Omaha daily bee., 1897-06-13
COMMERCIAL AND FINANCIAL
Wheat Gains a Big Fraction with Shorts
Rushing to Cover,
OTHER MARKETS STRONG IN SYMPATHY
Corn and Oats About stendy in Prices
and Provisions II Nickel
More Higher-Wh
opens " euk.

CHICAGO. June I2-wheat today recov-
cred the greater part Of yesterdays de-
cline, closing at about Tsc advance. There
was quite a general covering by shorts
who had Oversold yesterday and who were
stimulated by disqu!eting foreign crop dam
age reports. Other markets were sympa-
thcticaiiy strong, although provisions alone
made any substantial advance, closing from
D. TO 5tao higher.
The opening In wheat was under the dis
spiriting effect of the hot summer weather
which has at last appeared, ami foreign adj
vices favoring the bear side Of the market
both Liverpool and Paris showing declines
July wheat, which closed yesterday at ostsc
opened at from Csc to 6Stsc and in a minute
OF so later it touched 5I7sc At that point
some other factors in the market received
recognition and being of a bullish char
acter, the price began to improve rapidly.
The rise which then set in was not checked
until il reached G9c. Perhaps the most in
tuential factor in the advance was a prl-
vate cablegram from Chicago Board OF
Trade man now in London confirming pre-
ViUus reports OF severe damage to Danubian
crops. The crowd had eNiuendy oy.rsoid
yesterday and covering was quite general
More complaints of damage By grasshOp-
pers were received from South Dakota, but
received little attention, the area affected
being as yet too small to attract general
interest Minneapolis and Duluth receipts
were 23S cars against 24O cars last week
and 4Sg cars year ago. Chicago had l.
cars inspected into store and 1i,UvO bu. with
drawn. Argentina shiPpei no wheat TO
Europe this week ana Beerbohms esti-
mated the worlds shipments for the week
at only 5,6OO1OO bu. Bradstreets reported
the weekly clearances Of wheat and -four
from both coasts and from Montreal at l.
$4,000 bu. against 2,62O,ccO bu. the week
before and 2,s22,crD bu. the corresponding
week of last year. Trade was more largely
confined than to September. while busf-
ness was brisk and the former was rela-
lively stronger. advancing sc, while the
latter was making %4c gain. After July had
sold at sc and September at 64i5c they re-
again recovered to 6gc bid for July and Dil.c
for September, with latest trading at 6sIsc
for July and from 64c u 6iisC for the later
delivery. Cash business in wheat for ship
ment was ~ 900 hu. 500 bu. of which was
No. spring at li4c premium over the July
price
Corn was firm. and a good business trans
acted. Tlc start vas rather weak. affected
by the ideal weather for the crop, and lib
were scarce. and when wheat started VI
corn was not slow in following. Some OF
the advance was lost later on realizing
! July opened lsC lower at 2iHsc, sold at from
24i4C to 24-yc, advanced TO 24a,c and re-
| acted to from 24i2c to 2i5sc. where ii closed
oats was steady, the feeling being en-
tirey in sympathy with turn and wheat
/ Trading was light all day and nothing
| of interest developed. Receipts were re.
ported at 325 cars. July op Sled &c lower
at 177sc, advanced to lSisc and closed al
! from lSc to lSlsc.
| Provisions were fairly active and higher
The opening was strong due to the i'm.
provement at the yards and a firm feel.
( ing prevailed throughout. although the best
prices were not maintained. English house.
1 and local packers were on the selling side
! At the close July pork was Tie higher a
| s. 52ia: July lard &c higher at S. 65 and JUN
ribs Il2c higher At S.35.
| Estimated receipts for Monday: Wheat
! 10 cars; corn, 6l5 cars; oats, 800 cars; hogs
J 81 900 head.
Leading futures ranged as follows: