The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-02
SURPRISE FOR TRADERS
MAY WHEAT CLOSED 4 CENT HIGH
ER ON SHARP ADVANCE ABROAD.
Nearly Every Dealer on Chicago
Other Markets Dull and Weak.

CHICAGO. Feb. IAN unexpected reac-
ton took place in wheat to-day, May clos
ing q cent higher. Nearly every trader on
the floor was expecting a decline, but the
sensational reduction in Liverpool stocks
and a sharp advance in prices there after
weak opening illustrated the uncertain-
ties of wheat trading by sending prices up
and keeping them there. Corn and oats
were dull and show but little change in val
ue. Provisions declined 21ad10c
The opening in wheat furnished a genuine
surprise to traders. 1t was generally be-
lieved that, following the heavy liquidation
of last week and the closing out of long
lines by many of the more prominent bulls
that the market was in for period of re-
action, some traders even predicting soc
for May again. News from Liverpool how
ever, completely upset these calculations,
and caused a general skurrying of shorts to
cover. May, which closed yesterday at 947sc,
opened to-day at from 951sc to $3.50, with
very little offering even at those figures. So
active was the competition for an hour that
96ssc was paid before enough wheat was
forthcoming to check the enthusiasm of
buyers. Liverpool opened 5sn11sd lower. re-
spending we'll to yesterdays decline here,
but by 2:30 p. m. showed a complete re-
versal of form, prices at that time being
A@3sd over yesterdays prices. The sensa-
ton of the days news was the decrease for
January of 1,24S 600 bushels in the stocks at
Liverpool. The stocks there now amount to
900 bushels, or only two weeks sup
plies. This was What started the buying
furore. The market was further strength
ened by New York advices of good foreign
buying of wheat futures Minneapolis and
Duluth receipts were $40 cars, against 1923
last week, and 260 a year ago. Chicago re-
ceipts were 81 cars, II of which were of con-
tract grade. Following the advance to 96ssc
came a slight reaction. Realizing sales
caused a temporary decline to 955sQ95alc,
but the Liverpool news was too strong to be
so easily disposed of and the offerings were
quickly absorbed. Then prices shot up again
and this time May advanced to 96s4c before
stopping. Then it slowly declined. No real
weakness developed, however, till Brad
streets worlds visible report was posted in
the afternoon This showed an increase of
$1,000 bushels, and distinctly disap-
pointing as decrease had been looked for.
Liverpool closed 3sQ7sd higher, but CONT
mental cables We're rather weak and that
weak in the last hour. May fell to 9512c. but
in the last few minutes trading rallied again
and closed steady at 957sQ96c
There was fair trade in corn at the mar
row range of prices. The market was in
clined to sympathlze with the wheat adj
vance at first, but the government crop fig
ures, 1903 900, COO bushels. put damper on
buying later and dissipated the slight adj
vance. Shorts were good buyers early May
ranged from 2S7sQ29c to 2SS4c, and closed
unchanged at 2Ss4c.
The feature in oats was the government
crop report, but it had different effect
from that in corn. The figures Cos. 1903 900
bushels, fell 100000 bushels short of esti-
mates There was fair buying by commits
sion houses and some covering of short
lines, but business. as a whole, was small.
Prices ruled firm at a slight advance. May
ranged from 24G241sc to 237sc, and closed q
shade higher at 237s@24c
With the exception of a short period of
steadiness after the opening the market for
provisions weak. Liberal receipts of
hogs encouraged selling, in which packers
took hand late to-day At the close May
pork was loo lower, at $3.50; May lard sc
lower. at $4.S0 and May ribs &c lower. at
$4.S5.
Estimated receipts for Wednesday
Wheat. 81 cars; corn, 290 cars; oats, 165
cars; hogs, 600 head.
Leading futures ranged as follows: