The Indianapolis journal., 1898-11-12
WHEAT BECAME STRONG
UNDER ACTIVE TRADING NEAR THE
CLOSE PRICES WENT UP.
Early Declines Not Marked, Although
News Was Bearish-PrOvisiOns
Practically Unchanged.

CHICAGO, Nov. n.-Near the close of to-
day reports of heavy export engagements
and a recovery in foreign markets caused
wheat to become suddenly active and
strong. May closed at an advance of nc.
Corn and oats closed a shade higher. Pro-
visions are unchanged to 21ac higher.
The opening trades in wheat showed de-
clines of 1sQSsc. May starting at from 6514c
TO 65l2c. There was plenty of news of dis
couraging nature to buyers but the selling
pressure was surprisingly light, and no fur
ther decline occurred. On the contrary, the
market began to mend shortly after the
opening. and, though the advance was very
slow for two hours, it was sure. English
consols were up 31sd, and an almost total
lack of local buying orders was reported
from the seaboard. Liverpool which de-
Clined Id yesterday showed a further de-
cline at the opening here to-day of from
5sd to Id, and London reported cargoes Sd
quarter lower. Considering the recent bad
weather, Northwest receipts were surpris-
ingly heavy. Minneapolis and Duluth re-
porting 134O cars, compared with 1,0I2 last
week and S21 a year ago. Chicago receipts,
however, were light, 139 cars, though of good
quality, forty-eight being of contract grade.
The Michigan crop report said prospects
" ere seldom better. and gave the seeded
area at per cent. larger than last year.
Notwithstanding this array of bearish news,
shorts considered it advisable tc take the
profits on yesterdays decline, and their
buying soon sent the May price up to 659sc.
For Il long time the market hung between
that figure and 5514c. The volume of trading
was very moderate and fluctuations were
infrequent until after IL o'clock, when the
tone of the seaboard and foreign news
changed decidedly for the better and the
market here Immediately took notice of
that fact. Late Liverpool cables showed half
Of the early decline recovered. Reports as
to export engagements were very conflicting
for 4 time, but the steadincss of New York
convinced the spectators that good busi-
ness was being done. New York finally
claimed as high as 40 loads taken at all
points The cash demand here and at North
west points showed Improvement. There
was some talk of a possible squeeze in De-
cember at New York and this had effect
on local shorts, who covered freely. AS the
session progressed the demand from shorts
gradually grew heavier and after noon
trading was quite heavy in volume. May adj
| vanced steadily to 6614c, and was firmly held
at tnat price fCr some time. 1T was bring
ing $3.50 at the close. Primary receipts were
GOO bushels. Atlantic port clearances
We're 422. 900 bushels.
Corn was weak on decline in cables and
the government report, which made the
crop 1927 600, 600 bushels. There was a good
cash demand and lot of December buying
by shippers. There was renewed buying at
the decline by leading bull operators, and
the market became firm later, closing at
the best prices of the day. Receipts were
light--198 cars. May ranged from 339sc to
1914 Q33ssc and closed a shade higher. at 992sc
Oats were rather slow. Renewed selling
by a local long, who has been selling heavily
of late, and sympathy with corn, caused Il
rather weak market early. Cash demand
was good and when the liquidation was
over the strength of car-lot prices and the
advance in other grain markets was reflect
ed by oats. Nav ranged from 245s6t24$4c to
241ac and closed a shade higher, at 24asGG
2434c.
Provisions were stagnant. Early there was
some weakness with wheat and on lower
hog prices. There was some demand from
packers especially for lard, and shorts COW
cred moderately, prices recovering the slight
opening decline Cash demand was better.
At the close January pork was PFC higher,
at $S.92l5, January lard unchanged, at
S4.9212, and January ribs unchanged, at
$4.5712.
Estimated receipts for Saturday-Wheat
$50 cars; corn, 50S cars; oats, 2S0 cars; hogs
| Is 900 head.
+ oo1incr f,,t,,rec ropoad foIIouc.