The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-14
WHEAT SOME FIRMER
COVERING RESULTED IN A GAIN
EQUALING FRIDAYS Loss.
Most of the Traders Had OversoId and
the First Indication of Strength.

CHICAGO. June 12.-Wheat to-day re-
covered the greater part of yesterdays de-
cline, closing at about 7sc advance. There
was quite general covering by shorts, who
had oversold yesterday and who were
stimulated by disquieting foreign crop dam
age reports. Other markets were SYM
pathetically strong, although provisions
alone made any substantial advance, clos
ing 5d712c higher.
The opening in wheat was under the DIS
spriting effect of the hot summer weather
which has at last appeared and foreign ao-
vices favoring the bear side OF the market
both Liverpool and Paris showing declines.
July wheat, which closed yesterday at oe1sc'
opened at from Csc to 6Slsc, and in a MIN
ute or so later it touched 617sc. AT that
point some other factors in the market re-
ceived recognition, and, being OF oulilsh
character, the price began 10 improve
rapidly. The rise which then set IN was
not checked until it reached &C. Perhaps
the most influential factor in the advance
was a private cablegram from a Chlcago
Board of Trade man now in London con-
firming previous reports of severe damage
to the Danubian crops. The crowd had evil
IDENTIFY oversold yesterday and covering was
quite general More complaints made of
kota, but received little attention, the
area affected being as yet too small to at
tract general interest. Minneapolis ana
Duluth receipts were 23S cars, against $40
last week and 499 year ago. Chicago had
u cars inspected into store and 74,OOO bu
withdrawn argentina shipped no wheat
TO Europe this week and BeerbohmS estl-
mated the worlds shipments for the week
at only $500 900 blu. Bradstreet reported
the weekly clearances OF wheat ana lIout
from both coasts and from Montreal at
/ 800 900 bu against 100000 bu the week De-
fore and 1920, 900 bu the corresponding week
of last year Trading was more largely
confined to July than to September, while
business was brisk and the former was
relatively the stronger advancing 1sc WINE
INV had sold at 69c and September 64ssc,
they reacted, respectively, to 6S9sc ana o4c,
but again recovered to 69c bid tor July ana
6S7ec for July and 64G641sc for the latter de-
livery Cash business in wheat for Shipment
was $4,000 blu, $4,000 blu of which was NO: z
spring at 11ac premium over the July price.
Corn was firm and a good business was
transacted The start was rather weak.
affected by the ideal for the crop and 1b-'
eral receipts-625 cars. Offerings, however,
were scarce, and when wheat started up
corn was not slow in following. Some OF
the advance was lost later July opened
i6c lower. at 243sc, sold at 24AQ243sc, ad-
Vanced to 24%4c and reacted to 241s4243sc'
where it closed.
" in sympathy with corn and wheat. Trad
ing was light all day and nothing of inter
est developed Receipts were reported at
S25 cars July opened 1sc lower, at 177sc
advanced to 1880 and closed at lSqlS1$c;
Provisions were fairly active ana hlgner
The opening was strong, due to the i'm
provement at the yards, and a firm feeling
prevailed throughout, although the pest
prices were not maintained. EngnSh houses
and local packers were on the selling side.
At the close July pork was ne higher, at
81 5213; July lard &c higher at $3.50, and July
ribs TIC higher at 81: 50.
Estimated receipts for Monday - Wheat,
10 cars; corn, els cars; oats $50; hogs $4,000
head.