The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-29
WHEAT ON THE RAMPAGE
LETTER SENDS PRICE OF JANUARY
TO s1.Io AND MAY no 0s 3-sc.
Weakness in Cable News Quickly
Overcome by Demand-Other Grain
Unchanged-POrk Lower.

CHICAGO, Jan. 2s.-Wheat to-day made
the best prices on this crop, the January
option being bid up TO $l.10 and closing at
$1.0S. The top price was 1c above the high
est figure reached during the recent bulge
in December May sold up to 9S7sc after
weak opening, but closed unchanged. Heavy
Argentine shipments were against the mar
ket at first, but later strong foreign news
and the usual pushing by the Letter peo-
pie sent prices soaring. Corn and oats fol-
lowed wheat and closed unchanged. Pro-
visions declined 21205c.
1t looked at the opening in wheat as if
the long-looked-for reaction was about to
take place. For the first time in two weeks
news really favored the bears. and de-
cline in prices at once ensued. May, which
closed yesterday at 97lsN97Ac opened to-
day at 9s14Q96ssc, and July in which option,
how ever, there was not much trading,
opened AQ1c lower at S6QS6Hc. There was
plenty of selling at those figures by heavy
holders, and May was down to 96c and July
to S57sc before any support of consequence
materialized. Traders were somewhat stag
gered by the weakness at Liverpool. That
market opened AQ14d higher but a large
slice of this advance had been lost when
1:3O p. m cables came in. This weakness
for the week, S64 900 bushels. This was more
than twice as much as during the previous
week. Northwest receipts were liberal.
Minneapolis and Duluth reported 1874 cars,
against 35S last week and 1874 a year ago.
The impression caused by the Argentine
shipments and the Liverpool decline lasted
about an hour, when a covering movement
resulted in an advance in May to SIC, when
another spell of unloading carried the price
back to 96Ac The market then gradually
recovered and held firm but dull at about
$3.50 for some time. After midday the mar
ket began to develop some of the bull snap
of yesterday. The principal reason for the
renewal of bullish energy was the strength
shown by Antwerp when that market was
heard from. 1t showed an advance equal to
21ac buShel for American red and lHC for
Walla Walla. Paris was also higher by
about nc. The next was tine the very heavy
from Atlantic ports. The latter amounted
to 10000 bushels, inclusive of 60,7S0 barrels
of flour from Newport News. The strength
first developed in May Bids for that de-
livery brought few responses, and prices
slowly climbed until one of the Letter brok-
ers commenced bidding for January in an
attempt to buy 10000 bushels. He succeeded
in getting but 10000 bushels at this price,
in the meantime jumping with Its usual
rapidity to $1.10, the highest point yet
reached for this seasons crop. This also
created an active demand for May from
all quarters, and the price scared to 9S3sc.
At the top prices immense quantities were
offered, which the crowd took eagerly for
time, but about ten minutes from the close
the market broke unQer the pressure, May
dropping to 96hc and January to $l.& That
was the closing price for January. May
closed at 971sc and July at S6s4c.
Corn was easier with wheat at the start,
and again strong when the latter showed
it's midday bulishness. Trading was of
moderate volume, st. Louis and shorts lead
ing the buying. There was considerable
realizing during the morning. May ranged
from 297sc to 293sc and closed shade lower
at 295sQ2924c.
Oats were quite active. There was heavy
buying by shipping and commission houses,
the selling being principally by elevator in
terests and longs. The export demand was
very urgent, and this and wheat were the
controlling influences. May ranged from
2415c to 24c and closed a shade higher at 24A
@24ssc
Provisions were fairly active early, but
became dull later in the session. Heavy hog
receipts and the weakness in wheat started
the market easy at small declines. These
were speedily recovered, under good support,
all offerings being readily absorbed, and the
market ruled steady until near the close,
when the reaction in wheat was reflected
in provisions and some decline ensued. AT
the close May pork was sc lower at $40;
May lard 21ac lower at $3.50, and May ribs
sc lower, at $4.9212.
Estimated receipts for Saturday-Wheat,
SO cars; corn, 165 cars; oats, 175 cars; hogs,
%, 900 head.
Leading futures ranged as follows: