The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-12
EXCITED WHEAT TRADE
CONFLICTING REPORTS RESULTED
IN QUICK FLUCTUATIONS.
Leading Cereal Finally Closes at an
Markets Largely in sympathy.

CHICAGO, May u.-Wheat had a varied
experience to-day. The government crop
report pulling one way and bad California
crop reports and a large export business
Juggling in the opposite direction made a
decidedly turbulent market. In the end
July had advanced 12c. Corn and oats were
remarkably strong. gaining 1Nc and Ac, re-
spectively. Provisions We're easy, but show
no material price changes.
Wheat showed at the opening the disap-
pointment felt by the crowd at the govern
ment report issued yesterday. This and the
fact that Liverpool was lower at the open
ing started July at 72sQ72%, a decline of
$s03sc from yesterdays close and under the
liquidation which started a further decline
to 7c took place at once. But the reaction
was as sharp as the decline had been. This
was due primarily to the reiteration of crop
damage from California and was helped
along by a quick Improvement at Liver
pool. Another matter that went a long way
toward obliterating the bearish effect of
the government report was the elimination
by the board of No. 2 spring as a contract
grade. July was soon wanted at 7212c, but
dropped back to 71sc before going higher.
1t had several rapid and material changes
after that. 1t rose to 72Ac and declined to
'FoN' 1870 Go1h o50AAA W t@ISSS OH Va NlAAo
before II o'clock. The leaders in the trade
were very much mixed about the market,
as may be judged from the sudden plunges
it made, being so suddenly followed by i'm
pulsive rebounds. Chicago received II ears
and Minneapolis and Duluth got 498, COM
pared with 500 a week ago and SIS the cor
responding day Of 1886. Bradstreet reported
a reduction for the week in the worlds
visible of 4,951, 600 bu. The market con-
tinued very variable during the entire ses-
sion, but with a good deal of confident sell
ing on hard Spots. About twenty minutes
from the close July was hanging around
I2Ac and the market very quiet. During
the last twenty minute the market be-
came suddenly wild and excited. July shot
up from 721sc to 7312c. The demand for the
moment was enormous. The reason given
Tor 1t was a vague rumor that 100 boat
l~oads-equaI to 800, 900 bu-had been taken at
the seaboard for export. The closing was
nervous at 7312c asked.
Corn was not very brisk in the trading,
itating way, but soon began to improve and
the best prices of the day were current at
the close. Shorts took alarm at the tirm-
ness of wheat and the continuance of re-
cent small receipts. July opened a shade
lower at 24A024Bc, and advanced to and
closed at 25sQ251ac. Exports amounted to
709. 900 bu.
Oats were firm with May particularly
strong, the principal influence being the
strength of wheat, 1t was largely a chang
ing market. The demand for Shipment was
good, but offerings were scarce. Exports
were PA, 600 bu. July opened 1c lower at
lI94c and advanced to 1910, where it closed.
PROVISIONS were again extremely dull with
an uIldercurfeht or weakness on account
OF liberal hog receipts at Western receiving
points Buying was scattered, the firmness
OF gram preventing any material decline.
At the close July pork was unchanged at
$S.6212, July lard a shade lower at S4 and
July ribs 212c lower at $4.65Q4.671a.
Estimated receipts for Wednesday
Wheat, 6 cars; corn, 1850; oats, 1855; hogs,
$4,000 head.