The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-02-16
MAY WHEAT GOES TO CSC
FOREIGN MARKETS ADVANCED \
SOUTHWEST SEM BULL NEWS.
May Delivery Is Congestcd and July
and september Are Absorbing New
Business-Corn Very Strong.

CHICAGO. Feb. ia new high record price
was reached to-day By wheat for May delivery.
CSC a bu-
With the war advancing foreign grain markets.
the visible supply diminishing, and with crop
prospects in the Southwest threatened by the
cold weather, short selling of the May option
was practically abandoned. July absorbing most
OF the new business.
Closing prices were near the top, with May lAsc
above Saturdays final figures. July closed l%c
to lsc up. May corn was 1Ssc to 1hc higher,
oats unchanged. and provisions 10c to 271=c
higher.
The wheat market was bullish from start TO
finish. Higher prices at Liverpool and Antwerp,
together with cold weather in the Southwest,
where the ground lacks sufficient snow covering
caused an opening advance in May of sc to sc,
initial sales being made at s6A July was
up sqAc to kG%c. at S9dsslsc.
There was an unusually good demand for the
July and September deliveries. but owing to the
congested condition of May much difficulty was
experienced in executing orders in that option
on either side.
Offerings were remarkably light, and on that
ing prices upward. Commission houses were
active bidders for July. and shorts covered both
May and July. Before the end OF the nrst nan
hour May advanced TO sac and July to Sgssc.
ARMOU SELLS WHEAT.
Armour had wheat for sale on the advance, as
did also some Of the smaller holders. Under this
selling the market had a slight setback. May
declining TO s6hc and July to s9Ac. The demand.
however. was of the best possible character on
the reaction.
A report that the visible supply was greatly
increased helped to create added strength. and
the disposition to buy on the domestic situation
was more pronounced. The strength of cash
ipsnenc IN IA an ,b ma nneen,s Was y,as t agdnn d
The market was extremely bullish during the
last hour Under active covering by shorts the
at 9Sc, while the July option sold up TO SO?sc:
the close was strong. with May at s7%c and July
CIearances Of wheat and -four were equal to
2S4.6 600 bu. Primary receipts were 94s. 200 bu,
compared with aCs 400 bT 2 y ago, The tb sm Sisit
bic supply decreased 81, 600 bu. Minneapolis, Du-
luth and Chicago reported receipts OF DO cars,
CORN VERY STRONG.
Corn showed excellent strength on an active
general trade. Like wheat. it was helped by the
foreign situation. local people had corn for sale
early in the session. but before the end of the
day they bought back more than they originally
sold. Shorts were the principal buyers. although
there was some buying for Investment account
Scarcity OF contract corn was one Of the main
exerted a benehciai effect. May opened &c TO 10
higher. at 55@55Ac, sold up to $3.50. but reacted
on proht-taking. the close being at 5ebqb6Ac.
July showed a final gain of hc to sc. closing at
53ssd5s1kc. Local receipts were 65s cars. two Of
contract grade.
OATS ACTIVE n NERVOUS.
Oats felt the effect of the war and the indica-
ton Of increased trade. sharing the bullish pro-
clivities of wheat and corn during the greater
part Of the session. The market was active and
nervous. The opinion was quite general that
Patten was again a heavy buyer.
Toward the close the offerings of May were
more liberal than during the early hours, and
in consequence the market weakened for that de-
i've Etn nRnTRG al NAV we're
where they left off Saturday. The opening was
hc to ssc higher, at 44kQ44fc, and after selling
up to 45c closed at Alsc. July closed bc higher,
at 39Ac. Local receipts were 400 cars.
PROVISIONS STRONG.
The provision market was comparatively as
active and strong as the grain markets. In the
face Of liberal receipts Of hogs and lower prices
at the yards an urgent investment demand was
manifested the entire day, which resulted in
marked gains. Packers and local longs were the
principal sellers. The close was strong, with
prices near the top. May pork was up 27zc, at
lard closed. 10c higher, at $7.75, while ribs were
lc TO 12llc' higher, at S.l7lzq1O.
Total receipts Tomorrow: Wheat, so cars; corn,
55 cars; oats. 2S5 cars; hogs, $4,000.
Leading futures ranged as follows: