The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-28
CASH WHEAT CLIMBING
BULL NEWS ASSISTS LETTER IN RUN
MING THE PRICE TO sI.O5.
May Option Nearing Dollar Mark and
shorts Afraid of the Future
Lively Provision Trade.

CHICAGO, Jan. 27.-The bulls in wheat
to-day gave another example of how COM
pletely they are in control of the immG-
date course of that market. The Letter
party used January to urge on the exeter
ment of shorts. hosting the price of that
delivery to S105 an advance of sc since
yesterday. General covering by shorts re-
suited in a 2ss021ac advance in May while
July closed 1$lc higher, with the largest
trade in both futures for some time Re-
ports that Russia would soon become an
importer, a big flour business and strong
outside markets all contributed to the
strength and made the advance easy. Other
markets were carried upward with wheat
corn and oats advancing about sac each,
while provisions closed 21a471ac higher.
Liverpool once again set the pace for
wheat at the opening. That market was
up s4M1Ad on futures ana cables. London
also was decidedly bulish in tone. The
British consul at Kief, south Russia, Off
cialy said that Russia would probably soon
have to bacome an importer of grain; that
the Russian ports were Gle sing again, and
that a cargo of Argentine wheat, February
shipment, had been sold to-day at 35s Sd a
quarter, an advance equivalent to sac a
bushel in two weeks. The Russian news
had more effect later in the day than at the
opening, which was, nevertheless, very
strong. May, which closed yesterday at
$3.50, opened to-day at 95A@9512c while
July started 14Q5sc higher, at from $3.50
to SEC. The opening advance encountered
very free realizing, some of which was
credited to Letter, but the selling resulted
in the May price only reacting to 95Q951sc,
around 95Ac for control of the market
News that came in during that time almost
altogether favored an advance Minneapo-
lis reported heavy demand for flour eSpe-
cially for foreign shipment, and Tacoma
advised continued shipments of -four and
wheat to South Africa Export clearances
| of wheat and flour from Atlantic ports
amounted to the heavy total of 500 900 BUSH
| els. Minneapolis and Duluth receipts We're
2S4 cars. against 307 the similar day of
last week and 1872 the corresponding day of
the year before. Chicago received twenty
one cars only two of which were contract.
About midday, and after the receipt of
strong closing cables, the fun commenced,
and for the third day in succession jan
| uary furnished the sensation. Up to that
time that delivery had been heard of but
seldom. Letter brokers again appeared An
the pit and their bids of $1.02 for January,
&c above yesterdays closing price. started
the shorts in the futures in a hurry. and
the price of May especially advanced al
most as fast as the cash figures did. For
a few minutes the excitement was intense,
and the hunt for cover which took place
jumped May TO 96c, January in the mean
time being quoted at Sl.O212 The market
quoted down somewhat Tor a IlIn6 out
about half an hour from the close the buy
ing foyer again broke out the jumping
of January was renewed. In a very short
space of time January was bid up to $1.O5,
May to 97Ac and July to S71sc. There the
prices hung with heavy trading. At the
close January was quoted at S.047s, May
| at 971s@9714c and July at 871sc. A New York
message. received shortly after the close.
said Letter had sold 100000 bushels of
wheat for shipment abroad.
Corn was more active than for some time
past. The feeleing was quite firm through
out, principally in sympathy with wheat,
| though material advance in price took
| place until the final bulge in that market.
Reports of heavy export sales also
strengthened the market. Commission
houses were good buyers, the selling being
| largely by room traders. May ranged from
| 29$4c to 29A@293sc and closed &c higher, at
| 1850 297sc.
There was a large trade in oats, shipping
| houses and shorts being good buyers. Real
| izing was freely INDUCED in, but offerings
! were readily taken, and, in sympathy with
wheat. prices advanced steadily. May
ranged from 2414c to 237s0f24c and closed 40
| Sc higher. at 2414c
| The highest trade in the pit was in pro-
| visions. Moderate realizing and weaker
| hog market caused a sagging tendency to
prices during the morning. Strength was
developed later wheat advanced on buy
| ing by early sellers. The closing was firm
| May pork 71ac higher, at $10.05: May lard sc
| higher. at A92l4 and May ribs 212c higher,
at $4.9712.
Estimated receipts for Friday-Wheat. q
cars; corn, ITO cars; oats, so cars; hogs, 3D.
600 head.
I aadin, f,,tt,rac RANGED fo1Ious.