The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-17
SHARP GRAIN ADVANCES
WHEAT TOUCHED 6s 3-sC AND THEN
FELL OFF AND CLOSED AT 60 3-4C.
Higher Liverpool Market and Crop
Damage News from Argentine Help
the BuIIs-POrk Firm.

CHICAGO, Dec. 16.-Sharp advances in
foreign markets and continued reports of
damage to crops in Argentine made very
strong wheat market to-day, May closing Ac
higher than yesterdays final price. Corn
and oats are practically unchanged. Pro-
visions declined 215c.
Wheat opened very lively and buoyant.
Buyers and sellers were both very numer-
Gus, but the confidence OF buyers was the
more evident. Prices started 1s@Ac over
yesterdays closing, with May at 67d671sc.
One or two sales were made at &c and then
under large purchases May advanced to
6724c. All the English markets showed sharp
advances, Liverpool being up sold and
London Id. Hail was reported to have dam
aged the Argentine crop in some sections.
On the other hand, Northwest advices were
rather Dearish. Minneapolis and Duluth re-
ceipts were 940 cars, compared with S57 last
week and 635 a year ago. The Northwest
sold quite heavily in this market all day
and sent predictions of continued large re-
ceipts. Chicago receipts were 113 cars, Z of
contract grade. California reported
tinued rains of inestimabe value to the crop.
Buying halted to some extent after May had
reached 6134c and realizing became quite
heavy, prices reacting for short time to
67l2c. But before II o'clock the market was
booming again and this time the demand
did not let up until near the close. Late
cables still showed further advances in for
eign markets The export demand was fair.
the seaboard reporting about forty loads
taken. Atlantic port clearances of wheat and
flour amounted to 100000 bu Primary re-
ceipts aggregated ,205, coo bushels. The great
strength of the Liverpool market, however,
was the big factor. Trade broadened out
ma tpriaI W. ba odx nd
in itself alarmed the shorts and caused heavy
buying by that class of traders. Before $3.50
o'clock the price of May had risen to 68$sc.
Previous to that time realizing had again
set in. Longs with wheat showing good
profits, took advantage of the strength of
the market. Their selling finally became too
heavy for prices to stand up under and in
the last half hour quotations broke sharply.
May finally sold down to STAG, closing fairly
steady at that figure
Corn was strong early, with much buying
by outside shorts and local longs. The boom
in wheat was the principal influence. Gables
were strong and higher and receipts were
moderate, $40 cars with softer weather in
prospect. When wheat broke late in the day
corn became weak, longs being heavy sellers
and new short lines were also put out. Inc
market closed rather nervous with about all
the advance lost. May ranged from 35c to
3512c and closed shade higher at 35c.
Oats were rather dull relatively and price
changes narrow. Early there was fair local
and outside investment buying, but the mar
ket quickly turned weak when wheat and
corn started to decline. The cash demand
was good, though shippers were still handi-
capped by scarcity of cars. Receipts were 249
cars. May ranged from z694c to &c and
closed unchanged at 2634c.
Provisions were moderately active Pack
ers were free sellers all day and there was
another large run of hogs. AS a result the
market, in spite of the strength of grain
was rather weak There was a good deal of
profit-takng by longs on all the hard spots.
At the close May pork was 242c lower at
$S.621a; May lard, 219@5c lower at $5.S212Q
5.35 and May ribs, PFC lower at $4S2!2:
INetf1o tod fnr heat
PCS cars; corn $50 cars; oats, 800 cars; hogs,
1900 head.