The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-01-02
THE MAY WHEAT RECORD
FUTURES TOUCHED - Lie IN THE
LAST SESSION OF 1898.
Easier Opening on Lower Liverpool
News, but Active bidding
Sent 1t Higher.

CHICAGO. Dec S1-The last session Of 1893 on
Change was marked by moderate activity in all
markets, with comparatively insignificant changes
in prices. Heavy outside buying and prospects of
a good visible decrease advanced wheat 1sqAc.
Corn. the other hand. declined &c Oats
closed shade lower. Provisions were irregular;
lard advanced 712c, while pork closed a shade
lower and ribs shade higher.
Wheat opened easier at a decline. Liverpool
paid no attention to the advance here yesterday.
but the contrary showed small decline and
this apathy on the part of the English market
affected local traders to some extent. May opened
14Q3sc lower at 71A071ssc. Very little wheat
could be bought at those figures, however, and
the market soon developed better feeling. About
forty-fv minutes from the opening large outside
buying orders were received, st. Louis being par
ticularly prominent in the demand, and this buy
ing induced considerable covering by local shorts.
the result being a quick advance in the May
price to 72Ac. Another period of reaction then
followed. There was more or less liquidation by
traders. who did not wish to hold wheat over
the holidays, and realizing on wheat showing good
profits This was heavy enough to force the price
back to 71Ac, where it held for time with
small amount of trading done. About II o'clock
prospects of large decrease in the visible supply
Tuesday increased the buying demand to some
extent and advanced May to 72c again. But the
general tendency to go home with a clean slate
too strong among traders and selling during
the last half hour slowly forced the price back.
Atlantic port cearances were fairly large 607, 900
bushels. Minneapolis and Duluth receipts were
sos cars and Chicago receipts were 154 cars, eight
of contract grade. Private cables increased the
Argentine surplus to $4,000 COO bushels, but said
not more than 100000 bushels of this would
reach Europe before July l. Continental markets
were firm. May finally declined to 7194q71sc at
the close.
Corn was relatively heavy. The market showed
some frmness early with wheat, but later
acted and closed at a slight decline Lower
cables and cold weather, the latter suggesting
the larger receipts, depressed the market. Long
corn was for sale all day, about 100000 bushels
being sold here for export. Receipts 514
May ranged from S77sQ3Sc to SS42c and closed
14c lower at S8Bc.
The market for oats was slow. There was little
doing beyond a scattered scaping business and
prices were influenced almost entirely by the
action of corn. There was a fair cash demand.
Receipts were 212 May ranged from 2S5sc to
2Sasc and closed a shade lower at 2SsQ2SAc
Provisions were fairly active Lard again
the leader, there being good demand for that
product all day. Some local bulls took profits,
but the demand was sufficient to absorb all offer
ings and prices were we'll maintained At the
close May pork was a shade lower at $1O.55Q
10.5712, May lard nc lowen at $3.50 and May ribs
shade higher at $5221a.
Estimated receipts for Monday-Wheat. LIT cars;
corn, 475 cars; oats, 22O cars; hogs. $4,000.
Leading futures ranged as follows: