The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-01-20
GRAINS in GOOD FORM
TONE EXCELLENT, DEMAND ACTIVE
AND PRICES HIGHER.
Advances Range from Sic in Wheat
to lie in Oats-PrOvisions Also
Firm ut Small Gains.

CHICAGO, Jan. 1S.-Evidence Of renewed
confidence as shown in good buying orders
gradually brought the grain markets to-day
under bullish control. Aided by numerous
bullish conditions good advances were
made all around after quiet opening. May
wheat closed %q7sc higher. corn 1glbc
higher and oats 1Ac up. Provisions closed
21.QT1&c higher.
At the outset wheat had comparatively
small business, but showed a decided i'm
provement in time under the influences Of
improved spot and future cables and dry
weather damage reports. A good deal Of
short covering was induced by the rapidly
rising bullish sentiment and business grew
brisk. May opened &c to 4gSsc higher at
soia to s0Ss9S011c and steadily advanced
There were reports of light rains in the
Southwest but not sufficient to help the
suffering country. Kansas City reported
one-fourth Of the winter crop ruined. The
Southwestern markets reflected this condi-
ton, especially st. Louis, where Nay was
selling at SS3.c when it brought only Sic
here. Reports were current Of renewed for
eign demand for spring wheat and con-
firmation of sales of that hitherto neglected
variety came from Buffalo. Some profess
sional buying at length set in, and on the
prediction OF freezing temperatures in the
winter wheat country, St. Louis houses be-
gan to buy. May wheat closed strong, s.@
higher at Sic. Local receipts were % cars
none Of contract grade; Minneapolis and
Duluth reported 531, total OF sos, against
sos last week and 400 a year ago. Primary
receipts were $751; 600 bu compared with 61s,-
900 a year ago. Seaboard clearances, in
wheat and flour, equaled $4,000 bu.
Corn ruled firm and advanced steadily on
covering by shorts. Gables, especially at
the close, were improved and helped the
bullish situation Professional buying
early bulled the market. following the bet
ter tone in wheat. A good outside demand
soon sprang up. but in general the buying
looked like purchases for short accounts
The Northwest and St. Louis did some
buying, Influenced largely by apprehension
over threatening weather. The cash stu
alton remained rather dull, shippers re-
porting slow movement. This however,
had little effect on the growing bullish
sentiment, and May advanced to a strong
close 1Q1Isc higher at 6424Q647sc. Receipts
were only 81 cars.
Oats had a very strong market and ruled
higher throughout the session. Offerings
were scarce. and timid shorts, frightened
by professional buling, scurried to cover
sending prices upward Indications were
that had not longs dumped large quantities
it would have been a runaway" market
May, which opened the highest option Of
the pit, sold up TO 4611c and closed strong,
nc advanced at 1880. Receipts were 1S2
cars.
Provisions were rather dull, but ruled
firm on light offerings and the grain
strength. Packers did most OF the selling
The hog market was improved and was a
bullish incentive. Some outside demand
started fair advance. The close was firm
May pork closed nc up at Sl7.1211; May
nc advanced at $S.721z.
Estimated receipts for Monday: Wheat.
DO cars; corn, 100 cars; oats, $50 cars; hogs
43, 900 head.
Leading futures RANGED as follows: