The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-10-18
SHARP RALLY in WHEAT
LARGE EXPORT SALES AND CROP
DAMAGE SEVERE IN MANITOBA.
Early Declines Quickly Wiped Out
and other Grain Followed the
Leader-POrk Lower.

CHICAGO Oct 17.-Large sales for export to-
day and reports of damage to crops in Manitoba
and Australia caused a sharp rally in wheat
prices. After early decline December closed
CSC higher Corn and oats also responded to the
influence Of the inclemert weather and scored
good advance. December corn and May oats gain
ing 3s015c each. Pork lost 21kc, lard SO and
ribs 2ssc.
Stormy weather throughout the West and North
west, little uneasiness over the war situation
abroad and reports from the seaboard of a con-
tnued good export demand for wheat started the
market strong. Easier markets abroad and fears
of a large increase in the visible supply which
afterward verified caused period of weak
ness shortly after the opening. There was a flood
of bullish news later, however, which caused a
general stampede of the early short sellers. Re-
ports from New York the effect that
porters were buying December wheat very freely,
with the ocean rates advanced to 13c to Antwerp,
which is considerably above the highest Letter
and figures of last spring The reason given
for the advance was that ZOO bushels had been
engaged for export to-day and that there had
already existed scarcity of vessel room. Minne-
apolis sent reports that her flour sales were enor-
nous, with the cash wheat market strong. and
that Manitoba crop had been damaged in stock
to the extent of 6O0 900 or 1000 600 bushels by the
ncessant rains of the last three weeks. Receipts
LIBERAL Chicago receiving 81 cars. against
2S4 last year. and Minneapolis and Duluth report
ing 1872 cars, compared with 1882 last week
and 1,49S for the day year ago. The
primary market receipts reached total for the
day 21SS. 600 bu. against 1,5S0,000 the previous
year. The visible supply increased 2,362,O00 bu
for the week and shipments of wheat from Russia
last week 2, 1858 900 blu, 200 600 bu than
the week before. Continued reteration of the
reports Of damage by drought in Australia and by
wet weather to the wheat in shock in Manitoba
finally carried December up to 654c the
close. December opened 1s@Ac higher at 64ss@
s4Zc, held/for few minutes at 647sc. declined to
64AQ643sc, then rallied to 65Ac and closed at co.'s
Q65Hc, sellers.
There was big trade in corn and prices scored
a substantial advance. Wet weather throughout
the belt. with prospects of it further cutting
down the receipts from the country, the lead
ing influence. There good demand for cash
corn, but the scarcity of boats precluded any
possibility of important charterngs. The visible
supply increased 1851, coo bu last week. Receipts
were 1194 December opened unchanged at
30zs@31c and advanced to S1ss@311sc, the closing
figure.
Oats followed the other grains. There a
good demand for both the futures and cash. which
advanced prices materially. Receipts SIS
cars. May began a shade higher at 2SAc to
23as@231sc, advanced to 2334c and closed at 235s@
2SAc.
Large receipts of hogs here and at all other
packing points caused easy feeling in pro-
visions at the opening. Prices advanced some
what in sympathy with grain, but weakened later
on the liberal offerings of the English holders.
who have heretofore been quite buish. There
was a fair demand for cash meats but it was
not regarded of sufficient Importance to offset the
liberal receipts. January pork opened sc lower at
50. 15 1926, sold off to $9.121s and closed
at $9.17h. The range in lard and ribs was very
narrow.
Estimated receipts for Tuesday-Wheat, 22O
cars; corn. $50 cars oats. s5s cars hogs. $1,000.
Leading futures ranged as follows: