The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-12
WHEAT WAS LIVELY
BAD CROP REPORTS CAUSED AN
EARLY ADVANCE OF Ii CENTS.
Late Sales to Realize Profits Resulted
Was Only 1-2c Above Monday.

CHICAGO, June 1l.-Wheat started sky
ward with e. rush to-day, advancing 214c
early on bad crop reports. bad weather and
big worlds visible decrease. but profit
taking on the bulge shaved off a large part
of the gain. July finishing but l.c higher
than yesterday. Corn closed sc lower, oats
2ic lower. and provisions at declines.
Wheat opened very irregular, with a num-
Der in the crowd bidding SOC per bushel for
July. while at the same time others
were offering TO sell ii at I9l2c. the closing
price yesterday having been SOC. The gov
eminent report issued yesterday afternoon
was, of course, responsible for the divers
views which the opening range of values
indicates. The bulls made the most noise
and had the continuation of damaging
weather on their side. So the crowd went
their way. The first thing to start the ball
moving for the bulls was prediction by
the weather service bureau of continue
tion of the previous prevailing hot and dry
condition throughout the entire wheat belt;
then came rumors of damage to the Cali
fornia crop-afterward contradicted-then
Bradstreets visible statement, showing
3, S35, coo bushels decrease for the week in
the worlds stocks, and all the time and all
day long came crop reports from the winter
wheat States detailing damage of the most
serious character done already and still in
progress. From those several causes an adj
vance to Sl%c was effected by l2:15 o'clock.
after which came realizing sales. which
caused a sharp reaction to s0hc about Il
quarter of an hour from the close. The local
receipts were fifty cars, of which
thirty-eight were from irregular city ware
houses. The Minneapolis and Duluth re-
ceipts were III cars compared with 2i6 d
year ago. Export clearances in wheat and
flour from the Atlantic seaboard amounted
to 2i20O0 bushels, of which $4,000 bushels
was in the form of wheat. Trade was active
and heavy. both on the early advance and
closing decline. Foreign markets were about
steady at the opening, oats being above
shipping basis. European quotations have
little effect here.
Corn was firm early and weak later in the
session. The opening prices for July was
from SIC 10 52ssc compared with 52l4c at the
close of the market yesterday. 1t irnprcVed
to $3.50 and acted firm during the forenoon.
out there was no cash demand fo- ship
mcnt and Patten and Bartlett-Frazier took
the crowd with corn. Near the close the
weight of the above mentioned offerings
began to tell and there was sharp break
TO 5l4N5112c and 51iac was the latest trad
ing price.
oats were active and weak, largely on
the bearish goyernment report; Fayorable
Der opened &C lower. al 3oi4c, sold from
sue to soc. and closed at SOhc.
The 6eePeS decne of rom & to
for July and September pork. about 02lzc
| lower for lard. and from .0212c 30 csc lower
for ribs At the close po-k was lo th aoW Is.
| before; lard .0o1ac lower, and ribs :Ooc lower.
| The weakness resulted from the lower live
hog market and rather liberal selling ns
Estimates for to-morrow-Whe heat, SO cars:
| corn, 100 cars; oats, 1io cars; nogs, z9'oOO
| head.