The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-10-01
WHEAT RECOVERED15-8C
MARKET BADLY RATIFIED BY A
SHARP BREAK IN SPRING WHEAT.
Afterwards Strong Bull News Resulted
In Fresh Strength and BETTER
Prices Followed in All Pits.

CHICAGO. : spt. 3O.-Wheat to-day more
than recovered from yesterdays tumble
the December option closing firm at 1%c
advance. The market was badly ratified
during the forenoon by the sharp break in
spring wheat, which became irregular to-
day, but heavy shipping engagements from
here presumably of this same grade, put
the market on it's feet again. Drought re-
ports were also factor. Other markets
were content to follow wheat in a mild de-
gree, corn and oats closing CSC higher and
provisions advancing 5010c. Shorts in
wheat, who expected a further break in
wheat that would have enabled them to
buy at an additional profit, were disappoint-
ed, the market starting with December
bringing 891a0S95sc, as compared with 500
s91sc at the close yesterday. Liverpool COM
menced the days trading at prices un-
changed to Esd lower. Paris started at
u confines decline The prices were bet
ter than expected, in view of the terrific
tumble in prices late in yesterdays mar
ket here. The Price Current said that the
drought conditions had been intensified dur
ing the week, and complaints of dry pas
lures and of ground unfit for blowing came
from all over the West. For mo-
ment after the opening the market hesi-
tated. Then shorts concluded the quicker
they covered the better it would be, and
the price of December, which had dropped
through neglect to S9Ac, went up with a
jump to 9OAc. Shorts had considerable diff
ficulty in covering, and not until 9O14c had
been reached did holders evince any dis
position to let go. After that the market
sugged off again to 9Oc. Chicago received
25S carloads and Minneapolis and Duluth
I'M.
received 1.133 carloads, and the correspond
ing day of the year before 9S6. Some offers
In the pit of No. spring wheat at S5c for
October delivery, at which time that grade
Will be eliminated from the regular con-
tract grade, attracted general attention,
from its discounting the price at which it
could be sold at the time for September
by about 212c per blu. Later it sold for
September at Soc. This caused the price of
december to run down to S91sc,
but shortly afterwards, when it
was announced that 100000 bu of
No. spring that had been offered at S5c
had been taken by a shipping firm for ex-
back what they had been so anxious to
sell short time before. The price respond
ed to the demand thus excited by another
rise to 90Ac. In addition to the local fresh
purchases for export the clearances of
wheat and flour from Atlantic ports for
twenty-four hours amounted to $4,000 bu.
market
later by the &c premium which wheat was
commanding at St. Louis over the Chicago
Price December finally sold up to 90s4c I'M
der vigorous demand, and closed at 905s0
90Ac
Dry weather and the recovery in wheat
caused corn to rule firm. There was quite
general covering by room traders, and
some let up in the selling pressure, the con-
sequence being prices ruled higher from the
start Lower cables and the fact that re-
ceipts. though comparatively small, were
one hundred cars over the estimate
checked somewhat the upward tendency
The cash market was weak. Receipts were
posted at AIS cars. Exports were So, 900 bu
December ranged from 29sso to 2S2zc, closing
SSc higher at 29A0293sc
Oats, were fairly active and stronger.
Drought in the West attracted attention
and induced some buying. A good cash de-
features Receipts were 435 cars and sea-
ranged from zoe to 19ssQ1914o. closing &c
higher at 1870.
Speculative trade in provisions was small.
but prices were firm all day at some i'm
provement over yesterdays closing values
and yard prices &c higher. Packers and
other shorts did some buying. At the close
December pork was 10c higher at IS 2715
December lard 10q121ac higher at $4571bn
A.60. and December ribs 517c higher at
$4.771aM4S0
Estimated receipts for Friday Wheat
275 cars: corn, $50 cars; oats, $50 cars; hogs.
$4,000 head.
LOADING fI1tl1raS ropoad &c foI1orre.