The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-08
STRONG WHEAT MARKET
CASH SITUATION AND HEAVY Ex-
PORTS THE BULL FEATURES.
Firmness In the Leading Cereal and
CONSIDERATIONS Lower.

CHICAGO, Oct. THE cash situation was the
feature in wheat to-day. Strong outside cash
markets and heavy sales for export here and at
the seaboard the main factors in an adj
vance of ssQ1sc which marked the close. Corn
was firm helped by wheat and good shipping
demand. and closed &c higher. Oats were steady
and closed unchanged. Provisions show little
change.
Liverpool gave the tone to the early trading in
wheat That market surprised the bears by show
ing sd advance at the start As the local mar
ket failed to advance yesterday decline in the
English market looked for by good many
and the contrary being true, the more timid
shorts covered at once. The result was an open
ing advance of &c in December that option start
ing at 627sG6Sc. All forenoon the market showed
strength. shorts being more less prominent,
while good deal of quiet investment buying
done Plenty of the bull news drifted in during
the morning to encourage buyers. Northwest
ceipts moderate, Minneapolis and Duluth
reporting 1019 cars. against 1895 last week and
1915 year ago. Chicago receipts were 262 cars,
fourteen Of contract grade. Foreigners were good
buyers here and at New York, both for October
shipment and later delivery. Cash sales here
were about $50 900 bushels, including 1000 No.
Northern direct to Rio Janeiro for mixing with
South American wheat Atlantic port clearances
very heavy, amounting to $4,000 bushels in
wheat and flour. The Modern Miller reported the
flour output large, with good export demand.
Primary receipts were 1,771,OO0 bushels This
amount was about 2O0. 900 bushels heavier than a
year ago. Argentine shipped wheat to Europe
this week. but sent favorable reports on the grow
ing crop. The market here was at it's strongest
around The seaboard reported export sales
of at least sixty loads This evidence of the
tinuation of the recent heavy foreign demand for
American wheat was responsible for consider
able increase in the demand. which was augment
ed by the strength of cash wheat in outside
kets, notably New York and Minneapolis and
the highest price of the day reached, Decem-
Der being bid up to 6Sas@6S1sc. This nearly
cent above yesterdays closing price and showed
profit tempting enough to bring about good
deal of realizing the last hour of the session.
Prices dropped somewhat under this, although Of
ferings well taken. December finally de-
clined to &c. closing steady at that price. asked
Corn, though dull, was strong all forenoon. The
advance evidently almost entirely in SYM
pathy with wheat as the late decline in that
market followed by corn, nearly all the early
advance being lost. Independent bullish influences
improved on cash demand, with large
board sales for export Country advices to
the effect that the crop had been injured in some
places. Receipts were 50 cars. December ranged
from 29Ac to S01sc and closed 1sc higher at 29Ac.
There quite good general demand for oats
and prices most of the day slightly higher.
Cash demand better at improved prices.
Clearances were liberal. 900 bushels. The
ket sympathized with the late decline in wheat
and to the extent of losing all it's small early
advance. May ranged from 227sc to 23@231sc and
closed unchanged at 227sc bid
Provisions extremely dull. The market
was heavy at times. due to the gravity of yellow
fever reports. but shorts with profits always came
to the rescue and in the end there very little
change in prices. The range narrow. jan
uary pork closed 21kc lower at $S92k, January
lard shade lower at $4S5 and January ribs a
shade higher at s4.65
Estimated receipts for Saturday--Wheat, 26O
cars; corn, 700 cars; oats, 40 cars; hogs, $4,000
Leading futures ranged as follows: