The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-01-10
CHICAGO WHEAT ACTIVE
PRICES SAVED FROM A BAD BREAK
BY THE FIRM CASH MARKET.
Good Export Demand and Plenty of
Wheat an Sight for shipping-Pro-
visions Scored Moderate Gains.

CHICAGO, Jan. S.-Wheat averaged easy
to-day over moderate range. Trading,
though not especially heavy, was of a
nervous character and caused many quick
changes. May closed at half cent decline
Firm cash markets and good export de-
mand saved the market from a more Sc
we're break. Corn lost 1sc. Oats closed I'M
changed and provisions 215@71sc higher.
The action of wheat during most of the
early morning was in line with the early
news. The rain and cold wave predicted by
the Weather Bureau failed to materialize,
which rather weakened those who had yes
terday become innOculated with the virus of
fear for next seasons crop. Liverpool
showed sd advance, which was hardly up
to expectations and early Argentine news
was quite bearish as regards the shipping
surplus of that country, cable estimating
it at 460O000O bushels. According to Brad
streets report the weeks exports of wheat
and flour from both coasts of the United
States and Canada were only 3,4Sl,676
bushels, against 5,4S5, 900 bushels the previous
week. The net result of these several pieces
of information was the creation of a some
what bearish feeling at the opening of bust
ness. May wheat started at from 915sc to
Slice, against 917sc at the close yesterday,
and in about half an hour it had gone down
to 91SQHAc. The Duluth market came
again to the support of the bulls by adj
vancing cash wheat there from Gle to 921sc
in a few minutes. 1t was thought here that
the advance could have been and probably
was manipulated from Chicago. 1t had a
bullish effect notwithstanding. Paris and
Antwerp each quoted a moderate advance
for the day, and that was an additional bull
ish factor that helped the market to re-
cover from 917sQ91Ac to 915sc. The receipts
at Minneapolis and Duluth were 357 cars,
against ia the similar day of last year.
Chicago receipts were forty-eight cars,
eleven of them contract. There were trans
ferred from unlicensed to licensed houses
q, 900 bushels No. / Northern spring. nine
cars of No. spring and one car of no
grade. The Atlantic port clearances of
wheat and flour, exclusive of Newport
News, were equal to $4,000 bushels. Pri-
mary market receipts were 100000 bushels,
against 226.000 the year before. Other adj
vices from Argentine put the available ex-
port surplus at 100000 tons, or about 81
10000 bushels intimating at the same time
that holders were anxious sellers to Europe
at lower than American prices. Beerbohm
estimated the weeks clearanceS from all
ports to Europe this week at 6,4OO,OOO
bushels. Baltimore reported large quanti-
ty of wheat SOLD Tor export aIIef close OF
Change yesterday and foreign bids to-day
at 1c over yesterdays bid prices. The latter
information, together with the higher quo
tations from the continent and heavy At
lantic exports, caused further brief rally
to 91Tc but it quickly slid off again to 9lAc,
and was at that point ten minutes from the
close. In that ten minutes, however, the
market turned strong again. and at the
close May was offered at $3.50.
Business in the corn pit was dull and
prices moved reluctantly and within small
range. The close showed decline of 1sc.
The feature was the absence of country
selling, the country, on the contrary, doing
little buying There was little selling
pressure toward the end sufficient to cause
the slight decline which marked the close
May ranged from 291ac to 294c and closed
at 29A@293sc.
Oats were dull and without especial
feature. The market was easy at the open
ing due to sympathy with wheat. The
slight decline was recovered later under
ing no change from yesterday. The cash
market was firm at slight advance. May
ranged from 237sQl24c to 235sQ2Ss4c, closing
at 237sc.
Provisions were strong at the start, and
at no time during the session did the mar
ket show any signs of weakness. A small
run of hogs started prices higher. Com
mission houses bought literally, apparently
for the same interest, ribs being in especial
demand At the close May pork was TIC
higher, at $9421a: May lard 215c higher, at
$3.50, and May ribs sc higher. at $.75.
Estimated receipts for Monday-Wheat,
60 cars; corn, $50 cars; oats, $50 cars; hogs,
10000 head.