The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-05-21
WHEAT BECAME FIRMER
FOREIGN CROP REPORTS BAD AND
HIGHER PRICES ABROAD.
Corn and Oats Both Benefited by Bet
ter Wheat QuOtatiOns--PrOvi-
siOns Also Advanced.

CHICAGO, May 20.-Wheat made another
advance to-day after begi inning which
was rather unpromising of such a result.
1t was a case of large American crop esti-
mates being pitted against foreign damage
reports, and the latter proved the stronger,
July wheat closing at 5sd%c advance
Corn was helped to the extent of about 18c,
while oats closed Ac higher. Provisions
advanced 212Q712c
Wheat got weak start and went slow
as we'll for half an hour or so. AT the end
of that time it began to give signs of re-
cuperation and by IL o'clock it's opening
weakness had given place to robust
strength and its slow movement to lively
Quickstep. July wheat, which yesterday
closed at 1QnBc, opened with sellers at
from 1850 to 7024c and before it turned up
ward it first sold down to 7O120107sc Be-
fore IL o'clock it's price was 134c. After
the exertion attending its rapid rise it sank
back a little for rest. The early weak
ness was mainly due to Thomass crop re-
port, which placed the prospective crop at
$50 000O0 bushels, including 310,000,00O
bushels of winter and 220,00000O bushels of
spring, making the aggregate over 6OOOO,
600 bushels more than last year. An addi-
tional cause for weakness was found in the
=
Duluth received 4S6 carloads, against "a
the corresponding day OF last year. These
factors dislodged considerable long wheat
in the first half hour. Then the turning
point was reached. The HesS1an bugs We're
reported thick in the Michigan fields and
chinch bugs in the young barley in Mime
sofa. Reports of this KIND have been re-
ceived before, but came from all quarters
of those States to-day. Not the least or
the bullish influences was the advancing
Liverpool market. Schwartz, Dupee "
Co.'S cablegram from Antwerp reporting
rust damaging the wheat crop of Austria
Hungary had perhaps the most lasting
effect on the market, accompanied as II
was by Berlin closing at an advance for
the day of 312 marks, equal to FAC per
bushel. The same firm that had the Ant
Werp message got BUYING Pdsii orders IRON from
July gradually rose to 72c and closed with
bidders at 71$4c.
Corn was Gull but firmer than yesterday;
The weather was fine and promising good
result to the growing corn, but bears had
rather overdone their selling previously.
The market was helped by the firmness of
wheat and yesterdays large shipping bust
ness Exports We're $4,000 bushels. July
opened a shade lower at 24asc, advanced to
249sc and closed at 2412c
Oats followed in the wake of wheat and
corn, and with a small business. The ten
dency generally upward with yester-
days big cash business and good buying by
elevator people the features Exports were
2950O0 bushels. July opened unchanged at
177sc, sold q shade under that, then adj
vanced to 1910. The closing price was 1850
bid
Provisions were firm throughout, helped
by light hog receipts which were several
thousand under the estima tes There was
a good deal of changing in lard, but specu-
lative business was small. AT the close
July pork was nc higher at 1925; July
lard sc higher, at $3.50. and July ribs about
sc higher at $4.5004521a.
Estimated receipts for Friday-Wheat
u cars; corn, 315 cars; oats, S25 cars; hogs,