The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-07
FIRMER AT THE CLOSE
MAY WHEAT TOUCHED II 1-sC AND
THEN ADVANCED TO ~ 3-SC.
Buying Orders Begin to Appear and
Prices Thought to Be Near the
BottOm-POrk Stronger.

CHICAGO, Feb. '6.-Big clearances and
good export demand at the Atlantic coast
brought a reaction in wheat to-day and
May left off at an advance of &c after a
break of 11sc early, caused by liquidation
of long property. Corn closed sc lower
and oats 1sc. Pork, lard and ribs sc off.
Early wheat news was not of a nature to
bring in fresh buying orders and the market
opened weak. Liverpool cables came equal
to &c a bushel lower and the London mar
kets showed even greater decline. The
amount on ocean passage increased 100000
bushels during the past week and the
worlds shipments amounted to about
10000 bushels, over a million above re-
q~uirements. May opened &c lower at ia
re and as there were a few buying orders
from Sb Louis and New York to be filled,
it touched 72Ac. The Russian shipments for
the week were only 651. 900 bushels. which
was the most encouraging feature the bulls
could find in the early information. Chi
a g received 81 cars, of which only four
graded contract. Minneapolis and Duluth
got 621 cars, compared with GEO the cor
responding day a year ago. Primary West
ern market receipts were $4,000 bushels
against 1900 last year. The visible state
ment when completed showed 400, 900 bushels
increase where a decrease had been looked
for. When this became we'll understood
there was a general effort to get rid of long
wheat and the pressure soon carried May
off to TIC. After that decline, however,
the market gave some indications of recov-
ering as there was an u-ndercurrent of
opinion that the fall wheat had suffered to
some extent from the recent cold weather.
Shorts became active buyers on the an
nouncement of c~learances at Atlantic sea-
board, which amounted to 7O5,O0 bushels.
In the final dealings New York reported
that siXty-eight boatlOadS had been sold for
export and that caused more activity in the
buying, the consequence of which was an
advance in May wheat to 7212c and 723sQ
7212c was it's closing rate.
Corn suffered a little early in sympathy
with wheat, but was, on the Whole, re-
markably firm, considering the large re-
ceipts at primary points, and the enormous
estimates for tomorrow. Local bulls in
creased their lines on the break and this
buying together with covering by shorts
brought about an upturn. Receipts were
743 cars. May opened 1sc lower at $500
$500. sold at 365sc, then improved to 371sc,
the closing price.
A good cash demand and the advance in
corn were the Strengthening influence in
oats. Receipts were 25l cars. May opened
unchanged at 27zsc. sold at 27Ac, then
frmed up to CSC, buyers at the close.
Provisions developed an easier tendency
a. the start on moderate selling of pork and
ribs. Later. however, buying of lard by
English houses together with heavy pur-
chases of pork by representatives of pack
ing houses brought about a recovery. May
pork opened 22U5 lower at $10.05, rose to
$1C.I7 and closed at $10.15Q1O1712. The range
in lard and ribs was narrow.
Estimated receipts to-morrow-Wheat, POS
cars; corn, 1,525; oats, 260; hogs, 10000 head.
Leading futures ranged as follows: