The Indianapolis journal., 1897-01-04
WHEAT ADVANC ED / So
THE NEW YEAR OPENED STRONG.
WITH BULL NEWS IN rHh LEAD.
Firmncss in the Leading Cereal Ex-
tended to All other Markets, Pro-
visions Rising IL 1-2c.

CHICAGO, Jan. "a firm feeling per-
vaded the speculative markets to-day and
all the leading articles closed higher than
they did Thursday. Wheat was the leader
both in strength and activity, the factors
being Argentine crop damage reports and
apprehensons as TO the result of the cold
wave in the winter wheat belt. Wheat ad-
vanced 1ssc, corn and oats about Ac each
and provisions sc to 12lac.
In wheat the early news was of a de-
cidedly bullish character and the first ses-
sion of the year moved off in way to re-
joice the hearts of spectators wishing
higher prices. The strength was maintained
TO the end, the lowest price of the day
being made shortly after the opening, when
liberal selling by longs caused a slight de-
cline, which, however, was quickly recov-
cred from. One of the factors helping the
market was the prediction of cold weather
in the winter wheat section. AS the plant
there is unprotected by snow and the
ground thoroughly soaked, a severe freeze
would make crop damage probable and ex-
erted bulish influence, causing an ac-
tive covering by shorts and liberal invest
ment buying. Another sensationally strong
factor was found in the news cabled from
Argentine, which represented matters there
as steadily drifting from bad to worse. The
province of Santa Fe, which usually eX-
ports 100000 bu wheat or over. will not
have, ii is claimed 2,00O,OOO bu surplus this
year. That the Argentine news was re-
garded in England of the most serious
Importance may be gathered from the fact
that although it was holiday there, the
buying orders to New York and Chicag go
for May wheat. Opening quotations for
May were at S35sGS3$4c. as compared with
the Thursdays closing price of S314c After
touching S3asc the market went steadily
upward until Soc had been reached 1t re-
acted from that to S4ssc and closed strong
at S47sc. Northwest receipts, though small,
had but little influence on trading. Mime
apols and Duluth reported 1893 cars, or 5
Corn was quiet, but decidedly firm, gov
erned chiefly by the buoyant feeling in
wheat. Shorts were soon disposed to COW
er and there was some investment buying.
marked effect on country shipments also
helped prices. May opened 3-16c higher at
2324c, sold between 255sc and 26c, closing
firm at 2534 a 253sc.
oats were quite firm with prices Ac BET
ter at the close than at the finish Thurs
day There were no features to trade and
fluctuations were influenced entirely by
wheat. Some buying, but no sales of any
importance. were effected. May opened
about 1sc higher at from 1850 to 195s419s4c C,
sold at 1890 and closed with 1890 bid.
A good trade was done in provisions and
while the majority of the trades were in
the way of changing January forward to
May. there were also not a few straight
buying orders. The strength in wheat and
some disappointment in the receipts of
hogs were among the reasons for the firm
ness of the products; At the close May
pork was about 1212c higher at $4G4.0212.
Estimated receipts for Monday-Wheat.
43 cars; corn, 400; oats, $50, hogs, 10000
head.