The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-07
DULL TRADING IN WHEAT
FLUCTUATIONS NARROW. WITH THE
CLOSE AT SMALL DECLINES.
other Grain Largely in sympathy
with the Leading Cereai-PrO-
visions Unchanged.

CHICAGO, Feb. after a dall and I'M
interesting session wheat closed to-day at
l4c decline. Trading was almost entirely
local and fluctuations were narrow. Corn
closed unchanged. Oats were strong, but
advanced only sc. Provisions reached
new level of prices, but reacted and closed
unchanged to a shade lower.
For a few minutes around the opening
wheat was inclined to sympathize with the
action of the Liverpool market. That mar
ket, after opening a little higher, declined
and closed 1sd to sd lower in the face of
| yesterdays Improvement here. On this ac-
count first sales of May wheat were at a
slight decline. May opening at 9i7sQs5c,
| against yesterdays closing price of 95Ac.
| Besides the Liverpool decline Northwest
receipts continued heavy. Minneapolis and
Duluth reported a total of 387 cars, against
800 last week and 279 year ago. Chicago
receipts were 46 cars. The weekly exports
were also not up to expectations, 5,434OO0 blu,
against 100000 bu the week before. A
rather bearish showing of the visible was
looked for Monday and New York reported
moderate selling for foreign account Not
withstanding all this, the market became
strong almost Immediately Moderate buy
ing by local long interests, principally, sup
brokers on lines put out yesterday carried
the price of May steadily up to 951a0955sc.
The advance was helped by the continued
strength of oats and provisions both of
which markets made new prices for the
season during the morning. There were
ports Of grain famine from parts of south
eastern Russia, and California reported q
continuation of the drought. factor in
the advance was the report that the reduc-
ton on the Italian grain duty would prob
ably remain in effect until the last of May.
After the advance to 9512a955sc, prices eased
off slowly to 9514c under realizing, but closing
Paris cables caused another brief period of
strength and reaction to 953sG9512c. Paris
was from 40 to 65 centimes higher for flour
and 1O430 centimes higher for wheat. Dur
ing the last half hour of the session prices
gradually recovered. There were moderate,
though persistent, offerings, principally in
the way of local evening-up transactions,
and May finally dropped to 95c. That price
was bid at the close.
The market for corn was firm but dull,
with prices averaging a little over yester-
days close. The market was a good deal
Influenced by the action of oats. Wheat
ScalperS were moderate buyers. The Slight
advance disappeared under realizing late in
the session. the market closing steady. May
ranged from 29AG 293sc to 29Q291sc and
closed unchanged at 29Bc.
Oats were again quite active and the
market made a new high market for the
season. Reports of large cable acceptances
were an important factor in the advance.
There was heavy buying by the most infiu-
entail traders and shippers and commission
houses took quantities. Inc advance
brought out liberal realizing, and part of
she advance was lost the market closing
firm. May ranged from 245sc to 24ss0241ac
and closed 1sc higher at 249sc.
PROVISIONS were again quite active. Open
ing SURntlV easier. the market unipISlxy he
came strong on the continuation of gem
eral buying noticeable yesterday. Packers
We're credited with considerable buying
Prices reached the highest points of the
season, but heavy realizing at the top
caused a reaction, the market closing
steady, but with all the advance lost May
pork closed unchanged at Sl02i1a. May lard
PIG lower at $4921s, May ribs 21ac lower at
$o-Uon5Ul12.
Estimated receipts for Monday-W Wheat
20 cars; corn, $40 cars; oats, $50 cars; hogs,
$4,000 head. -