The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-19
WHEAT TURNED BULLISH
STRENGTH FIRST CAUSED BY AN AD-
VANCE AT LIVERPOOL.
Gain of 1-2c Noted in the Leading Ce-
real, with Corn 1-4c Higher
Provisions Fell Off.

CHICAGO June 1S-Wheat had several
changes of feeling to-day. The first and
last were bullsh the market closing with
a 3s01bc advance. Rumors of July manipu-
lation, which were freely circulated fews
days ago, were again rife to-day and scared
the shorts to cover. Corn followed wheat,
closing Ac higher. Oats closed shade
lower Provisions showed decided weak
ness, and showed closing declines ranging
from sc to 15Q1712c.
Wheat at the opening and for while
after was affected by the unexpected
strength displayed by the Liverpool mar
ket. First cablegrams from there reported
wheat from I'D to I'D higher. Later dis
patches gave the September future an adj
vance for the day of 12d and July up Id
On this account July, which closed the day
before at 6S1ac, started to-day at 691sc and
sold up Immediately to 694c Wet weather
and small reserves of old wheat We're re-
ported in the United Kingdom, but some of
the enthusiasm of the local buyers was dis
sipated when the Liverpool advance was
reported to be merely the result of covering
by those not wishing to be short over the
jubilee Chicago receipts We're eleven cars
and the out inspection So, 200 bushels. Mime
apolis and Duluth receipts were 237 cars
was of the most favorable kind for both
winter and spring wheat The Atlantic
port clearances were small, the quantity of
wheat being only 60 1873 bushels and of Hour
the equivalent of $4,000 bushels. The clos
ing cables made the net advance for the
day at Liverpool 1bd The dullness of spec
ulative trading, the favorable weather for
the domestic crops, the small exports Tor
the day and the changing of long holdings
of July to September combined to wear
away the hope of permanent improvement
which the opening advance at Liverpool
got down to 6S14c by l1:30 O'Clock. Some
cash business for prompt shipment was re-
ported, but it's quantity was not large
enough during the forenoon to reinforce
the bulls Later the cash business was re-
ported at $4,000 bushels, and the speculative
tributed chiefly, however, to the strength
with which the market closed was re-
newal of the rumor connecting the name
of Armour with the July deal; This drove
shorts to cover in a hurry, July advancing
to 6S7sG69c by closing time.
Corn was firm at the opening with wheat
and the cooler weather here. AdVices from
the country however showed such
marked Improvement in crop prospects that
the trend of prices was downward during
the morning. Later in the session a good
export demand was reported, and when
wheat commenced its final bulge corn fol-
lowed the market, ruling quite firm during
the last half hour. Local receipts were 467
cars. July opened 14c higher, at 251sc, sold
at 25kd25llc declined to 243Ac and recovered
to 251sc, where it closed.
oats were dull all day, with nothing but
a scalping business doing, and even that
was of small volume Prices kept within a
Hc range, the slight decline being due more
to lack of trading than to news of bearish
character. Receipts were posted at 246 cars.
July opened a shade higher, at 1SAc, sold
between 1SAQ1Sasc and 1890, closing at
1850.
Provisions opened lower on the large hog
receipts. Prices held comparatively firm
for a while, but later the market grew
radically weak on general selling, and poor
support, the close being near the bottom of
the days range. The selling was apparent
mand. At the close July pork was 15G17ac
lower, at $40; July lard sc lower, at $3.6712
and July ribs sc lower, at S4.65.
Estimated receipts for Saturday-Wheat
10 cars; corn, 525 cars; oats, 240 cars. Hogs,
$4,000 head.
leading futures ranged as follows: