The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-09
WHEATS QUICK ADVANCE
CHICAGO MARKET HAD 3-SC
BULGE ON SHORTS COVERING.
Decided Scare Resulted from Crop
StrOng-PrOvisionsW Weak.

CHICAGO. June S.-Whe8t closed to-day
at the top of a 23sc bulge for the July OPP
ton Shorts were responsible for the adj
vance, cold weather and widespread crop
damage reports developing a decided scare
among them. Corn and oats shared in the
strength advancing 12Q5sc and Aq3sc. re-
spectively. Provisions were strong early,
but lost most of the advance before the
session closed.
The resumption of business after yester-
days holiday inaugurated rise in wheat
which grew for half an hour with the ra-
pidity of Jacks famous bean stalk. July
which was only worth 667sc last Saturday,
commenced it's career this morning with
buyers at from 674c to 611ac and in little
more than half an hour 1t was bringing
6S3sc The sudden change from last week s
bearishness to such pronounced strength
was primarily due to the supposed ill-effect
of the recent cold weather. Not that any
great present injury was claimed to have
been done, but because of adangerous retar-
dalton of an already backward state of
growth. In addition the visible supply
statement showed decline of 1000 blu,
which was 100000 bushels greater reduc-
ton than any one had considered likely.
The trading was heavy during the first half
hour, in which time a great deal of short
wheat was covered. besides a considerable
quantity that was bought on long account.
Chicago receipts since Saturday We're 10
cars and $4,000 bu were inspected out or
store Minneapolis and Duluth received $50
cars, against 6S5 year ago. The worlds
shipments of wheat to Europe last week
were 6,6S0.000 bu Export clearances OF
wheat and flour from the Atlantic coast
since Saturday OK n b 70 i ibS vs Pn
supply was a surprise and added greatly
to the strength which the market displayed.
After the first advance in July to $3.50, 1t
reacted to 6S1sc, but once more rose to its
previous highest point about an hour be-
fore the close of the session. The market
gained in strength toward the close and
about fifteen minutes from the end of the
session July was bringing 69Ac. This price
was maintained to the close.
Corn was very strong throughout, al
though not holding all of its advance. The
early sire lgth was on the cold weather
and the very poor Iowa June crop report,
which started active covering by shorts.
Prices yielded a fraction when the weather
forecast was issued, showing warm weather
likely Receipts were heavy at 1881 cars.
The visible supply increased l,5O6 900 bu.
July opened about 1ac higher at 24SsQ241ac,
advanced to 25c and reacted to 2412Q249sc,
where it closed.
oats were firm on rather draggy mar
ket the strength being due principally to
sympathy with corn. The Orange Judd
Farmer put a damper on the market by
predicting a large crop and better quality
than last year. Receipts were 507 cars The
visible supply increased 459OUV Du July
opened about Bloc higher at 1850 and adj
vanced TO 1SAc. That was the closing
price.
Provisions were barely steady within a
narrow range and with limited trading.
The strength of corn helped prices early,
but holders were so willing to sell at the
advance that about all of it was lost. At
the close July pork was PFC lower at $7.6l312;
July lard 212C higher at $500, ana July rlpS
sc higher at $4.2712.
Estimated receipts for Wednesday,
Wheat, cars; corn, 9I5; oats, 4S6; hogs,
So, 900 head.