The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-11
GRAIN GOSSIP.

May wheat seems to be on another dollar
march And July is working steadily to-
ward 90c. Yesterday the wheat market was
strong, the war presumably. Around noon
the early delivery sold UP $3.50 This is a
stilI higher price than that caused last week by
tho great wave Of outside buying which swept
both the wheat and corn markets for two days
The July advanced TO SSlsc. The May was rel
atively the stronger option. From the high
point this delivery lost only &c, closing Iirrn at
CSC. This is gain of 19sc over tuesdays close
July sold down to only sc from the high point
gain much the previous days closing as
did the May The break from ses high o points ds
it, no doubt from long lines.
Corn die not seem to have many friends
yesterday did wheat. At the high point the
May sold at an advance over Tuesdays highest
but at the close The May showed loss Of sac
from the Tuesdays final price.
r +
The worlds visible supply OF wheat is re-
ported by Broomhall. and the Daily Trade Bull
letin jointly at 169.7lsOOO bushels on Feb. l,
compared with 173, 67s 90 bushels the correspond
ing date last year. One of the enthusiastic local
wheat bulls added the qualification the figure
of this years supply that ii was mostly chicken
o. 10000 bushels in store in Europe, 49, 2sO 900
bushels, in store in Argentina, 3osOOOO bushels.
crease during January was S,55s,OOO bushels COM
pared with increase of 4.1SsO0O bushels in
December and decrease of 1s04,OOO bushels in
January last year.
A w C'Sandy'O Thomson-wheat opened for
May yesterday at 95ss G96c, sold off to 94a.c but
quickly recovered. advancing to 97c, closing at
$3.50. July opened s6%4c to s79sc. sold to Sslzc
and closed at STAG. At time did it sell be-
low sac. July and September relatively
stronger than May. In face of conditions that
govern the market is difficult to forecast, yet 1
think for the present il be sold sharp
upturns or bought sudden breaks for profit
We very apt 10 have a nervous wheat market
for some time.
Corn ruled firm and higher most of the session.
Near the close it weakened off with the decline
in wheat. on any sharp break II VIII do to
buy. There good, strong people behind ii,
who working on both sides of the market.
There is nothing new in provisions. Pork
and ribs closed a shade higher than Tuesday;
lard couple Of points lower 1 take issue with
the average Chicago commission firm when they
say the packers are the sellers and outsiders the
! buyers. No doubt they would like TO shake out
lieve IL is Chicago who will later do the
lquidating. Buy provisions on the breaks, espe-
cially pork ana rlos
Bra6street's report of the worlds available
supply of wheat showed increase of $685.
900 bushels for the week, the totals east of the
Rockies increasing 10000 bushels. and aioat and
abroad increasing 100000 bushels Last year
tho increase was 100000 bushels 400 900 bushels
|
increase afOat and abroad. The principal in
creases follow: Manitoba. 1.S32.OOO bushels !;
Evansville. 10000 bushels; st. Joseph, 129. 900
bushels Decrease in Northwest interior eleva-
tors, 100000 bushels; Portland. 10000 bushels;
Chicago private elevators, 900 bushels; East
St. Louis 10000 bushels; Burlington. $4,000
bushels.
BroomhaIrs weekly foreign crop summary
says United OBSERVATION-DISCLOSURES last week
continued extremely wet and unfavorable for
| wheat plant. France. Germany, Hungary Italy
and Spain-Another week of unseasonably mild
| and wet weather. Few complaints have been
received as yet. Russia-rt is now colder than
a week ago, and on the whole the position of
the crop is unchanged Roumania-Weather
turned milder after our report Of last week and
as result of the thaw navigation on the Dan
tinue most favorable"
The Northwestern Miller says this week from
its Indianapolis correspondent The mills of
this city operated about three half days last
week. The millers. generally speaking, report
that inquiries and sales last week compared
| with the week before were slightly better. The
! foregoing refers to domestic trade only. Export
| business is entirely out of the question and
| miIlers have ceased to discuss the subject They
are devotng the whole of their attention to
] domestic markets. Several good lots of flour
| at very fair prices were sold last week. prin-
cipally for the lower grades. The mills will
| probably manufacture about the same amount
| of flour this week they did last. Wheat of
| ferings at reasonable prices are things of the
/ past. The fanciest prices of the season We're
| offered during the Immediate past week. Sew
eral outside millers paid 81 for wheat On this
/ market Saturday of the Indianapolis mill
! ers bid 97lzc, but there was nothing offered.
| This bid is, Of course, equivalent TO the out
side millers bid at 81. Stocks running low
/ and fancy prices have to be paid in order TO
! get the raw material. There is no difficulty
| in selling feed. Ii is in greater demand in some
| markets than a week ago. The prices compared
| with week ago, however, are unchanged. Sat
urday prices in this market on a basis of
| $50 to SIS per ton bulk, domestic shipment -