The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-20

Ninety-three and one-half cents was bid for
No. red wheat at the Board of Trade call yes
terday This is a record high price for No
red IN the local market This was not due to
increased activity of the local -four mills for
most of the millers here are doing very little
business outside of the local field, but is the
result of the advance in the option markets
The local wheat market is a very small analr
now. the weekly receipts amounting to only
r,,Io more than 5000 or 5000 bushels. Before
No 2 red got to soc the millers claimed they they
could not do profitable business because hour
market And the condition, from the mlllers
standpoint, is even worse now as hour prices
have not been advancing with wheat
A. r. Thompson & Co. have the following
ANALYSIS of the wheat market from Finley, Bar
rau G. Co: May wheat has been exceedingly
strons, without any serious reactions for a num-
her Of weeks and it seems, under any ordinary
condition. that we ought TO have good break
from, present prices. But the present conditions
are most extraordinary. 1t is fact that Ar
mour is long on a very large line or May not
only through his own house. but through num-
her of other brokers. and 1t is fact that the
large majority of the Board OF Trade brokers,
esnecially those who do an OUTSIDE speculative
business. are short the May future. careful
canvass of the situation yesterday after iH22
brought this fact 10 light. Now, III tne outside
enecniative public are short May wheat and
nrrecticaiIv all OF their holdings are held by the
Armour house, and the contract s'ock IN Chl- -
cagC so extremely light, how are We going 10 get
a Substantial break in the market Inc news ,%
from day to day will cut no hgure under the
above conditions and IL looks TO me as IL the
shorts will have 10 cover before We get any
serious set back in the market.
+
A. w. rhomson.-wheat sold to sOc yesterday
for the May option. Trade is reported light
Armour is said to have practically all the wheat
Foreign markets do not respond to our advance
The May option at Chicago is within PC per bu
of the Liverpool price. That shows how Chicago
can dominate the wheat market. In view of these
facts il is hard for any 10 forecast the mar
safe TO say that with and good margins
one can take the short side. Corn, too, is strong
and higher, influenced, no doubt, by the strength
In wheat. II the short interest in wheat should
be settled corn would drop back on any good
break however, / regard IL purchase. In pro-
Visions lard seems 10 be the leader The foreign
ing. may carry it higher. on sharp upturns /
think il can be sold for scalp Pork and ribs
remain duh, and will be scalp on the breaks
or bulges. Do not get short for big profits
May wheat was big bull market again yes
terday without anything particularly bullish in
the news to make 1t strong. and the Russo-Jap-
anese situation a depressing factor II IL a
factor at all. About forty minutes before the
close the May delivery 9Oc. another rec
ord high price for this crop in the option market
and &c above the top price Monday May
closed az Sssc split which Is practically at the
top the day. The strength yesterday must
have been or the technical sort again, partly
at least, and partly from Armour buying. Be
fore the opening Valentine. who Is the manager
o the Armour Grain Company. said May would
be at SOC before the close. This the face