The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-22
WHEAT FLATTENED OUT
THIS WAS AFTER ENGLISH MARKET
RAISED THE PRICE A CENT.
Evidence that the Letter Crowd Liqui-
dated Some Of Its Recent Heavy
Purchases-POrlx Higher.

CHICAGO, Jan. 21.-After advancing 1c
to-day on the remarkable strength of Eng
fish markets wheat fattered out and closed
unchanged for May, but July held sake
of it's gain. Heavy Argentine shipments
rather took the wind out of the bulls sails.
Corn and oats showed a little more activ-
ity, but substantially no changes in price
Provisions closed unchanged to 716c higher.
In wheat spectators We're treated to a
mild sensation at the opening by the action
of the Liverpool market The quotations
from there were up nd per GENITAL for flu
lures No. Northern spring on the spot
had been raised Id per Genital. Even the
London cargo market showed an advance
of from Sd to cd per quarter May opened
here with jump to 925sc, with some sales
at the same time at 92%c. The closing
price yesterday was 9114c July started at
from S45sc to S4szc, compared with s9s4c yes
terday afternoon. Outside markets also
were very strong. especially New York and
Minneapolis, and this had its effect. The
reason for the strength of the Liverpool
market was said to be on account of the
growing scarcity of offerings from Argen-
tina. A cablegram from Rosario said, how
ever, that the farmers deliveries in that
country We're retarded by rain, and that
plenty would be forthcoming later; that
the area in wheat had been large. the yield
heavy, and that no reductions in the esti-
mated export surplus were being made.
But another reason for LiverpooPs strength
was continuance of drought in India, and,
Notwithstanding the cablegram from Ro-
sario, Liverpool reaffirmed earlier state
ments of scarcity of Argentina offerings
There was plenty of selling, both of July
and of May many holders taking advan-
tage of the sharp opening advance to real
ize, but declines of only about 1sc resulted
in each case. When realizing ceased prices
went up. Chicago received twenty-six cars
of wheat; Minneapolis and Duluth reported
1858 cars, against 364 a week ago and 276 the
corresponding day of the year before. Pr1-
mary Western market receipts all told,
were 96S,00O bushels, against 211 900 bushels
the year before. Minneapolis stocks FOR
the week were expected to show 300 900
bushels increase, and Duluth 100000 BUSH
els increase, and on that basis and esti-
decrease in visible is looked for Last year
the decrease for the similar week was 1,l64,-
900 bushels. Liverpool closing prices
showed net gains for the day OF Esd for
March and for May and lld for July. Paris
noted % confines decline in January flour
and confines advance in March-June.
Antwerp advanced 121% centimes in both red
winter and Walla Walla wheat. The clear
ances from Atlantic and gulf ports in
wheat ana nOur were equal TO o50 w DuSH-
els. The market here began to weaken
after the posting of weekly shipments from
Argentina, which rather confirmed the
earlier Rosario cable concerning the large
surplus. The shipments were given at 32S,-
600 bushels Selling became quiet free after
that, and it was the impression that the
Letter crowd liquidated some o. its July
and May holdings. May declined to 9l%c,
and was bringing 917sc at the close. July
sold down to SAC and closed at that.
A fairly good trade was done in corn,
without any material change i'll prices.
There was rain throughout the corn belt,
cables were strong and Argentine ship
ments We're small. With those helps and
the influence of wheat the corn market kept
session, but lost the slight advantage when
wheat turned weak May ranged from 291sc
to 2S7s@29c and closed shade lower, at
2S7s029c.
Trade in oats showed an Improvement,
and the market was most Of the time quite
New York account again. Commission
houses bought July and there was slight
narrowing of the spread. The early strength
of wheat and a good shipping demand were
Influences May ranged from 237sc to 23$4c
and closed unchanged at 23%c
Provisions were active, with good de-
mand at the start, principally from pack
covering by shorts, and the market scored
a fair advance. The market eased off sub
seuuently in sympathy with the decline in
wheat short-ribs exhibiting the most weak
ness. The closing was easy, May pork &c
higher, at $9.7712; May lard, sc higher. at
Estimated receipts for Saturday-Whe
SO cars; corn, 400 cars; oats, 2S0 cars; hogs,
1900 head.
Leading futures ranged as follows: