The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-11
SHARP RALLY IN WHEAT
REVIVAL OF WAR NEWS ABROAD
CAUSED AN ADVANCE OF Use.
Heavy Acceptances at the Seaboard
Opened Firm and Then Fell OF.

CHICAGO, Oct. 10.-The temperance Of war
news from abroad to-day, together with heavy ac-
ceptances at the seaboard, caused sharp rally
in wheat. December closed 1@1sc higher. Corn
gained nc. Oats advanced kq%e Pork left off
unchanged to 212c higher Lard unchanged and
ribs unchanged to 21zc up
Liverpool wheat quotations before business
started here showed advance of 1L611kd over
last nights prices. This advanced prices here
sharply at the opening and the traders were slim
ulated into unusual activity. Additional impetus
was given the market by the fact that shipments
from Russia last week showed falling off of
some 100000 bu, as compared with those of the
preceding week and because of heavy cable ac-
ceptances of wheat offers made over Sunday by
exporters. To further add to the discomfort of
those who went short from last week there were
pointers in circulation that the government
crop report would make a very bullish showing on
wheat. The combination sufficient to cause
general covering by shorts of almost every sort.
Meanwhile the early bulish news was gradually
dsregarded. The Michigan authorities estimated
the total yield Of that State the largest
grown there. New South Wales placed her ex-
portable surplus greater than usually reported for
all Australia and later there were reports that the
foreigners were selling wheat account of the
sharp advance. In consequence of this the market
did not fully maintain it's early figures, never
prices. the liberal rains in the Northwest prom
ised to cut off receipts to extent. Another
factor that disturbed any heavy selling the
visible supply, showing increase of only 957 900
bu, where an increase of 100000 had been ex-
pected Chicago received 497 cars, against 3O5 last
year and Minneapolis and Duluth receipts were
1,5O2, compared with 2,44S last week and lao a
year ago. Primary market receipts were 2,151, 900
blu, against 2,S47,OO0 bu the previous year. Re-
rNnrfc he
ments amounted to los boatloads for Liverpool
caused very strong tone during the closing
hour. December opened %@1hc higher at $3.50
6S7sc, rose to &C. sold off to 6Sss@6Slzc and then
recovered to 6S%@637sc at the close.
Corn started steady with wheat. The liberal
rains in a good portion of the corn belt were relied
on to cut down the receipts and elevator inter-
ests generally bought the belief that the gov
eminent report would be bullish. The volume of
business ahead of any recent day and as the
market opened away above calls. there a nat-N
ural desire the part of the sellers of these
privileges to stop losses. December started A@3sc
higher at 297s@3Oc, declined to 29ac and advanced
to 297c, buyers, at the close.
Oats followed corn. The advance in lake
freights has shut off all demand from the East.
Receipts were 6S7 cars. May began A@%c up at
22%@23c. sold off to 22%c, then improved to 227s
Q2sc. the closing figure.
The strengthening rains together with light
run of hogs at higher prices, started provisions
strong. Dsquieting yellow fever rumors caused
very unsettled feeling and the advance was seized
upon by leading packers to dispose of considerable
product. The trade not broad enough, how
ever to absorb the offerings and values quickly
sumped off. Scalpng shorts who rather over
did the selling after they discovered the source of
the heavy liquidation early, the price up at
the close in attempt to cover. Their pur-
chases brought the market up to very nearly the
opening figures. January pork opened 5Q71sc high
er at $780, declined $S75 and rallied to 1886 at
the close. January lard began 211c up at 4.S212
sold off to AIS, then recovered to $780, the clos
ing figure. January ribs started unchanged to
21bc better at 462]k weakened to $4.55, then i'm
proved to $4.62k. the resting price.
Estimated receipts for to-morrow-Wheat, 30
cars; corn. 915 cars; oats, 430 cars hogs, 22 co.,
Leading futures ranged as follows: