The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-04
THE CROP ESTIMATES
BEERBOHM's FIGURES CAUSED
FRIGHTENED SHORTS TO BUY.
Later There Was Reaction, and
Wheat Closed Unchanged-COrn
Weak and Lower.

CHICAGO Dec. 3-Both the May and
December futures in wheat closed to-day at
substantially unchanged prices. Figures on
the stocks yet in farmers hands, and
rumors of forthcoming heavy shipments to
Chicago, played havoc with prices for
while, but the export engagements came to
the rescue. Corn was weak and closed so
&c lower Oats and provisions showed very
little change at the close.
Wheat started firm at 9O1s09OAc for May
and at $3.50 for December, advances of 1sc
and &c, respectively. May soon after adj
vanced to S0ssc on moderate buying by local
shorts and by houses with foreign connec-
tons. The strength was due mainly to the
action of the Liverpool wheat market,
which opened with slight Decline bit was
at yesterdays closing quotations before
trading commenced here. In the course of a
few minutes more the Liverpool prices had
further advanced to from 4d to Esd gain
for the day. The Northwestern receipts
still held at volume too great for any con-
firmaton of the claims made that farmers
deliveries in the Northwest had materially
decreased. On the other hand, Beerbohm
was reported to have made a final esti-
mate Of the quantity of wheat grown in the
world this year, which made it 10000 900
and 1876, 900, 900 bushels less than the world
crop in 1891, in which year the United States
and Canada raised the heaviest crops in
their history. The export clearances keep
up in a remarkable manner. Six, ports
cleared nearly 100000 bushels wheat and
flour for the day. The estimate on stocks
at Northwest markets is an increase of Co.,
CU0 bushels at Minneapolis and a decrease
of $4,000 bushels to 1,UUJ,UUO bushels at Du-
Inf 10T1G moi Tic and inf
cars, against 49S last year. Chicago receipts
were l46 cars. The Ihoman crop report
came out during the morning. 1t claimed
that the amount of winter wheat seeded
this fall was Z per cent in excess of the
amount harvested last summer, and that 48
per cent. of the crop, equal to 2l5,0O0 00O
bushelS-waS still on hand which is $1,000 900
bushels more than at this time last year,
and would leave as available for export up
to July next ll5,OyOOj0 bushels. The state
ment was so bearish that, although 1T was
vigorously denounced. it caused a sharp
liquidation and decline in May to S9lsc.
Even December, which had sold up to &C
under good buying, was let go OF in guam
titles sufficient to cause a break to 9412c
There were renewed reports that accumu-
lation of five hundred cars at Minneapolis
was for the purpose of bringing wheat to
Chicago in the event of navigation closing
soon. After midday the market was better
supported. New York reported sixty loads
taken for export TINS stimulated buying
toward the close. and May rallied to GOO. 1t
was selling at $500 at the close and Decem-
Der ut SOC
Corn was very heavy, and readily sympa-
thiZed with the downward tendency in
wheat when that market was declining, but
did not SO readily incline to follow the lat
ter on it's later advance. The selling was
the same kind as yesterday, by elevator
people and professionals, with some Deem
Der liquidation. Receivers reported coun-
try offerings liberal Clearances were $685.
900 bushels Receipts were 365 cars. May
ranged from 285sc to 2S1sc, closing 1s@Hc
lower, at 2S3sc. Covering by shorts caused
the late rally. 20"
Oats were weaker and HG1ac lower early
but rallied and closed with only &c decline
There was considerable selling of a general
nature while wheat was on the decline, but
offerings were fairly we'll taken and the
market easily recovered when wheat turned
upward. Commission houses were the best
buyers. Receipts were 376 cars. Clearances
were $4,000 bushels. Cash demand light
May ranged from 22c to 211aQ219sc and
closed at 2lAc. N19Ys
The market for provisions was quiet, only
a limited business being done. The feeling
was steady, but price changes were as mar
row as yesterday. The hog market was
firmer. The demand for cash product was
active and sales were fairly large. At the
close January pork was 212c higher. at
$81712; lard unchanged, at $42219 and jan
uary ribs unchanged, at &171a
Estimated receipts for Saturday-Wheat,
100 cars; corn, AS cars; oats, 375 cars; hogs,
22 900 head. tH .3r
F,,{,, i ell