The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-16
QUIET DAY FOR WHEAT
PRICES STIFFENED AT THE CLOSE
BY SHORTS COVERING.
Lively Trading in Corn and Oats at
the Last-PrOvisiOns Strong and
Prices Advanced.

CHICAGO, Dec. livery little business
was done to-day in the December delivery
of wheat, and May did not fare much bet
ter. The latter month was well sustained
rule. and at the close was selling
half cent higher than the final figures of
yesterday. Shorts covered freely late in the
session. Corn and oats had lively squirt
in the last fifteen or twenty minutes trad
ing and showed closing advances of 3sQ19c
and Bc. respectively. Provisions were
strong throughout and advanced 714915c.
There was no strongly developed feeling
either way at the opening in wheat Prices
were substantially the same as at the close
yesterday, May starting at 9OlaQ9OAc most
ct the first sales being at 9O5sc, while De-
cember was quoted at 9712c. A slightly
firmer feeling was impaired soon after by
cablegram from the Liverpool corn trade
stating that only five Argentine steamers
had been fixed as yet, meaning only that
many so far chartered for shipment of
wheat 1t also quoted Goodwin, the Argen-
tine wheat authority, as saying arrivals in
Europe would not be before April pri-
vate Paris cablegram ridcued the state
ment that France would need to import
only 20,O00,000 bushels of foreign wheat from
Nov. l to the end of the crop year, stating
the estimate Of requirements for that time
at 60,000,000 bushels, and that bakers and
millers' stocks were small and farmers de-
liveries light. These statements caused
moderate covering by the more timid shorts
the price of May advancing in consequence
to 90Hc. But the dullness of trading mill
tated against any sustained advance, and
prices slowly slid off again to 909sc. though
not without several slight rallies Minneap-
oils and Duluth receipts were Az cars,
against 600 Wednesday week ago and 30
the corresponding day of the year before.
Chicago received the usual way by rail 1874
carloads, compared with tWenty-Six a year
ago, but received to-day in addition to rail
receipts from the country 100 cars and 80. go
bushels from unlicensed elevators and 120,-
000 bushels by lake. the latter lots all No
Northern spring. Primary market receipts
against 2S2,950 bushels the previous year
Export clearanceS from Atlantic ports
amounted to 315 GOO bushels in wheat and
flour. A second cablegram from the Liver
pool Corn Trade News reported official
statistics of wheat and flour consumption
in Germany and Belgium for November
much smaller than in that month last year.
May touched 90ssc, the low point on that
Bradstreet reported the worlds visible in
creased by 3S3, 600 bushels. The temporary
decline on the reported reduced appetites
of the Germans and Belgians came to an
end when the Bradstreet report was pub
lished. The market developed considerable
strength toward the close, due to free gen.
eral covering by shorts and limited specu-
lative offerings. May advanced to 91Ac and
closed firm at 911kc. December transactions
comprised all told about 100000 bushels
most of it sold for Armour & Co.'s account
and bought principally by Allen-Grier at
around SIC. 1t started nomnally worth
971ac then at 97c, from that up to 9S12c and
down again to 97Ac, where it closed.
Corn was very slow and inclined to be
weak up to within fifteen minutes of the
close, when it suddenly became active and
strong on a rush OF shorts to cover sales
made during the recent decline. This
caused a recovery of the slight early de-
cline and good advance besides. Specula-
ton was quite broad at the close. The cash
demand was slow May ranged from 29Gt
291sc to 2S1ac, closing ss@14c higher at 29Q
29kc.
Oats like corn were weak early in the
session and some decline followed free sell
ing. Prices turned abruptly upward when
covering started near the close, for very
little was offered and the market was
strong and Bc higher at the end. Cash
business limited. May ranged from
22s@c to &c and closed at 223sc.
Provisions were eedingly firm and more
active speculatively than they have been
for some time. Light receipts of hogs and
firm hog market started prices higher and
good general buying kept the market adj
vancing. Purchases of lard were especially
heavy. At the close May pork was 15c high
err, at $8.75; May lard 712Q10c higher, at
$465 and May ribs 10c higher, at $4.4712.
Estimated receipts for Thursday-Whe
41O cars; corn, 290 cars; oats, $50 cars; hogs,
81 900 head