. This aroused shorts
and the market was transformed into an
exceedingly lively one Prices up to that
time had been steady, helped by wheat re-
ceiptS of but 225 cars and a good Seaboard
demand. Shorts were active bidders during
the last hour, and prices moved up steadily
closing at the top. Seaboard clearances were
335 600 bushels. May ranged from 301sc to
291sc and closed 1sc higher. at SOQSO1kc:
the floor. The short interest, which was re-
stricted yesterday by the influence of wheat
and corn, had full sway in the market to-
day. The strength was started by the ac-
ceptance at &c over yesterdays prices of
all OF last nights cable offers from here
and there was a general demand from shorts
as prices advanced. The spread between
December and May narrowed considerably
and elevator people are predicting that they
Will come TO the same price. The fact that
Chicago contract stocks are only 725 900
bushels and are controlled by two of the
firms was an important factor. Receipts
We're 2S6 cars. C1earances amounted to 421-
600 bushels. May ranged from 225h622szc to
2l%Q217sc. closing 7sc higher, at 225s122%o
Provisions opened strong, and although
trade was very small all day, prices were
we'll maintained. Hog receipts were 5000
less than expected and yard prices were
higher. This was the cause for the opening
advance In provisions. Buying was mod
crate, but sufficient to keep the market firm.
January pork 10c higher, at So 80; Jan
uary lard. 2NT5c higher. at $780, and jan
uary ribs 5GD715c higher, at $42716
Estimated receipts for Thursday-Wheat
JOB cars; corn, 400 cars; oats, 317 cars; hogs
600 head.
I R.,k.