The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-06
WHEAT ADVANCED SAC
EARLY WEAKNESS RESULTED IN
5-sC LOSS THAT WAS RECOVERED.
Crop Damage Reports and Desire OF
shorts to Take Profits Caused
the Late Firmness,

CHICAGO. May 5.--Wheat showed great
weakness for a time to-day, but later re-
covered a &c loss and advanced &c besides.
Weak Liverpool cables were the main cause
of the weakness and crop-damage reports
the later strength. Corn and oats were
benefited to the extent of CSC and hc, re-
spectively. Provisions closed from un-
changed to 71ac higher.
In wheat the weather was all that could
be desired by the grizzliest bear in the mar
ket and in addition the Liverpool market
was very weak Under such circumstances
it would have been surprising if the price
of wheat had not opened lower, and it did
So July started at from 6S5sc to 6S2sc, COM
pared with yesterdays close of SOC. BY 10
o'clock, helped by the covering of shorts,
who were made timid by the bad crop re-
ports which came from France and Russia,
it had recovered to soc. But it held there
for only few seconds, and 6S9sc was soon
reached again. Chicago receipts were IA
cars; Minneapolis and Duluth receipts 29l
cars, compared with 207 year ago and Sl9
cars the corresponding day of the year be-
fore. Liverpool closed at Id decline. Elk
ports from Atlantic ports were equal in
wheat and flour to $4,000 bushels. Notwith-
standing the fine weather, crop reports
showed no improvement, but just the re-
verse from many localities, especially from
California. The press dispatches said Of
the situation that it was very grave with
rain badly needed to insure even an aver
age crop. These latter considerations final
ly made short sellers hold their hands, and,
without anything further of profoundly
bearish character the market, after lying
dormant for twenty minutes with the price
stationary between the extremes of 683sc
bid and 6S34c sellers, began slowly to inn
prove, and about II o'clock July had risen,
in spite of considerable opposition, to 693sc
Some bad accounts of the Kansas crop
helped to bring about the Improvement
mentioned. After that the price sagged
again to $3.50. In the last fifteen minutes,
however, some people who had sold short
in the morning attempted to reverse their
position. They had considerable difficulty
in doing So and in the struggle the price
was forced up TO 6934Q697sc. The closing
price was 69%c, sellers.
Corn was steady, helped by apparent cor
nering of May The spot demand was poor.
1t was rather a puZzling market. In spite
of the weakness of wheat and the favorable
weather, the market was well supported.
Trade was almost utterly stagnant at times.
Exports amounted to $4,000 bushels. July
opened unchanged, at 2412c, and advanced
to 24Bc, where it closed
Oats were irregular and firm for May,
fairly steady for July, but rather weak for
September The May firmness was on the
shipping demand, which was excellent. The
trade was moderate at all times. July
opened a shade lower, at INC, sold be-
tween 171sQ17Ac and 17l3c, closing steady at
173s01712c
Provisions were dull, the only incident be-
ing a little squirt in pork on commission
house buying. The opening was weak on
the liberal receipts of hogs. Pork soon re-
covered but lard and ribs showed languor
all day. At the close July pork was 71ac
higher at $3.50 bid; July lard unchanged at
$4.05. and July ribs 212c higher, at S462A
Estimated receipts for Thursday-W Wheat,
II cars; corn, 10 cars; oats, 210 cars. Hogs
$4,000 head,