The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-21
ML MARKETS STRONGER
LETTER BROKERS' BUYING JULY
WHEAT AND SELLING MAY.
Better Foreign Prices Owing to Less
Firm and Pork zoe Higher.

CHICAGO Jan. 20.-All the grain and pro-
vision markets We're strong to-day and made
additions to their former prices. The fea-
ture in wheat was the strength shown by
the July option which advanced 1c under
Letter buying and covering by shorts. May
closed at 5sc advance. Corn and oats closed
1sc higher each and provisions advanced
Q2Oc.
In wheat Liverpool prices showed about
sd advance at the opening here and this
marked showing of strength naturally had
great effect on the market here May,
which closed yesterday at 91Ac, opened to-
day at 91a4Q917c, while July showed a still
greater advance. starting slG%c higher, at
S312@S35sc Trade was very slow for an hour
and half and fluctuations during that time
We're practically confined to the fractional
differences of opening trades. But it inn
proved later, especially in July The Liver
pool advance was supposed to be the result
of less pressure from Argentine to sell
wheat. This theory was partially confirmed
by cablegram stating that 81, 100000 in
gold which had been ordered for shipment
from London to Argentine had been can
celed and one from the Buenos Ayres CORE
spondent of a Milwaukee house putting the
exportable surplus of Argentine at $4,000, 900
wheat, March shipment, at 3Ss Cd, which is
Is above the price it was being offered at
about q week ago or a rise in that time
equivalent to Be a bushel. The receipts at
Minneapolis and Duluth were 307 cars
against 332 a week ago and 252 the cOrre-
spending week of the year before. Chicago
receipts We're thirty-five cars, compared
with tWenty-nine year ago. OF to-dayS
receipts only two cars were contract, but
1900 blu besides were put in store from UNI
licensed warehouses. After IL o'clock the
trade took on some degree of activity. May
IN the meantime had risen to 92B@92Ac.
The Letter party sold that future at over
9l1sc, but bought July, and the price of
July has gone up pretty easily lately the
purchases of Letter frightened them to COW
ering The consequence was an advance to
S413c, while May was hanging around 921sc.
The receipt of the closing cables showing
weakness in the foreign markets in meas
ure restored the confidence of the shorts
and induced them to again put out their
lines, and during the afternoon prices suf-
fered a considerable relapse. The Liverpool
market closed with a net gain of from I'd
to 3d. Paris at a loss of from 10 to 20
centimes for flour and 10 to Is centimeS for
wheat, Antwerp lower by 20 centimes for
red winter and 1212 confines for Walla
Walla. May declined to and closed steady
at 91Bc, while July was bringing S3Q83Ac
at the close.
Corn was an exceedingly narrow market
There was plenty of bull news, which met
with little response. The strength of wheat
and heavy seeboard exports kept prices a
little above yesterdays figures most of the
"
weather led to expectations of increased
farmers deliveries and caused some selling
May ranged from 29Q291sc and closed 1sc
higher at 29c.
The market for oats was quiet, but firm.
The feature was the continued buying for
New York account. This and the strength
of wheat caused a slight advance in prices,
which was we'll maintained July was es-
pecially strong under fairly urgent commits
sion-house buying. May ranged from 23A
M237sc to 235sQ2Sa4c, and closed &c higher, at
23s4c.
Provisions were strong throughout. At
the start there was scarcely any trading
The prices were a little higher, due to the
firm hog prices. AS the strength developed
in wheat the short interest in provisions be-
gan to cover and the demand soon became
quite active, prices advancing rapidly. Some
reaction followed on a falling off in de-
mand, but prices recovered later. AT the
close May pork was zoe higher, at $780,
May lard &c higher. at $4771A, and May ribs
712c higher, at $4821b.
Estimated receipts for Friday-Wheat, SO
cars; corn, S25 cars; oats, 255 cars; hogs,
% 900 head.