The Indianapolis journal., 1899-11-15
SMALL RALLY in WHEAT
BULLS HAVE A LITTLE ENCOURAGE
MENT AND PRICES RISE.
Corn Also Closes Strong, Oats Are
Higher and Provisions Clcse at a
Lower RanEe-AvIiIabIe stock.

CHICAGO, Nov. H.-Wheat was weak
large Argentine crop, but steadied on buy
ing by the shorts and closed at an ad-
vance of 1kIAc. Influenced by light coun-
try offerings and small receipts corn closed
strong and unchanged TO 4c higher. Oats
closed 1AIHc higher. Provisions ruled
weak and closed 21aa10c lower.
Reports OF light domestic receipts were
the only items with which bulls could con-
opening Of the wehat market to-day, and
the initial figures. December S6laa6s5sc and
May 7oiAd7Ossc, showed a loss from yester-
days close of 11G5sc. The chief factor in
the weakness was the prediction of an
Argentine crop authority that prospects
pointed to a large Argentine crop. Har-
vesting began last year on Nov. 10 and the
prediction. evidently not much in advance
of the beginning of harvesting. had imme-
date effect. Liverpool, which had opened
firm. declined and closed weak. The mar
ket here rallied after the opening on COW
ering by shorts and buying against puts,
December touching 667sc and May 7O7sc. On
profit taking December eased to 661sc and
May to 7O5sc. An impression that the con-
tinuous liquidation of the past few days
had resulted in an oversold market was
apparently verified when shorts in greater
number again sought cover. There was
little wheat to be had at the low market
and the price steadied. December ad-
vanced to s71kc and May to 711kc. December
closed Ac over yesterday at 677sc and May
having eased off bit on profit taking near
IN 40
worlds visible supply of 100000 bushels,
almost double expectations. There was a
decrease in local stocks of $4,000 bushels.
Primary receipts were $4,000 bushels,
against 100000 last year. Minneapolis and
Duluth reported SO4 cars, compared with
936 last week and 2.0S9 the corresponding
day last year. Receipts here were ninety
one cars, three Of contract grade Clear
ances were Ss6,OOo bushels. New York re-
ported thirty-two boatloads taken for ex-
| port. Advices from Argentine were that,
| including wheat left over, there would be be
| between e0,co0o0O and 10O,0oO,e00 bushels for
export next year.
Corn was weak early with wheat. The
| opening was at a loss of 1ssfAc from yester-
| days close. December at 3hQ3lc and May
| at 32l4 0322sc. Yesterdays country accept
were considered light. The estimate for
| Monday was small. The early loss was
| recovered. There was some selling OF May
| by elevator people. while shippers took De-
| cember in moderate quantities. Primary
receipts were 490.412 bushels. December
| ranged from S07sc 20 BIC, closing 1sQAC
| lower at 31hG31Hc. May ranged from
| 32ilc to 32isd324sc and closed unchanged at
| 3215c. There was little feature to the trade
| Shorts did some buying and traders were
| inclined to purchase. looking for rally.
| Oats followed in the wake OF the other
| markets. The spread between May and De,
| cember was narrowed to a difference OF
| 1Ikc. Bradstreet's gave a decrease in the
| worlds visible supply of 67o,oco bushels
| Clearances were only S,l6O bushels. Re-
/ ceipts were 203 cars. The cash demand was
good and 10000 bushels were taken fol
| shipment. The range was only Hc. De-
| cemher sold from 22Ic to 221ec and closed
| Kc higher. at 221kc- May closed 1sc high
1 er. at 233sc.
| Provisions suffered from the depression
of hog prices and the weakness of the
| Liverpool market for American products
| There was little demand and the marke
| was dull. The, English packers were the
| principai sellers January pork closed 71sC
| down, at S947lk; January lard 71SGloc low
| er. at $5071kG510; January RIBS at 2l9Q5t
ESTIMATED receipts for Wednesday-Wheat
7S cars: corn, 133 cars; oats, 2l3 cars; hogs
| Al .0On head.