The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-20
BULLISH WHEAT NEWS
CHICAGO MARKET FIRM AND HIGH
Err IN SPITE OF BIG INCREASE.
Wet Weather Both in This Country
erpOOl Cables, the influence.

CHICAGO Dec. 19.-Wheat strong all day
and closed at an advance of &C over Saturdays
final price. Strong cables smaller worlds ship
ments, unfavorable weather and a large cash
business kept shorts on the anxious seat Corn
closed 1sc higher and oats &c higher Provisions
are practically unchanged.
With plenty of bull news to encourage buying,
wheat started strong and in good demand at
advance of %Q%c, May at s7i3@s79sc. A few
fair-sized lots were disposed of almost immedi-
ately at 67Ac. A big factor the strength
at Liverpool The wheat market, considering the
weakness developed in the Chicago market Satur-
day, showed a somewhat surprising degree of
hrmness, advances ranging from Ad to SD. Ac-
companying the Liverpool quotations were re-
ports Of continued rains in Argentine Later on
came estimates of the exportable surplus of that
country, placing the amount at but 30,0O0,00O
bushels and saying that the quality would be
poor. General rains also reported in the
Writer wheat belt of this country. Worlds ship
merits show ed a marked falling off from last
week. the total being placed at 10000 bushels.
The opening advance provoked lot of realizing
and under this the market eased off to 671kc.
where it held for some time. About II o'clock
the market weakened on the enormous increase
in stocks at Buffalo. 1t caused complete over
turning of the calculations to the visible sup
ply. AS a result of this the visible increase was
placed at 1891, 900 bushels. small decrease hav
ing been looked for. A break to 671s667Ac
Cured In consequence. But before noon the mar
ket had again turned strong remained for
the rest of the session. Toward the close the
market was helped by the excellent local cash
business, sales of 1900 bushels, all-rail ship
ment. being reported good deal of the early
realizing and short selling caused by the
heavy Northwest receipts, 1,4s7 cars, compared
with J. 462 last week and 995 a year ago. Chicago
receipts were 241 cars, twenty-seven of which
contract grade The seaboard reported en-
gagements of thrty-eight loads. Rumors that the
visible figures incorrect also helped later in
the session. May rallied to 67AG677sc and closed
at 67h@675sc.
Wet weather was the principal influence IN
corn That market though not very active, ruled
firm and higher all day. Commission houses were
good buyers. The selling mainly by scalpers
and against calls" The strength Of wheat and
firm cables helped Receipts liberal, S35
cars. May ranged from S51sc to 35ss@3515c, closing
nc higher at 35ssc.
Oats were firm and slightly higher, principally
in sympathy with corn. Shorts covered in a scat
tered way all day, but trading a whole was
light. There was fair cash demand. Receipts
were 400 cars. May ranged from 2612c to 267sc and
closed 1sc higher at 262c.
Hog prices and tone of grain favored buyers
Of provisions. Although the packers and longs
sold literally at times, offerings were well taken
and prices maintained. At the close May pork
was unchanged at $s.67la, May lard shade high
err at $3.50 and May ribs shade lower at $3.50
G4s2k There was a good deal of changing from
January to May contracts.
Estimated receipts for Tuesday, Wheat, $50
cars; corn, 49O cars; oats S45 cars; hogs 10000.
Leading futures ranged follows: