The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-26
WHEAT MARKET HIGHER
MEAGER RECEIPTS RESULT IN RE-
COVERY OF EARLY DECLINES.
Chicago Quotations Opened Weak and
Bears Had Sport for an Hour-PrO-
visions Score Losses.

CHICAGO, Aug 25.-shorts in wheat took re-
to-day. After early decline September closed
1Ac higher and December gained &c. Corn rose
1@Ac and oats 1sc lower Pork and lard de-
clined 2lsc each, while ribs advanced 2l2c.
Lower Liverpool cables. the continued liberal
receipts in the Northwest and the weak sentiment
carried over from yesterday started wheat lower.
September. which closed last night with buyers
at 6Slsc, started with sellers art from 6S1sc down
to 621ac. Not much could be secured at the lower
figures. could much be disposed OF at the
higher just then, but the market soon improved
and advanced to a shade above the price at the
close on Wednesday, reaching 6S1s@63Ae shout
hour after the start The chief reason for the
recovery from opening bearishness was one Of
long standing. The shorts for September delivery
gave further expression TO their nervousness con-
corning the very small quantity in sight that was
available for delivery their contracts. Chicago
receipts were $50 cars, compared with 2s5 the
previous year, but only fifteen carloads were of
contract grade. The Northwestern receipts NUM-
bered 497 cars. against 1913 the corresponding Day
of the year before. Trading in September
much smaller than in December, with indications
that the open interest in September had teen
reduced to quite slender proportions. Shorts in
September, however. continued to take the offer
enough to pay the sellers their asking price. The
general result was that September ruled strong
after the first five minutes and latterly small
improvement on yesterdays closing December,
however, did not advance CORRESPONDENCE, al
though it recovered ssc from the initial decline.
A strong cash market at Duluth was an a1di-
tional bullish feature the end and the best
prices here made the close. The aggre-
gate of receipts at Northwestern primary markets
600 bushels. compared with 900 year
ago. Atlantic port clearances of wheat and -four
equal to $4,000 bushels. September opened
A0sc lower at 6219Q627sc, rose to 637sc and Closed
at 63%@6S7sc. December started AQssc down at
61SQ61Ac up to 617sc and left off at 61A@61%c.
Corn started weak, but turned around when
wheat showed in the lead in the upward srec-
tion Crop reports We're generally of a buliish
tenor, but there were others that mentioned the
crop prospects in a most favorable way. The in
quiry from the seat board was good and cash corn
worth small premium over September for
shipping December opened Ac lower at 29l2@
29%c, rose to 297sc, dropped back to 299sc and
from that it rallied to 30c the closing price.
Oats were active and prices held fairly we'll.
Trading was of an individual character and CEN
tered chiefly in the May option. September opened
unchanged to NC lower at 1870. weakened to 1sls
@1sSc advanced to 1890, then settled back to
1870. the closing price
Provisions were dull and shade easier. Tile
speculative business to extent trans
ferring of September trades to later deliveries
Commission houses were the sellers early in the
day and shorts covered. English packers bought
lard and ribs. September pork opened sc lower.
declined to $S.s21, rmed up to $3.50. then reacted
to $S.S711 at the close. The range in lard and
ribs small.
Estimated receipts for to-morrow-Wheat, 200
cars corn, 800 cars; oats, 47O cars hogs, TO- eco.
Leading futures ranged as follows: