The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-04-06
LOOK OUT FOR JULY WHEAT
Evidence that the Chicago Bull Clique
Is. Shifting Its May Deal.
The Deferred Future Made a Clear Jump Of
&c Yesterday. DiscOuraging Crop Reports
and Foreign Buying Helping Along.
TRADING AT CHICAGO.

Corn Was Held Up with Wheat and Pro-
visions Advanced Easily.
CHICAGO. April 5.-July wheat had an
inning to-day. making q jump of 30 q
bushel, and closed at practically the top
for the day. The bull clique which has
been playing havoc with the May option.
is apparently working the deal over into
July. and to-day seemed to have set out TO
start July TO q parity with the nearby
month. Reports conirmatory of crop
damage were seized on to stimulate trad
ing in the new crop and futures. Corn
was upheld by the action of the wheat
market. and the buying in of heavy lines of
short pork. lard and ribs. caused a consider
able rise in the price of those COM
modities. A large business was transacted
in wheat. and the feeling was decidedly
unsettled and nervous. The opening for
May was Ia 02c higher than the closing
figures of Monday. ruled firm, and prices
were further advanced 7sc under the gen.
eral feeling of tirmness which existed and
helped along by the bull side, and the
closing was about 2lso higher. July opened
about lac higher than Mondays closing
figures, and advanced irregularly lac
more, even held it's own while prices for
May delivery were declining, then ruled
steady, and the closing was about ESQ
higher. The advance to-day was inhu-
enced principally by the crop reports and
the continued dry weather. The Illinois
report made the condition OF growing
wheat 80 per cent, and the Kansas report,
II was rumored, would show q condition OF
about GO to 63. Tho kansas report. however.
rpoe vnnt n ~ ntol prlUafa ad.foaG TaaalyAn
stated that the farmers In some sections
of Kaneas were replanting their wheat
fields with oats. Gloomy dispatches were
numerous from Michigan and Missouri.
The French were said TO be buying here
and in New York. The short interest was
naturally anxious to cover. end the longs
made the best of the situation. There no
doubt was considerable realizing for May
delivery after prices reached 6Oc, and the
buying concentrated more In the July
future. Thu Ohio and kentucky reports
were favorable, but seemed to be lost sight
of. Receipts continue large.
Corn started out with advance of 0s5c
over the final figures of Monday. July be-
ing relatively stronger than May. the pre-
MUM widening ont to l4o. There was
good buying. most OF which was TO cover
shorts. while the selling was scattered.
then q prominent local trader sold consid-
cradle. The improved tone was due In o
great measure to the action of wheat, but
the buying by several of the larger COM
mission concerns was also instrumental In
causing the advance. The market closed
with q gain of Ac for May and 40 80 for
July.
In oats there was good buying by shorts.
owing to the advance In wheat and corn.
and prices at one time showed o net ad-
vance of u "a ac over Mondays close. re-
action of A0nc followed the early Au-
vance. hut the close was strong at q net
gain OF ss "a +ac. The indications point to
an increased acreage. as the winter.wheat
land that is being plowed mp is being plant
ed In oats.
Provision shorts were inclined to pur-
chase TO some extent. and there was a little
more inquiry on Investment account and
especially for the more deferred deliveries.
The strength developed In the grain mar
kets exerted some influence. The market
opened strong at higher prices for all the
leading articles. and this com petition for
the offerings resulted in a further appre-
| citation all around. During the latter part
of the session the feeling was not SO firm,
and the market closed at about medium hg-
ures. There was gossip that Wright showed
sy ptoms of u desire TO corner September
pork.
| Estimated receipts for tomorrow are:
Wheat. $50 cars; corn, 216 cars; oats. 175
oars; hogs. 1900. The leading futures
ranged rs follows: