The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-29
STRONG GRAIN MARKETS
WEAK CONDITION OF WHEAT OVER
COME BY NEWS FROM RUSSIA.
Enormous Shipments from United
Looked FOr-POrk Easy.

CHICAGO Nov. 2s.-Russia's small contribution
to last weeks worlds shipments turned weak
wheat market into strong to-day and re-
suited in a recovery of early loss and an ad-
vance of 3s@1ac besides. A feature of trading was
the heavy December liquidation. Corn and oats
were strong on the cash situation and prospects
of softer weather and advanced about &c EACH
Provisions closed unchanged.
The early tendency of wheat was toward higher
prices. Holders of December and May who were
disposed to continue the liquidation that made
such weak market Saturday were deferred from
selling at first by the frmness shown by Liver
pool, where opening %d15d decline was more
than recovered by the time trading commenced
here. Liverpool stocks were reported to-day at
only GOO, 600 bushels. showing a reduction for the
week Of $50 900 bushels, and to this small amount
Of available wheat was attributed the strength
OF the English market Northwest receipts were
1893 cars, compared with 2001 last and LAB
q year ago. Chicago receipts were lat cars.
twenty-seven Of contract grade After a short
period OF steadiness. during which time the
smaller shorts covered moderately, the market
weakened and for over hour the tendency was
distinctly downward. December developed the
most weakness at one time selling at 1Ac discount
under May. Every trader with December '1ong''
wheat on his hands appeared to be anxious to
liquidate In advance Of the regular delivery day,
and the pressure from this source was altogether
too heavy for the limited demand to cope with
For this reason the market became weaker than
appeared warranted by the situation. Outside
selling quite prominent during this period Of
liquidation, st. Louis holders putting large guam
titles Of wheat on the market. May opened nc
higher at 661s Q66Kc and finally declined to 65&4c
the lowest point Of the day. December started
AQ31c higher at 65I@66c. 1t sold at 66ac for a
fHvo nd SIo eli off 70 70
1880 o'clock the market began to improve Primary
receipts were very heavy and the visible increase
OF 1977OO0 bushels was considerably more than
expected. But there was a good export demand,
about thirty-fve loads being disposed of at the
seaboard and 100000 bushels here. This drew at
tention to the worlds shipments figures, which
again showed big falling off from Russian ports.
Out OF total of 7,761 OO0 bushels shipped from all
points to Europe, Russia contributed but 992. 900
bushels, while Canada and the United States sent
6, s25 600 bushels. 1t figured that Russia had
not raised large a crop claimed or has re-
solved to hold it for higher prices. Either ex-
PLANTATION was bullsh and had considerable in
fuence on the market. Liquidation gradually
ceased and the demand from shorts grew heavier.
The market during the last hours trading was
decidedly strong, prices advancing steadily under
increasing general demand. and highest prices
were reached shortly before the close. May adj
vanced to 669sc and closed at 66hQ669sc Deem
Der advanced to 6614c and closed at 661sQ66Ac
Corn developed good deal Of strength, holding
firm even when wheat was in the dumps. Local
bulls increased their lines and shorts covered ac-
lively. Prospect Of softer weather was bullish
influence Receipts were very light, 179 cars and
the seaboard and local demand excellent, sales
here being put at 500 600 bushls The market in
creased in strength as the session advanced and
highest prices prevailed at the close. May ranged
from $3.50 to 3412c and closed %Q%o higher at
e41zc.
Oats were strong and scored a sharp advance.
Quite large business done, interests which
sold last week being prominent buyers. The
strer ~th mostly in sympathy with wheat and
corn. Receipts were light, 1893 cars Cash demand
excellent. 100000 bushels being worked for
export May ranged from 261Sc to 2694c and
closed &c higher at 26ssc.
In spite Of the fact that hog receipts were with
one exception the heaviest record. provisions
were fairly steady. Some weakness was shown at
first, but the rally in corn proved more potent
than the hog receipts and prices ultimately re-
covered, the market being firm at the close. Pack
ers were moderate sellers. At the close January
pork 2kc lower at $s.221k. January lard I'M
changed at $495 and January ribs 215c lower at
~55.
Estimated receipts for to-morrow-Wheat, 225
cars corn. 45o cars; oats, $40 cars; hogs. 49, 0O
Leading futures ranged follows: