The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-24
WHEAT ADVANCED 11-8C
FOREIGN NEWS FAVORED BULLS
AND SHORTS RAN TO COVER.
Buying in This Country for France
Helped in the Rise-PrOvisions Were
Weak and All Lines Declined.

CHICAGO, May 22.-Foreign news had al
most exclusive control of the wheat mar
ket to-day and caused 11sc advance in the
July option The most influential news
came from France in the shape of dis
turbing crop reports and made shorts
scramble to cover. Corn and oats closed
firm and substantially unchanged. Provi-
sions were weak from beginning to end and
closed at declines ranging from 712c to 1712c.
Wheat opened firm and &c to &c higher,
due principally to a small advance at LiV-
erpool in the face of &c decline here yes
terday. The Withdrawals from store here
amounted to 232 600 bu, which was assumed
to be proof of a good deal more wheat
having been sold for shipment than had
been reported during the week. News of
another kind were the heavy northwestern
receipts-Minneapolis and Duluth reporting
$50 carloads against 1856 a year ago-and
the favorable weather for the growing crop
New York in the early dispatches was easy
An unofficial estimate from Liverpool of
what the total worlds shipments to Eu-
ropean countries for the week were likely
to amount to put it at 100000 bushels.
Some weakness followed this, July. which
opened at 1Q11sc against yesterdays
closing price of 7O7sc declining to 7Oa4 lD7O7sc.
New York wired that the French crop was
likely to show 10 per cent. loss compared
with last years acreage and 20 per cent.
in condition. 1t was soon apparent that the
buying of May wheat meant more cash
wheat business for shipment and $1,000 bu
were reported sold soon after the opening.
The making known of the latter and the
repetition of the French crop deficiencies
helped to add to the buying enthusiasm
with which the market opened and before
Il o'clock July had adYan:ed to 7lAQIlBc.
Although Berlin and Paris wheat markets
sent slightly lower quotations It was re-
ported from ST. Louis that $4,000 blu hard
winter wheat and 60000 bu rye were sold
there for shipment TO France and that mores
wheat could have been disposed of had the
wheat been procurable Coming on top of
the Liverpool cablegram repeating, the
shortage in acreage and poorer condition
Of French wheat crop, the report of actual
buying of wheat for shipment to that coun-
try gave the bears, who were short on
wheat, fresh spasm of repentance and
they rushed July up to 72Qg721sc in their
struggle for salvation. The closing price
tor July was 72c.
Corn opened easier on fine weather, large
receipts and on rather free local and West
ern selling It rallied later with wheat and
of an enormous output. July opened I'M
changed at 2412Q249sc, sold at 24$sc, and raj
receipts caused a weak opening for oats
and that condition prevailed for some time
The market rallied later as wheat advanced
and the finish was firm with about all the
loss recovered The cash market was quiet
July opened shade lower. at 177se de-
clined to 175sQ1724c, recovered to 17SQ1Sc,
and closed at 177sc bid.
Provisions were without support and con-
sequently heavy without much selling;
The large hog receipts present and
prospective were the factors. The
market opened weak and declined steadily
from the start winding UP the session at
substantially the lowest points Of the day.
At the close July pork was 1712c lower at
$S;O212, July lard 10c lower at $3.50 and July
ribs 712c lower at $3.50.
Estimated receipts for Monday-Wbeat
20 cars; corn 525 cars; oats, 425 cars; hogs
10000 head.