The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-28
FIRM WHEAT MARKET
ADVANCE AT CHICAGO FOLLOWS
BETTER NEW YORK PRICES.
BuIIish Feeling Augmented by Sea-
provisions Scored Losses.

CHICAGO. Sept. 27.-wheat here to-day was
led by advance in New York. Strength of the
latter market q big factor in an advance of
CSC here. Trading much active than
usual Corn and oats both advanced about &c.
Provisions were weak, due to yellow fever re-
ports. and closed 21k@71.c lower.
An advance of 1s@Ac marked the opening in
wheat. December starting at 64AQs4ssc. compared
with yesterdays closing price of 64ssc Some ir-
regularity shown by the market for time.
the price fuctuating between 64s@64Ac and e4skc
as the demand from shorts. the principal buyers.
increased or diminished but in the main the mar
ket showed firmness and kept to the figures
of the opening. Northwestern receipts. though
heavy, smaller than last year. Minneapolis
and Duluth reported LIS cars. against $50 last
week and 1872 year ago. The early strength
was due largely TO the advance at Liverpool.
where futures quoted AQ7sd higher. The
bullish feeling increased by seaboard reports
of good inquiry for wheat for shipment the
United Kingdom and heavy acceptances here for
prompt shipment Chicago receipts were 275 cars,
seven of contract grade. Primary Western re-
ceipts aggregated 1.727.OO0 bu. compared with
1,625, eco last year. Atlantic port cearances
$4,000 blu. Duluth. Minneapolis and New York
markets were all strong for cash wheat. Brad
street reported the worlds visible increase at
2.416.O00 Blu. OF this amount 1,90O.O C0 was east
a
$50 eco bu had been officially reported buyers were
given a shock and for few minutes there was
rush of longs to get rid of their wheat. The
price crushed down to 64Isc from around 641kc
in this furry. But reaction quickly followed
Instead of following Chicagos lead, New York
and the Northwestern markets became stronger
than and when this became apparent here
another rush followed, this time to buy back the
wheat hastily parted with. December climbed
to 64s4@647sc in the scramble. New York reported
81 boatloads worked for export, which. coming
near the end of the session, factor in the
strength with which the market closed. Business
was very active in the afternoon and the total
business done larger than for some time
December closed at 64%c.
Corn inactive. but steady up to noon
when the strength and activity of wheat was
communicated to this market. There a good
deal of aggressive buying by professional bulls,
forcing shorts to cover. Firmness apparently
entirely in sympathy with wheat. Receipts were
$50 Cables were higher. Clearances were
liz. 900 bu. December ranged from 297sc to 3OA@
SOssc and closed sc higher at the latter price.
Oats were firm, but very slow. The market
trailed after wheat and corn and developed no
Independent features. Trading light and in
scattered lots. mostly by locals. Clearances were
light. Receipts 452 Cash market was
firm and May ranged from 22%@227sc to 2Sc and
closed AGssc higher at 2Sc.
Provisions averaged weak and lower Yellow
fever reports and liberal hog receipts started the
market at decline. Packers gave the market
fair support for time and recovery ensued
but when this buying stopped prices quickly de-
cned again and the market remained weak to
the close. Trading only moderately active
At the close January pork nc lower at 1920,
January lard &C lower at $4.95 and January ribs
21965c lower at $4.77l2.
Estimated receipts for Wednesday-Wheat, 1870
cars; corn, $50 cars; oats 375 cars; hogs, SOO
Leading futures ranged as follows: