The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-02-12
BULGE IN THE CEREALS
MAY WHEAT UP FIvE-EIGHTHS IN
SYMPATHY WITH CORN.
The Latter Up the same Fraction with
Many Moving Causes-Oats and
Provisions Very Firm.

CHICAGO, Feb u.-Strength of corn. ex-
erting its influence in an oversold wheat
market. was chiefly responsible for a sharp
advance in the latter to-day, May wheat
closing SIC higher. Nearly all the corn news
was bullish, and that market closed hQ&c
over Saturday. Oats advanced sc in SYM
pathy, while provisions showed a firm I'm
ish, unchanged to l0c higher.
Saturdays and confident
bears. relying on calculations of bearish
statistics with which to begin anew a
profitable week. were to-day driven TO COW
er. The statistical reports forecasted ON
Saturday proved accurate. but instead Of
finding a yielding market on which 20 Sc
cure profits. shorts were confronted by a
very stif market, with the opening price of
the May option unchanged. at 74ssQ7i&c.
The market had been sold to a standstill
and the rush to cover approached a STAN
pede, which, despite more liberal offerings
from longs on the rise. carried May to
75Sc during the first hour. None Of the
operations. however, was individually con-
spicuous. There was a moderate commits
ion-house demand and some buying by
professionals, who thought the long side a
profitable place for investment The chief
factor in overcoming the bearishness Of
the statistics was the strength early devel-
oped in the corn market, although a re-
ported reduction in the estimate of Ar
gentina's exportable surplus, steadiness in
the Liverpool market and the moderation
of Northwest receipts were contributory
aids. Heavy clearance and a decrease IN
the visible were influential additions TO the
days bullish considerations, which resulted
in a further advance during the afternoon
TO 754c. This bulge, near the end OF the
session. invited realizing, under which a
reaction to 75c took place, but the close
was strong, May sc higher, at 7sAQ75ssc.
The cash trade was not consequential, ex-
porters reporting but Is loads taken at the
seaboard. while no export trade was
claimed for this market. Seaboard clear
ances, in wheat and flour, We're equal to
1.ol2.oOo bu since Saturday. Primary re-
ceipts aggregated 727.00 bu. Minneapolis
and Duluth reported 626 cars, against 924
last year. Local receipts were Al cars, 3 of
contract grade. The worlds visible showed
a decrease OF 1,27S.00 bu- Worlds ship
ments, according to Board of Trade fig
ures, were $500, 900 blu, while the amount on
passage increased 3,014.000 bu.
Corn was active ana strong, from start
to finish. Speculative interest was keen, the
volume of business heavy and prices above
previous high records for the crop. Small
receipts, unfavorable weather for moving
the crop to market, the continued poor
grading of fresh arrivals, the sustained
high prices Of hogs in the market at the
stockyards, together with light country ac-
ceptances of local bids and the excellent
cash demand were the basis OF the markets
strength. The opening was &c higher for
May, at 39Aq39%c, with commission houses
actively engaged on both sides of the mar
ket. There was considerable changing from
May to July at 12c difference. The COM
bined buying pressure forced May sharply
up to 39Ac during the forenoon, and at this
price the market closed, l9Q5sc improved
from Saturday. Local receipts were 273
cars. Exporters reported 40 loads taken.
There was little business transacted in
OF the day being the purchase of 200, 900 blu
of May by one operator. The undertone of
the market was firm, in sympathy with
wheat and corn and on the good cash de-
mand. Receipts were 279 cars. May sold be-
tween 25Ac and 252sc, and closed &c higher,
at 25sc.
Provisions were a moderately active mar
ket, while prices were sustained by the
reflected strength of the grain and hog
markets. The cash demand was said to be
good and brokers were buyers of futures,
presumably for packers, against cash sales.
Aside from the purchase of 1900 tierces of
lard by an exporting concern, and the alb
sorption Of 1000 brls of pork by a local
house. the trade was not conspicuous. May
pork sold between $14.071z and $14. 121z, and
closed 10c higher, at Sl4.12iA; May lard be-
tween $7.521a and S7.55Q7.57h, closing un-
changed at $7.52z, and May ribs between
s7.07h and $40, with the close &C up, at
$40.
Estimated receipts to-morrow-Wheat. so
cars; corn, $50 cars; oats, $40 cars; hogs,
10000 head.