The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-12-31
WHEAT CLOSED HIGHER
BULLS HAD THE BEST OF THE MAR
KET NEWS ALL DAY LONG.
Strength I'm the Leading Cereal En-
abied Longs to Dispose of Their
Holdings at Good Profit.

CHICAGO, Dec. SO.-wheat to-day was in de-
mand and aided by strong cables and light
Northwest receipts, the May option closed at an
advance of l%c. Corn and oats dragged some
what, but closed about 14c higher each. Provi-
sions advanced 2l5@5c.
The opening in wheat was rather quiet, though
a strong undertone shown and this notwith-
standing yesterdays weak closing. A tendency
was shown by many of the local bulls to dispose
of their lines pending the holiday recess and Of
ferings from this sufficient at first to
satisfy buyers. Northwest receipts continued to
show failing off, Minneapolis and Duluth to-
day reporting 42S cars. compared with 7s6 last
week and 5O7 a year ago. Chicago receipts were
1G2 cars, six of contract grade. Diminishing
country offerings had evidently affected outsiders,
for commission houses were all well supplied
with buying orders and within half hour of the
opening the market had become very active. with
the buying demand general. May opened Agile
higher at 701z7024c. 1t advanced quickly to 7l12c,
where it met increased realizing, but soon over
came this obstacle and before IL o'clock May
selling at 71%c. Around 7112c several long lines
of wheat showing handsome profits were dumped
on the market, which yielded slightly to the
pressure. May selling down to INC by noon. But
added confidence was given buyers by the Liver
pool cables, which showed Id advance. and by the
sudden narrowing of the DecemberMay spread,
caused by the strength of the cash article. The
discount narrowed from 21ac to &c. Cash markets
in the Northwest higher and New York
reported good export demand, with seventy-two
boatloads sold. Taking of profits, especially by
local longs was very liberal during the latter part
of the session, but the demand was more than
sufficient to absorb the wheat offered and in the
last hours trading May reached n7sc, the high
est point of the day. Primary receipts were
$4,000 bushels. Atlantic port clearances of wheat
and -four amounted to S4S. 900 bushels. A quick
drop to INC took place shortly before the close,
partly in sympathy with late weakness in corn.
but most of this Immediately recovered, the
market closing firm at 71Ssc asked.
Corn was fairly active. The market was firm
at times with wheat but in general it showed
a tendency to lag. Excellent shipping demand
also served to sustain prices. The country was
liberal seller liquidation from this source being
heavy in the afternoon. Receipts were 5O4 cars.
Local longs were also liberal sellers the bulge.
The seaboard reported eighty-one loads sold for
export. May ranged from SS1sc to SS%c and closed
No higher at 3Sssc.
Oats were comparatively slow There was some
buying on the strength of wheat, but offerings
were as a rule ample and price changes were
narrow. 1t was mostly scalper's market. Re-
ceipts were 2SS cars. About 100000 bushels was
SOiu mere AOr SApOiI' hdJ loHSSu rum ~o7SW
2S14c to 2sssc and closed sake higher at 2SAc.
There a large trade in provisions. The
outside demand was heavy, the inquiry for lard
being especially prominent, and although packers
sold literally, the market at all times was firm
and higher 1t looked at times as If there was
selling of pork and ribs to buy lard The best
prices not maintained, longs taking profits in
the afternoon. AT the close May pork was sc
higher at $10571z, May lard 2lzc higher at 5.S212
and May ribs shade higher at s5.20Q5.221a.
Estimated receipts fer Saturday-Wleat, 14S
cars; corn $50 cars; oats, 200 cars; hogs 25 900.
Leading futures ranged as follows: