The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-28
BULL WAVE in CHICAGO
HEAVY BUYING SENDS WHEAT AND
CORN TO THE HIGH MARK.
May Futures for the Leading Cereal
Closed Strong and Higher.

CHICAGO. Dec. 27.-Grain and provisions en-
joyed boom to-day and sharp advances We're
scored all around 1t was more a result Of in
creased trade than of news outsiders being
prominent in all markets. Wheat advanced lac
and corn the same. Oats added &c to the
previous prices. while provisions closed from 15c
to Csc higher.
The opening in wheat was somewhat irregular
May starting unchanged to Ac higher at ESQ
691sc All the commission houses were apparently
pentfully supplied with large and small buying
orders, but in view of the Indifference shown by
Liverpool and the large receipts here and in the
Northwest, the accumulation of three days.
local traders showed some reluctance to go after
wheat at enhanced prices But the hesitation was
only temporary. The buying demand was so
heavy and well distributed that it became evil
dent the market was in for boom and traders
with wheat for sale withdrew their wheat for
the time being. Prices in consequence jumped
with great rapidity, May getting to 691ac before
offerings became heavy enough to the mar
ket Heavy realizing caused a short setback,
the market reacting to 69A@e92sc, but the heavy
demand continued and offerings were absorbed so
quickly that buyers were soon compelled to again
advance prices materially before wheat was OBJ
tainabe. Not until 7O1sc was reached was the
advance stopped. There was nothing in the news
rather favoring the other side Of the market, but
outside interest in the market large that
it brought local shorts to cover and many heavy
local holders increased their lines. Chicago re-
ceived 1856 cars since Friday, twenty-eight of con-
tract grade. The Northwest in the same time
received 2, 100 cars. One feature of the news and
which caused some reaction after the advance to
7o1sc was the difference between primary receipts
and shipments, the former being 2,734,000 bushels
and the latter $4,000 bushels. New York re-
ported good continental demand. A decrease
on passage of 10000 bushels reported early in
dictated a large visible decrease. This was veri-
fed later, decrease of 1.776,OOO bushels being
reported. This fact helped the market late in the
session. The market lost none of it's bullishness
after noon. After reacting to 69Bc, another ad-
vance took place, 7OAc being finally bid for May
and that option closed strong at 705sc.
Corn was very strong and active. Heavy re-
ceipts and colder weather started the market at
a slight decline, but the buying was so heavy that
this was made up in hurry and prices advanced
steadily to the highest point recorded in months
The strength of wheat an influence. but the
strength was mostly due to increased general in
terest in the street. The local bull crowd bought
heavily and country orders were also very large
Cables were higher and there moderate ex-
port demand. Receipts 1923 cars. May
ranged from STAG to 39Ac and closed 15sQ1Ac
higher at 991s@39Ac.
Oats were active and higher, though the adj
vance was small compared with other grain mar
kets. Sympathy with and wheat was the
main influence. The trading was largely local.
though outsiders were good buyers. There was
good deal of local realizing, but offerings were
taken and the market closed strong at about the
top Receipts were $50 cars. May ranged from
275zc to 2SAc and closed &c higher at 2SlsQ28Ac
Provisions We're fully active as the grain
markets and prices advanced very rapidly. All
classes of buyers were in the market, and offer
ings being moderate, some difficulty was found
in satisfying the demand. Hog receipts showed
falling off, Outsiders led the speculation their
buying being heavy all day. The bullishness of
grain markets had more or less effect on provi-
sions At the close May pork was S5c higher at
$685. May lard 121zc higher at $50 and May
ribs 15c higher at $50.
Estimated receipts for to-moTow-Wheat, 125
cars; corn, 500 cars; oats 23O cars; hogs. $4,000.
Leading futures ranged as follows: