The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-20
BULGE in JULY WHEAT
CHICAGO TRADERS THINK LETTER
HAS STARTED ANOTHER DEAL.
Bearish Foreign News Hurt the Mar
ket Ia the Last Hour and Part of
the Advance Was Lost.

CHICAGO, Jan. 19.-Support from the
Letter crowd, which started covering by
shorts made strong July wheat market
to-day, that option closing 5sc higher May
on the contrary, was weak, and showed
closing decline of 1sQAc. Bearish foreign
news influenced the latter option Corn was
weak early, but closed steady at a shade
better price. Oats showed no change at the
close. Provisions were Irregular, closing
21hc lower to 21kc higher.
Wheat started with some show of weak
ness. AS usual, the opening tone was great
ly Influenced by Liverpool and the action
of that market on this occasion was dis
appointment to the bulls. Liverpool opened
AQssd higher but by opening time here
that advance had nearly all been lost. The
market however, was only slightly affect
ed, and after a few minutes hesitation,
firm undertone was shown. May, which
closed yesterday at 91ss@911ac. opened to-
day at 91Ac, sold at 911sc and for some
time stood at about 91A@913sc. About IL
o'clock the market became strong and adj
vanced to 9115c, where it was well supported.
The July option was the feature of the
trade, however 1t opened at from 817sc to
SIC, or 1sqi4c under yesterdays price, but
started up at once, and by the time May
had reached 911ac July had advanced to S3c.
A great deal of the early buying of July
was credited to the Letter people, which
had> the effect of not only driving local
shorts to cover, but outside shorts as well,
and for time trading in that option was
decidedly warm. The advance that followed
the opening decline was in the face OF
good deal of bearish information brought
in over the wires. Besides the early loss at
Liverpool flour at Paris was reported 20
confines lower for March-June term, Eng
fish country markets were from Sd to Is
lower and a well-known Paris grain dealer
cabled that French duties were immovable,
that crop prospects for next harvest was
magnificent and that the requirements of
foreign wheat in that country from now
to July were only about 100000 bushels.
AfterWard the closing cables from Paris
quoted both wheat and flour from 10 CEN
times to Is centimes higher and from Ant
werp a rise of 1912 centimes was advised.
Liverpool closed 1sd higher for the day for
ance s. from from Atlantic tia and gulf ports We're
equal in wheat and flour to 525, 800 bushels.
Local receipts were II cars, as against 20
to-day's arrivals only one carload was con-
tract but besides it 1890 bushels No. 1
Northern spring found its way into regular
Duluth received 1876 cars, against 367 the
week before and 212 the corresponding day
Of the year before. Realizing by local longs
the May and July options and slight de-
clines ensued. The extreme dullness which
set in during the last half hour also had
its influences and the market was weak at
the close, May at 91Ac and July at 82Ac.
There was some improvement in trading
in corn. The market early was weak on
general selling by room traders. There was
quite a good demand at the slight decline
in prices and this and the recovery in wheat
caused a better feeling. Liberal country Of
ferings were a factor in the early weakness.
May ranged from 29c to 2S5sM2Sa4c, and
closed a shade higher at 2S7sc The market
for oats was dull as in the other grain pits.
The start was easy. but the advance in
wheat and corn was followed by oats. Buy
ing was chiefly for New York account.
Elevator interests sold early. May ranged
from 2334c to 2312c and closed unchanged
at 2312c.
Considerable interest was shown in pro-
visions strong feeling prevailed at first,
commission houses and some of the packers
buying literally and prices advanced. A
higher hog market contributed to the
strength Later on the market became
weak, and increased offerings and the alb
sence of support and nearly all the advance
was lost, the market closing easy at about
inside figures. At the close May pork was
215c higher at $3.50, May lard 215c lower at
$4.721s and May ribs unchanged at SAFE.
Estimated receipts for Thursday-Wheat,
25 cars; corn, 375; oats, 240; hogs. So 900 head.
Leading futures ranged as follows