The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-25
CHANGE FOR THE BETTER
GRAIN MARKETS BECOME FIRM AND
CLOSED AT ADVANCES.
Strong Demand for wheat Set in Dur
ing the Last Hours Trading-PrO-
visions Were Weaker.

CHICAGO, Feb. 24-Wheat was lifeless
and heavy to-day until within thirty min
utes of the close, when a sudden revival
Of the export demand changed the course
of the market. and May wheat left AQ2sc
higher. Corn acted in unison with wheat and
closed 3sc higher, after early weakness.
Oats rose &c. pork closed 1Oc lower. lard
unchanged and ribs a shade higher.
The general surroundings of the wheat
market were unchanged at the opening to-
day. Cables were l~ifeless. the weather was
not a disturbing factor and Argentine ship
ments to Europe for the week were about
as anticipated. Under these circumstance
May wheat opened a shade lower, at from
re to 73BQ73Ac, and for an hour or so gave
very little indication Of getting far from
those figures. Chicago receipts were SO
cars, against 76 cars a year ago. Minneapo-
lis and Duluth receipts were 402 cars, COM
pared with 27 cars for the corresponding
day last year. The Argentine shipments Of
wheat for the week were L. $4,000 bushels,
against 1,40S,OO0 bushels the year before.
Some bearishness was impaired to the mar
ket by estimates of a large increase in
Northwest stock during the week. Receipts
of wheat rat Western primary markets
amounted to 652, 900 bushels. whereas only
417,0O0 bushels were received for the same
day last year. Atlantic port clearances were
equal in wheat and flour to 6S3, 900 bushels.
drought was reported broken in Cali
fornia, and the bears took an inning on
that information. After backing and filing
between 72Bc and 73Ac for May wheat until
the last hour of the session, the market. be-
came weak and looked for a while as if it
was going to break up into little pieces,
when rumors Of considerable export bust
ness having been done commenced to be cir
culated. Soon it became known that 1O0,O 900
bushels Of wheat, held in New York by a
Chicago firm, had been sold for export and
that 10000 bushels of Kansas wheat had
been disposed of to be shipped by way Of
the gulf ports. New York wired also that
late London cables bid Sd more for wheat
than the price at which they accepted the
offers of yesterday. That changed the whole
complexion of the market and from being
listlesS and inclined to go lower. 1t became
very strong and quite active. May wheat
mounted, in q few minutes, from 72Ac to
1890, and before the end it brought 1890,
with the latest trading at 73%Q73%c.
Lack of outside speculation. free country
offerings and liberal receipts depressed corn
early. The market was very heavy and,
during the middle hour of the session, hard
~ a trade was made. The sudden upward
whirl in wheat, however, caused a rally in
corn and during the last fifteen minutes of
exhibition of bullish spirit, considering the
dullness of its previous aspect. Receipts,
GA cars. May opened irregular at from 35Bc
to S6Q361sc, declined to 353sc, then rose to
363sc at the close.
The oats market was Influenced almost
entirely by the leading grains. There was
some covering by shorts. but outside of this
there was very little demand. Receipts. Az
27kc. weakened to 275s@27Ac, then improved
to 2Sc sellers at the close.
There was q fair provision trade, with
pork rather easy on commission-house SELL
ing. Shipments were moderate, 1900, 900
pounds of meats and 100000 pounds of lard.
MAY opened PIC lower. at $9.6215, rose to
$9.6715. sold off to $9.571a and closed at $3.50.
The range in lard and ribs was narrow.
Estimated receipts for Saturday-Wheat,
16, 900 head.