The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-12
A RECOVERY IN WHEAT
CORN SET STRONG PACE AND
OTHER MARKETS BENEFITED.
Heavy Expert Demand for the Lead
COura ge-PrOvisiOns Higher.

CHICAGO, Oct. 1.-THE continuation of large
export business to-day together with the strength
in corn, caused sharp rally in wheat. After an
early decline December wheat closed %@7sc high
er. Corn advanced 9sc Oats rose ls@Ac Pork
improved 10c. lard 7I2Q10c and ribs &C.
The excitement regarding the Nile country hav-
ing apparently subsidized the wheat market at
the start began to drop back into the rut from
which the alleged war news had rescued it. There
was also current belief among professional
spectators that the price was little too high
without the sustaining influence of export bust
ness or some similar important item. AS a conse-
quence considerable pressure was put on from
the start, and there being no material volume of
buying to counterfeit it, the tendency was steadily
but slowly downward Liverpool opened un-
changed then ranged trihe higher and finally
closed week at a loss of h@ssd. Though the
pressure from the professional element was suf-
hcient to depress the price to the level at which
puts had been sold, the opposition which these
offered seemed sufficient to prevent any further
decline. There was stiff cash market at Mime
apolis and prices quoted h@1c higher than
yesterday. The receipts in the Northwest. how
ever. were better and the primary market
ceipts were large to promise another record
breaking week. The total to-day was 2,0l5, 900 bu,
against 2.S1s.OOO for the corresponding week last
year. Export cearances from Atlantic ports for
the day were 400. 900 blu. AS the session advanced
the indications became numerous that the early
selling by the professionals had been somewhat
overdone and prices took an upturn. Local flour
exporters said that all their offerings of flour
to the United Kingdom yesterday had been ac-
cepted and reported sales of ESQ., 900 blu cash spring
wheat to Liverpool direct to-day. New York
meanwhile swelled her exports to rs boatloads and
the corn market was setting pace which made
the wheat bulls ashamed Of themselves AS the
spirits of the bulls those of their opponents
dropped and it was not, therefore. difficult mat
ter to start them scrambling after wheat. Dur
ing the excitement that followed the top price
of the session was reached. Arrivals at Chicago
277 carloads, against 2S3 last year. Mime
apolis and Duluth receipts were Its cars, as
compared with 1908 last week and 1857 year
ago. December opened &c lower at 6sk@637sc, de-
clined to 63A@63ssc, then rallied quickly to 645sc
sellers, at the close.
Corn the strongest market on the floor
Initial trades were at a slight advance caused
by the government report which showed a falling
off during September of points in the condition
of the crop. In addition to that there was an
enormous export business here and at the
board, and there four leading elevator
Germs in the pit buying heavily. The Liverpool
closing market showed advance Of I'D for
spot and of ss@ssd for future deliveries of
That combination of influences sufficient to
lift the market out of its nut as completely as
the war news lifted wheat yesterday. Sellers of
calls also interested parties after the adj
vance began and were in competition with
other buyers in effort to protect themselves
from losses incurred by sales of these privileges
Receipts were 949 cars. December opened UNI
changed to &c up at 297sG7S0c held at 297sc then
rallied quickly to Solac, the closing price.
The bearsh showing of the government report
caused slight concession in oats at the opening.
Whens wheat and corn came to upturn, how
ever, oats not slow to follow and the early
decline was recovered and gain of 4c took it's
place. Receipts 425 May started
changed to &c lower at 227sc. declined to 22Ac,
rose to 23i4c and declined to 23isc at the close.
Continued alarming reports of the spread of yell
low fever in Mississippi and very large receipts of
hogs at the seven leading Western points started
provisions weak. There good cash demand.
however. and that along with the strength of the
grains ultimately turned the market strong and
the early loss than recovered. January
pork began sc lower at $780, but reached 1896
at closing time. January lard started 21ac down
at a. 771k advanced to "a 80 and closed at $4s71s
64.sO January ribs opened sc lower at $457h
and rose to s4.6712 at the close
Estimated receipts for Wednesday-Wheat 1870
cars; corn, $50 cars; oats. $50 cars hogs. $4,000
Leading futures ranged as follows: