The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-11-15
WHEAT MARKET STRONG
DECEMBER FUTURES ADVANCE TO A
PREMIUM OVER THE MAY.
Heavy engagements for Export and
Limited stocks Encouraged the
Bulls-PrOvisiOns Lower.

CHICAGO, Nov. 1.-THE feature Of to-day's
trading on Change the strength and activity
of December wheat, that option closing at an
advance of 7s91c and nc the May price.
Talk of an oversold December market. mostly
from the seaboard, heavy export sales here and
small contract stocks caused scramble among
the shorts May closed &c higher. Corn and
oats showed a shade advance. Provisions de-
cned 5d71zc
Opening trades in wheat showed an advance OF
about 1zc for both December and May. December
which closed Saturday at $780, started to-day at
$3.50 6s15c while May opened at 6619Q66aSc. These
prices prevailed for little time. Nearly
200, 900 bushels taken here for export late
Saturday and an additional 10000 bushels was
reported sold to-day for the same purpose and
the fact that contract stocks here less than
700, 900 bushels made local shorts, especially in
December rather anxious, and trading which for
some time has been exceedingly dull, became very
active in consequence To add to the uneasiness
there continued talk to the effect that the
December market had been considerably oversold
at the seaboard with of a possible
squeeze. Liverpool was strong and up S01Ad
and this had some effect trading, but not so
much it would had it not been that Liverpool
almost alone in the foreign strength. North
ern receipts heavy. Minneapolis and Duluth
reporting 1,s36 compared with 1,7S9 last week
and 1866 a year ago. Chicago receipts were 47O
cars, twenty-three of contract grade. The visible
increase 2,1S4,0OO bushels and this was a
factor in the reaction that took place after the
first hours trading. A good deal of realizing on
wheat showing good profits and holders of calls
sold against them. This relieved the pressure,
May easing off to 66Ac and December to the same
price The latter month was too much in de-
mand for any paramount downward movement.
however Renewed buying by anxious shorts soon
started the price toward a higher level and for
time December sold at Sole premium over May.
New York made claims of high as 125 boat
loads taken for export, but the most reliable in
formation put the engagements at sxty-fve loads.
The market became very strong toward the close.
All classes of buyers came in, putting the price
of December up to &c and May to 669sc before the
holders let go of enough to satisfy their demands.
December closed strong at 66H@667sc and May at
663sc.
Corn was slow, with narrow range Of prices
and closed with but little change. The market
was barely steady, considering the higher cables,
the strength of wheat and a good export demand.
Weather was favorable for movement of corn. Re-
ceipts were light, 46S May ranged from $3.50
to 1880 and closed shade higher at 3S2s@SS4c.
Oats were firm at a little Saturdays fig
ures The market quite dull most of the
time though there was some influential selling,
which was well taken care of. Cash demand was
good The strength of wheat was the main factor
Receipts were 800 cars. May ranged from 247sc
to 24ss62424c and closed shade higher at 24Ac.
Provisions dull and heavy. Both cash and
speculative demand limited and as there was
some selling pressure chiefly from packers, prices
yielded little Hog prices were lower. At the
close January pork was &c lower at $S.S1a, jan
uary lard 71zc lower at $4.S71s and January ribs
&c lower at $4.52h.
Estimated receipts for Tuesday-Wheat, $50
cars; corn, 400 cars oats z75 cars; hogs, 200.
Leading futures ranged follows: