The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-15
ALL GRAIN WAS HIGHER
EARLY WEAKNESS GAVE WAY To
DECIDED STRENGTH IN WHEAT.
Fearing the Letter Crowd Had Con-
troll of the Market, Chicago
Traders Were Cautious.

CHICAGO. Feb. 1.-Coarse grain and pro-
vision markets occupied most of the atten-
ton of the traders on Change to-day. and
new high figures in those markets were re-
corded. Wheat though dull, was strong on
the foreign situation ana closed with ssc
added to it's previous May prices Corn adj
vanced 14c, oats A0$sc, and provisions
closed from 1Oc to 25c higher.
At the opening and for about a half hour
thereafter wheat was inclined to weakness.
heavy receipts We're reported as the result
of Accommodations since Friday MINNEAPOLIS
and Duluth reporting S43 cars against $50
cars last week and 255 cars a year ago. Chi
cago received Ill cars, IS of which were
contract. In addition early Liverpool adj
vices showed 3sG1d declines in futures,
though cash prices were 1s@2d higher. That
part of the foreign market however, was
overlooked by local traders for the time be-
ing. The French crop outlook was reported
as being favorable. Initial sales of May,
which closed Friday at 9734 9977sc were made
to-day at 97as@97l2c, and for some time the
market fluctuated between these frac-
tions. Offerings were not at all heavy, but
there was an almost total absence of buy
ing orders. Gradually the market took on
strength. Figures on the Liverpool stocks
explained the strong cash market. Liver
pool stocks showed a decrease of 1897 900
bushels for the home market, leaving but
1,312O00 bushels, against 3,4S0,000 bushels
year ago. English country markets were
quoted from cd to Is per quarter higher than
on Friday Covering by shorts and a little
general buying was started when later
cables were received, showing 24d recovery
in the March delivery at Liverpool, and the
May price was slowly forced up to 9S1sc.
Here reaction occurred, under realizing
sales, May dropping to 97azc, where it
stopped by reports of poor threshing re-
turns from the Argentine crop and state
ments that the figures the exportable
surplus of that country would probably be
materially reduced This caused renewed
buying and recovery to CSC. Then for two
hours the market was exceedingly dull.
Acting on the belief that the Letter party
has control of the wheat market many of
the professionals went over into the other
pits to do their trading, and so dull was the
brokers reported difficulty in doing business
in even moderate-siZed lots. Some nervous
ness was shown at times, prices fiuctuatlng
rapidly over Il narrow range. The visible
supply showed a disappointingly small de-
crease, 3SS,O00 bushels, notwithstanding the
recent large shipments, and encouraged
short selling, which resulted in a decline to
1880. Late in the day the market became
strong on reports of good export engage
ments and prices advanced to the highest
point of the day. ClearanceS from Atlantic
and gulf ports were put at 100000 bushels
in wheat and flour. May advanced 10 9SAc
and closed strong at 9S1sM9814c.
Corn was very active throughout. Heavy
receipts, S45 cars, and the opening wheat de-
cline, caused selling by smaller holders at
the start and the market was weak for Il
time. Active speculative buying followed
the market becoming very firm. as wheat
and provisions advanced and a marked in
crease in outside trade was noticed. There
was moderate realizing on the advance, but
the general tone was firm to the close. May
ranged from 303sc TO 2934 F293sc, and closed
l4c higher at 30AQ30Ssc.
There was an active, stronger and higher
market for oats. Following, the opening de-
clineS in other grains thc start easy
but strength, which developed in those mar
kets, caused good general buying and a
gradual advance. There free realizing
under per cent. but all offerings We're
taken and many early sellers We're forced
TO cover. A good export business re-
ported. which was factor. May ranged
from 26ssc to 25a4c, and closed i4Q2sc higher,
at 2614c.
Business in provisions was the largest for
some time The market was very strong
and new high levels were reached. Heavy
weekly exports ana a strong hog market
were hullish features. Opening prices We're
at moderate advances and under a general
demand. in which outside buying was prom
inent, prices advanced steadily. Packers
We're sellers at around outside figures. May
pork closed 25c higher at $l095; May lard
l0c higher. at $500 and May ribs 12i2C high
er. at $5.32l2
Estimated receipts Tuesday-Wheat 20
cars; corn, $50 cars; oats 40 cars; hogs, 81
coo head