The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-13
WHEAT is A BULL MARKET
WAR NEWS ALSO AFFECTS CORN.
OATS AND PROVISIONS.
Considerable Profit Taking Causes
Reaction in Wheat. but Market
Closes at Net Advance.

CHICAGO, Jan. I2.-worry over weather and
advanced prices to-day in every trading pit
the Board of Trade Wheat at one time was
up lie bu for May Closing prices were strong,
with gains follows compared with last night
Wheat. sc: corn, sc: oats. nc; pork, 3oc; lard,
12lzc. and ribs l0c to 12lzc.
bulhsh sentiment pervaded the wheat pit
The market was strong at the start. May being
up ssGlEe to 7salc. at s7GS71zc. The principal
factors influencing the situation at the opening
were decline in the price of British consols on
a renewal of war talk from foreign markets to-
gether with lack OF moisture in the Southwest.
At the advance there was liberal profit taking
which resulted in setback of about nc The
market steaded on heavy purchases by the big
long interest. Later in the session report was
circulated that Japan had accepted Russia coun-
ter-proposition. This rumor started another sell
ing movement the part of local traders
CONSIDERABLE PROFIT-TAKING.
The desire to take profits was intensified by a
fairly large increase in the worlds available
stocks. Under this selling pressure May declined
to sef4c better export demand. with reports
OF rains In Argentina. soon caused a reversal OF
sentiment Prices responded readily TO the
change. May advancing 10 s7lsGS7Ac The close
Clearances OF wheat and flour were equal to
500 200 bu Primary receipts were 80, GO ou.
AGAINST $500 ou year age. 81 Bradstr Get.
neapolis. Duluth and Chicago reported receipts
or 4os cars against $50 last week and $50 a year
ago.
GOOD BUYING OF CORN.
The war scare induced considerable covering
by shorts in corn early in the day. There was
also good buying for investment account. Of
ferings were not large. and result the mar
ket ruled strong. Poor condition OF the receipts
added confidence to the bulls. The demand con-
tinued good throughout the entire session. Clos
ing prices were firm. May opened 1sc 70 Sc
higher at 47AQ47l3c, ranged between 4714c and
fTssq47%c, and closed 47lzc, gain OF Ssc.
Local receipts were a. cars Of contract grade.
BIG DEMAND FOR OATS.
A report that the prominent long was adding
oats. Small receipts also helped to encourage
buying. The strength in other grains caused
hrmnesS in this market. Offerings quite
liberal on the advance, and prices receded some
to hQAc higher, at S91kG3S5sc May sold between
S91kc and $3.50, closing at $3.50. Local receipts
were lS4 cars.
PROVISIONS STRONG.
Provisions strong lighter receipts of
hogs, but especially renewed talk OF
war. Shorts and commission houses active
buyers early in the session, with offerings COM
ing mostly from packers. The strength mani
tested at the opening well maintained. and
closing prices showed good gains.
May pork opened 712c TO 22l2c higher, at 81. 81
@12 %, sold between s12.s71z and s1s.o5, closins
S1S021z. Lard opened nc to loo higher, al
$780, and. after ranging between $3.50 and $652l
closed s6.92i3 Ribs were also UP 7lzc to loo
the start, at $6571zQ6.6O After selling between
Sc and s6.6212 May closed at $6.60q6.6212
Estimated receipts tomorrow: Wheat, 20 cars
corn. 265 cars; oats Is cars; hogs. $4,000.
Leading futures ranged as follows: