The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-12
BIG DEMAND FOR WHEAT
Liberal OFFERINGS FAILED TO
PREVENT RISE or ONE CENT.
Letter People Said TO he Arranging I'd
Export 100000 BusheIs-Other
Markets strong and Higher.

CHICAGO Feb. n.-Everythng on the
floor was strong to-day, wheat being the
leader both in strength and activity. Re-
ports Of additional shipping engagements
for Letter wheat and an exceptionally large
export business were the principal factors
in a buying movement in wheat which had
advanced that market about a cent at the
close Com closed 1ac higher and oats 9s@
&c higher Provisions hesitated for a time,
but finally joined the procession and closed
212a712c higher
There was a big demand for wheat right
from the start. May wheat, which closed
yesterday at 967sc opened to-day at 971aQ
975sc. There was considerable selling by
interests that have been putting wheat
the market for some time past; but the
demand was so great that the price ad-
/ vanced steadily, not stopping until CSC had
been reached There were two big factors
in the advance the Letter shipments abroad
and the Liverpool strength. The former
was given the most attention. 1t was stated
on the floor and not denied by the Letter
interests that arrangements are being made
for the shipment of 100000 bushels of their
wheat from here TO the seaboard Contracts
have already been let for 100000 bushels
of this, it is said and the moving away of
so much cash wheat had marked effect
on the shorts. Liverpool was very strong,
earliest cables showing I'D advance and
later advices showed that market 1G1hd up
from yesterday. Private cables said the
strength was on consumptive demand and
light supplies Liverpool has received but
272,000 bushels in six days not much over
a third of the weekly consumptive demand.
Argentine shipments for the week were 49,
600 bushels. much less than generally ex
pected Northwest receipts were 3S5 cars,
against 432 cars last week. Chicago receipts
were 81 cars. After advancing to CSC, the
let up in the urgen5 demand with
the usual selling. by, people, who
have been playing for break. and May
reacted to size Then for an hour the price
moved between 97a4q9Sc, most of the time
being at about 97Ac. After that the market
again became active and very strong. Late
cables brought liberal buying orders to the
seaboard and about an hour from the close
here it was stated that seventy boatloads
about $50 eco bushes) had been taken for
Philadelphia and Baltimore. Three steam
ers chartered at New York We're supposed
were all firm and higher The announce
ment Of the export business gave a touch
OF genuine excitement to the market, send
ing shorts to cover in a hurry, and the
price was sent up to $3.50, the top figures of
the day. Then the market quieted some.
There was a tendency to even up over the
holiday which caused prices to recede some
what. May was bringing 97AQS17sc at the
close.
trade in corn and the market was very
strong. Nearly all the big bulls doubled
up on their lines and the price went above
30c after a hard fight Commission houses
sold freely. but everything was taken. The
strength in wheat and the unfavorable
weather were influences. A good demand
was reported. May ranged from SOlsc to
29sAc and closed 12c higher at 30@301sc.
Though there was not a great trade in
oats the market was strong and prices got
to the highest point for the crop. The
strength came from the good export de-
mand and the advance in wheat and corn.
There was good buying by shorts and some
outside demand. There was free selling in
the afternoon and prices reacted sharply,
but closed strong. May ranged from 26c to
25c and closed asG3zc higher at 257sG26c.
There was strong market for provisions.
| The market opened easy because hogs were
a little lower. but quickly rallied to yester-
days best figures on moderate buying of
general nature. Prices yielded somewhat
! later on realizing. the market closing
steady. The strength of grain markets and
moderate stocks were influences. At the
| close May pork was 71ac higher at 5000
May lard 212c higher at $50, and May ribs
21ac higher at $5.1T17Q5.20.
Estimated Receipts for Saturday-W Wheat
62 cars: corn, $50 cars; oats, 325 cars; hogs.
1900 head.
No markets tomorrow on account of the
holiday.