The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-06
WHEAT PRICES RALLIED
EARLY DECLINE ON WEAK CABLES
OVERCOME BY BIG CLEARANCEs.
RumOred Corner i'm the Northwest
Carried Little Weight on the
Chicago Market

CHICAGO, Dec. A decline of &C.. with
which wheat opened to-day was pared
down by the action of shorts to a net de-
cline of &c at the close. Weak cables were
responsible for the early Decline but the
clearances, the largest for the season, made
a fairly firm market toward the close. Corn
and oats were firm and advanced hc and
1z@ssc, respectively. Provisions advanced
@1Gc on a good shipping demand.
Wheat started weak and at ssQBc decline
for May. Liverpool was Ad lower for De-
cember wheat, Esd lower for March and 7sd
down for May, compared with yesterdays
closing rates The weather has turned from
severe frost to a decided thaw over the
greater part of the winter wheat country
and the Minneapolis and Duluth receipts
were again not far from double those at the
corresponding time of the year before The
market did not for some time give much in
dication of doing better, but in the course
of an hour from the start it had acquired
a small modcum of firmness. The opening
prices for May were from SOC to S9Ac, COM
pared with $3.50 at the close Friday. On
the slight rally that followed it sold up to
S91sc. January during that time made some
peculiar changes, selling at from S94c when
May was soc, and was bringing S9Ac or
at from %c premium to NC discount COM
pared with the May price. The weakness
at Liverpool was accounted for by the edi-
tor of the Liverpool Corn Trade News in a
cablegram which said decline was owing to
selling for March and May on orders from
Chicago and also to Thoman's report issued
yesterday. Minneapolis and Duluth receipts
We're $50 cars, against 927 q week ago and
1859 cars the corresponding day of the year,
before. The primary receipts were as bear
ish as ever, the total of the day being 943, 900
blu, against only 5000 on the like day of the
year before. The expected increase in the
visible OF $4,000 blu, should it be realized
decrease. for the similar period of
1886. The weeks exports from both
coasts were 100000 bushels, the largest but
once before for one weeks shipments. The
days clearances from Atlantic ports were
liberal at the equivalent in wheat and flour
of 717OO0 bushels Those liberal shipments
combined with firmness of the Paris and
Antwerp market, considering the previous
days weakness here, added to the recovery
to a further slight extent. May rose to
S94c, but reacted little under scattered
realizing mostly on small lots, and closed at
S91ac or sc lower than it did yesterday.
December was neglected by the general
crowd and was only heard from at wide in
tervals 1t sold from 94Ac at the opening
to 9518c and closed at 9oc, which shows no
change for to-day.
Corn, at the opening, sold nc lower than
the close yesterday, influenced by the weak
ness in wheat, but good buying by local
shorts and commission houses caused the
market to react, and on the late trading
prices ruled firm The large export OF corn
for the week, 4,5S5OO0 bushels, constituted
a bullish influence. Cables were Ad lower.
Receipts were 4SS cars: May ranged from
2S4sc to 2S1sc and closed &c higher at 2S1zc.
Oats ruled firm on buying by local opera
tors and elevator people. Light offerings
aided in the upturn of prices and also
caused trade to be rather limited. Sym
pathy with corn was factor. Receipts
were 387 cars. Selling was scattered and
entirely local. May ranged from 2zsc TO
215sc and closed A@ssc higher at 22g22?sc.
Provisions were very firm. The basis OF
the strength was the excellent demand from
domestic and foreign sources for the casn
products. The shipments from Chicago Tor
the week were so heavy as to be subject
to general remark. Exporters were credited
with liberal purchases of January lard. Tne
market opened steady at about yesterday
prices and gradually advanced closing
strong at the close at top prices. az 81 o ne
close January pork was 10c higher at $S.2I12,
January lard sc higher at $4:zl19 ana Janu-
ary ribs 21s@5c higher at $42Oq42z1s. oo-
ESTIMATED Receipts Monday-Wheat, 20
cars: corn, 45O cars; oats, 450 cars; hogs,
40 900 head. .,,