The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-08
MAY WHEAT 11-8C UP
GOOD DEMAND AND HEAVY EXPORTS
SAVED A WEAK MARKET.
Other Grain Followed the Advance in
visions Scored Gains.

CHICAGO. Jan. Good milling demand
and heavy exports again made a strong
wheat market to-day out of a rather weak
one The May option closing at 11sc advance
over yesterdays figures. July was strong,
advancing &c Corn and oats were firm,
especially the latter. which closed A02sc
higher, while corn advanced 1sc Provisions
closed 5Q1215c higher.
Wheat opened a shade under yesterdays
closing price, but soon recovered. For an
hour the direction of prices was steadily,
but cautiously upward From 9015c at the
start May had risen by 1890 o'clock to 91Ac
bid The early slight decline was due in
part to reports of rain in California, where
yesterday it was said wheat prospects were
being injured by drought. An advance at
Liverpool of I'D was not quite satisfactory
after a decline there yesterday of 17sd.
Paris likewise quoted prices of wheat 80
centmes lower for near and 20 centmes
lower for more remote deliveries. The Min
neapols and Duluth receipts were 33 cars
against 5O7 cars the corresponding day of
the week before and 17S the similar day of
last year Chicago got 36 carloads compared
with % a year ago. OF to-day's receipts
only three cars were contract, but seven
cars and 1900 blu No. / Northern spring
were transferred from unlicensed to licensed
houses. Trade was not heavy or otherwise
remarkable during the first hour. except for
the gradual requirement of strength. That
strength came from various sources. Du-
luth cash wheat was reported to be 11ac
per bushel higher within ten minutes of the
opening than it closed last night. New Or
leans reported clearances from that port
of 900 bushels of wheat, which was taken
as an Indication of liberal aggregate ex-
ports of wheat and -four for the day The
signal service predicted rain to be followed
by cold wave for a large part of the win
ser wheat country The market received
gulf port clearances which aggregate $50 900
bushels, and by 80 May had advanced to
9112c. Local milling demand for carloads of
off grade wheat was such that May price
was paid for some No. 3 spring. Mime
apols reported SIC premium over May
price on spot and to arrive. The Liverpool
market closed at from I'D to cd advance
on the previous days closing prices The
market hesitated on expectations OF a yisi-
day but the sharp cash demand and re-
ports from New York of good export en-
gagements made the market very firm late
in the session. May sold at, 917sc at the
close, the high point of the day.
The market for corn broadened out some
to-day and trading was fairly active and
general. Prices were helped by the strength
shown by oats and by the small country
offerings. The rally in wheat was also quite
iHHueIlldl DIS WAS the Idltleu tollulllOH VI
east-bound rail rates. May ranged from
2S2sG2S1@c to 29Ac and closed 1sc higher at
29lkG291hc
Oats led the coarse grains both in strength
and activity. Shippers were free bidders
of futures and shorts were active buyers
throughout There was said TO be a re-
vival of the export demand and claims of
heavy business yesterday were made. Mar
ket also helped by the break in rail
rates. May ranged from 24c to 232sc and
closed Vase higher at 237sc.
Provisions though not especially active
were strong. The market at first showed
some inclination toward easiness. but the
strength developed in all the grain markets
encouraged buyers and caused some cover
ing by shorts. Selling was scattered. The
advance was we'll maintained to the end.
At the close May pork was Pic higher at
1885, May lard &c higher at $4.S71a and May
ribs 712c higher at $470.
Estimated Receipts for Saturday-W Wheat
20 cars; corn, 400 cars; oats, $50 cars; hogs
% coo head. pqclr