The Indianapolis journal., 1898-12-02
GRAIN PRICES BOOSTED
SHORT DELIVERIES AND EXPORTS
GAVE BULLS A CHANCE.
Wheat Opened Strong at Chicago and
Closed n Cent HiEher-PrOvisiOns
Advanced in Sympathy.

CHICAGO, Dec. IAN almost total alb
sence of deliveries on December wheat con-
tract and heavy clearances and seaboard
engagements gave wheat bulls to-day the
incentive they have been waiting for to
boost prices. Compared with yesterday the
final figures show an advance of %Q1c.
Corn advanced 1s@Hc; oats closed a shade
higher and provisions 212Q10c higher.
Opening trades in both December and
May wheat were at a substantial advance,
December starting 5sc higher at 657sQ66c,
and May 1ac higher at 66A G66ssc. AS to
December the strength was due principally
to the fact that deliveries were practically
nil which removed a source of much ap-
prehension. Bulls in May had for their COM
fort an entirely unexpected show of
strength by Liverpool cables reporting $50
sd advance at that market before trading
commenced here. Another noticeable fea-
ture was the smallness of the Liverpool
stocks of wheat 528 900 bushels, a decrease
of over $1,000 bushels for the week. The
Indication of the hand-to-mouth policy of
foreign traders and the fact that Europe
is practically dependent on this country for
supplies reminded shorts that an ugly sit
uation would ensue should Northwestern re-
ceipts drop off sharply at the close OF navi-
cation, and sent many of them to cover.
Northwest receipts were 1,405 cars, COM
pared with 753 a year ago. Chicago receipts
were 142 cars, sixteen of contract grade
After the first few minutes trading the
market became very dull and prices dropped
off somewhat in consequence. December, in
which scarcely any trading was done, de-
clined to 654sc and May to 661sQ66Ac. But
before II o'clock trading commenced to
broaden out under the influence Of some
very bullish figures regarding the foreign
demand for American wheat and the latter
part of the session was marked by more
activity than has been shown any time this
week Atlantic port clearances of wheat
and flour footed up the enormous total of
,635 600 bushels. Primary receipts were
heavy also, $4,000 bushels, but this fact
was apparently ignored. The seaboard re-
ported seventy loads taken for export, q
feature of which was heavy engagements
for Adriatic ports which Russia should be
supplying. There was steady demand from
shorts anxious to cover outstanding con-
tracts and a good deal of outside commits
sion house buying. The market continued to
advance until about half an hour from the
close, May getting up to &c and December
to 6612c. AT the top, however, selling. which
had been scattered up to that time. be-
Cured. The close was firm, May at 674c
and December at 66lsc.
active. There were no deliveries in Decem-
ber contracts and that and the strength
of wheat gave the market a firm opening
and with the exception of a slight reac
ton soon after, caused by selling against
calls, the, strength was maintained to the
end. Trading, however, was not heavy
enough to cause much advance. The sea-
board reported seventy loads taken for ex-
port. Cash sales here were put at 25O.OOO
bushels Receipts were 254 cars. May ranged
from 24146342sc to 3434c and closed BQAc
higher at 34lR.
Oats were firm, but dull, the market be-
ing without special incident. There were
no deliveries, which, helped prices. There
was some selling by longs, but cash demand
was good and prices held well. Receipts 179
cars. May ranged from 26Ac to 27c and
closed a shade higher at 267sc.
Provisions were fairly active and strong:
Hog receipts were again very heavy, but
traders paid very little attention to this
Packers sold freely the first hour, but the
market absorbed all offerings readily and
at the close showed a substantial advance.
There was broader general trade. AT the
close January pork was 10c higher at
$9.271R; January lard 10c higher at $5lO and
January ribs 21b@5c higher at $46713Q4.7O.
Estimated receipts for to-morrow-Wheat,
$40 cars; corn, 435 cars; oats, 237 cars; hogs,
&c. 900 head