The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-15
WIDE WHEAT FIGURES
DECEMBER WENT TO S1.O3, But
QUICKLY FELL BACK TO 81 1-2C.
BuIIish News Overcome by General
cumuIatiOns in Elevators.

CHICAGO, Dec 1.-THE uncertainties of
the December deal in wheat acted as clog
to-day on the futures that otherwise would.
in all probability, have made some response
to a number of blllish items in the days
news. There were some legitimately bear
ish Influences such as heaviness and lower
prices in continental markets. that, with &c
further drop in December, helped to wear
off 1Ac of the May price those declines be-
ing established at the close. Corn and oats
were dull, and closed at trif1ing defines.
Provisions were stronger and advanced
21lQ5c.
May wheat started shade under the
price it closed at yesterday, opening %@Ac
lower at 907s@91c. The receipts here were
425 cars, against II cars year ago, but
good deal more had arrived by lake that
had not been inspected The Northwestern
receipts were $50 cars. against 734 a week
ago and 440 the corresponding day of last
year. The total quantity of contract wheat
in regular Chicago elevators at the close
of business Saturday last was 3,6SO,OOO bu
The receipts of the last two days will add
about 1,25O,OOO BIZ to that, and it is generally
supposed 100000 bu more have been accum-
ulated in private elevators, to be thrown at
moment. 1t is evident that it will take an
immense sum to pay for the contract wheat
that will be rendered on short sales during
the remainder of the month, and this fact
was apparently in the minds of traders at
the opening. There was quick rally how
ever, on buying by shorts. News from the
Argentine crop was very unfavorable. Sc
rious damage, it was said, had been done to
the wheat crop in that country by heavy
rains. The cash demand at Liverpool was
also better, and that market, considering
the slump 1t had yesterday was remarkably
strong, opening at but 3sd decline, and re-
covered about all that by the time this mar
ket opened. The buying which this news
started carried the price up to 1850. About
IL o'clock the market became exceedingly
dull and remained so for the remainder of
the session. The lack of interest of course,
had its effect on prices, which slowly
sagged. The Atlantic port clearances were
again very heavy, equal to $4,000 bu in
wheat and flour. The continental markets
We're eol heavy; Paris quoting declines
confines and in wheat from 50 centimes
for December to 10 centimes for
March-May. Antwerp was 25 centimes low
er for red winter and 112 centimes lower for
Wala Walla- The Argentine crop accord
ing to BeerbOhm, is not likely to be over
6,OOO,O0O quarters (4S,O00,O00 bu), compared
with scant 100000 quarters (32 100000 bu)
the year before. AS less than 100000 were
shipped from last years crop it follows that
lS,OOUOOO bu will be the limit of the eXporta-
bic surplus from this seasons crop. The
present heavy exports from the country are
expected to come to end in about
week, as the foreign purchases for forward
delivery will have been filled by that time,
according to New York advices. The trad
ers apparently consider that very bearish.
In the meantime the December bulls were
letting that market severely alone, and, al
though it had advanced to $1.03 during the
morning on purchase of bare 10000
bu 1t declined Immediately after the small
buying was over. The actual business in
December during the session did not exceed
100000 bu This neglect of December also
close it sold as low as 9O11Q9O5sc, and the
final price was 9O9sc. December closed al
9712c.
Corn was steady, without much activity
IN the trading. The early wheat strength
helped the market somewhat, as did the
bad weather west Market eased off later
with wheat. Contract stocks increased $685.,
coo bu May ranged from 2S34c to 2811a d2S9sc
and closed a shade lower at 2S5sc.
Oats were quiet ana easy, with fluctua-
lions confined to a narrow range. Trade
was practically featureless. Sympathy with
wheat was the most important factor. Cash
decreased $4,000 bu for the week. May
ranged from 223s@ 221sc to 22Ac and closed
lsc lower at the latter price.
Provisions were quiet, with buying by
Cudahy about the only feature of interest.
The weeks exports were so per cent. larger
than the same week last year. The market
ruled firm and prices advanced sharply. At
the close May pork was &c higher at $780,
May lard sc higher at $4.5712 and May ribs
212c higher at &.3712.
Estimated receipts for Wednesday -
Wheat, 230 cars; corn, 100 cars; oats 2S5
cars; hogs, 80 900 head
90 dirNtr ft1fI fN1I