The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-05
WHEAT TURNED UPWARD
QUICK RECOVERY FROM THE Eff
FECTIVE BEAR RAID or TUESDAY.
Exports Heavy and Cold Wave Indi-
cations Gave the Bulls the Neces-
sary Courage-POrk Steady.

CHICAGO, Jan. 4.-Heavy export clearances.
diminishing receipts and predictions Of cold
wave caused sharp advance to-day in wheat
May closed with a gain of sc. Corn advanced
CSC and oats 14c Pork lost 2l4c lard advanced
2l3c and ribs are unchanged.
The Liverpool wheat market the chief in
fuence here at the start Gables here came Id
lower for futures. Such apparent eagerness
abroad to emphasize the weakness in this market
caused the selling out of a heavy line of long
wheat here. May opened fraction lower, with
sellers at 70%c down to 70I5c. So much for
sale that the price was forced down to 7oAc
before intending buyers could shout bids. The
Atlantic port clearances, however, began to have
bullish effect when Philadelphia reported 5000
bushels wheat and flour, shipped for export.
When other seaboard cities swelled the total ex-
ports for twenty-four hours to over 1,10O 600
bushels the feeling of spectators found express
sion in quick advance to 711sc. Kansas City
wired that the days receipts were not sufficient
for local milling requirements and Minneapolis
reported such urgency in the demand for to-day's
offerings of cash wheat that the price was adj
vanced to slight premium the May deliv-
cry. Chicago receipts were 205 cars, of which
ten graded contract. Minneapolis and Duluth
ported 5S4 cars, compared with S53 last year.
The general response to inquiries concerning fu-
ture country movement of wheat in the North
west that it likely to be still smaller
in the near future. Atlantic port clearances when
finally reported in full aggregated 1900 900 bushels.
Bradstreets report of changes for the week in the
worlds visible showed increase of only 377, coo
bushels. compared with five times more than that
a year ago Reports of a cold wave from the
North which it claimed would cause severe
damage to the winter wheat, has strengthening
influence. The market near the close became very
bullsh. Shorts covered freely and there was
heavy buying for the long account, which
suited in advancing May to 71%c. That
above call price and realizing privileges caused
a slight reaction near the end, May closing at
7114@715sc
Wet weather, which was considered likely to
curtail receipts, strengthened There
also good export demand. Prices sagged a trihe
early on scattered selling from the country but
when the price got around S71sc the old-time bulls
took hand and quick rally followed. Receipts
were liberal, 1,O75 cars May opened fraction
higher at 37l4G872sc, sold sparingly at S71sc grad
ually rose to $780, then reacted to 3714@379sc at
the close
Oats ruled active and higher. The advance was
due to a good cash demand moderate receiDts,
unfavorabe weather and the advance in other
grains. Receipts were 80 cars. May opened up
a fraction at 2715Q279sc, weakened to 272sq271zc,
advanced to 277sc and closed at 27%4c.
a dlsappolntlngly heavy increase in the stocks
of hog products for December depressed provisions
early At the resulting decline commission houses
had numerous buying orders and packers. who
were free sellers, turned buyers. the consequence
being a recovery of practically all the decline.
May pork opened 712@1712c lower at 5000 and ad-
vanced to $1O.45. May lard began 1Oc down at
S5.75 and improved to S5.S7h May ribs started
10c lower at $5O5 and rose to $5.15
Estimated receipts for Thursday-Wheat 175
cars; corn, AS cars OATS 1875 cars; hogs Al, 900.
Leading futures ranged as follows: