The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-03
FIRMER WHEAT MARKET
FIRST ADVANCE IN A WEEK SCORED
AT CHICAGO YESTERDAY.
other Grain Slightly Higher in SYM
pathy, but Provisions Continued
Weak, Pork Losing IL Lee.

CHICAGO June "A sudden revival of
the cash demand rescued wheat to-day
from the slough into which it had sunk
during the morning and brought an adj
vance of &c per bushel by closing time.
Corn was firm, though showing only about
lie advance oats closed 180Ac higher.
Provisions Suffered again and closed 212 to
121Ac lower
For the first time in a week wheat
showed some signs of strength, and for an
hour the market held firm under covering
by shorts who were more in evidence than
for some time past The market got part
of its early frmness from the steadiness in
cables, the Liverpool market showing little
changes and the continental markets being
higher notwiths landing the sharp slump
we had yesterday. Chicago inspected into
store twenty-one carloads and $1,000 bu
were withdrawn from store. Minneapolis
and Duluth reported receipts of 263 cars,
compared with 207 a week ago and 373 on
the corresponding day of the year before.
The Missouri State crop report showed
nine points decline in condition since May
l. and only 60 per cent. of the area soWn
to be still standing. On the other hand, the
temperature was more SeaSonable and
much-needed showers were reported to
have fallen quite generally over the winter
and spring wheat region. July opened at
GA 06S2sc, against yesterdays closing price
of 67Q6715c and advanced to 61as46l12c,
where it held for some time. AS soon as
the support of shorts was taken from the
market, however, prices quickly declined
and by II o'clock July was selling at 66Ac.
The decline uncovered so many buying or
ders that it became evident there We're still
CHI
profit there was in sales made at over ofc
1t recovered from 66$4c to 6IAc, but had
another quick break on the receipt OF
Bradstreets report giving the reduction IN
the worlds visible for the week at only
2,3l2000 blu, whereas the generally expected
decrease was 100000 or over. PrlceS
dropped on that to $3.50, but the readiness
of the shorts to buy at anything under
&c was again displayed by another quick
recovery to 67Ac. The latter advance was
soon added to when buying on long &C
count was seen to be a feature or the trad
ing which was maintained Inc DullS look
hold soon as II became known tnat tHe 10
cal inquiry for cash wheat OF winch ru-
mors had been prevalent all forenoon, mad
resulted in considerable business The guam
tity that had been placed was found TO
somewhat exceed 100000 bu. July advanced
to 677sc, and at the close was bringing STAG
677sc.
and better weather. Crop bulletins We're
not so favorable and the shipping demand
showed some Improvement. ShortS COW
cred generally causing the market to re-
cover from q slight decline. Corn receipts
were $40 cars. July opened about 1sc low
err from ON 2S5sc to 237sc 1t sold around 2375c
most of the session, finally advancing to
23zs024c where it closed.
Oats were firm, but dull. Most of the
support came from shorts. There was an
urgent cash demand which was partly re-
sponsible for the advance. The visible sup
Div Increased 900 bu. Local receipts
amounted to 1913 cars. July opened 7sc low
er at 1850 and advanced to ll1sQl6c Where
it closed.
Provisions were weak at the opening, due
to lower yard prices and the tendency was
decidedly downward for some time Inc
firmness of wheat in the last half OF the
session caused some buying and about half
of the decline was recovered. At the close
July pork was 1212c lower at SOY; July
a shade lower at $4.4O.
Estimated receipts for Thursda ~ COY heat
Leading futures ranged as follows: