The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-28
RAIN ON HARVESTERS
RESPONSIBLE FOR ADVANCE IN CHI
CAGO WHEAT YESTERDAY.
Crop Damage Reports Started shorts
All Provisions Declined.

CHICAGO, June 27.-Unfavorable weather
for harvesting and disappointment at
threshing returns of the winter crop, sent
wheat up to-day. July closed lac higher
and September 1c up. Corn left off at 4sc
advance. Oats declined Ac, pork lost 212c;
lard, 607c, and ribs nc.
Damage reports from excessive rains in
that portion of the country where harvest
ing is under way, created a bullish senti-
ment in wheat at the start. The weather in
Europe was unfavorable, Paris, Antwerp
and Buda-Pesth complaining of continuous
rain, and Great Britain joining in the same
complaint. In addition, reports of poor
yields, compared with previous expecta-
tons. came from almost every quarter of
the American winter wheat region, where
harvesting has been completed. There was
considerable short interest in the market
and the reasons for the opening strength
being found on examination to stand in
spection, there was general effort to COW
err. But the same situation which induced
the shorts to buy checked the offerings and
with very little for sale there was lively
competition, which resulted in better prices.
July, which closed Saturday at INC, sold up
to 731ac the first half of the session and
September advanced to size, a gain of nc.
Closing quotations from abroad showed a
decline at Antwerp of 25sc per bushel. This,
together with some ostenta tious selling of
July in the pit here by an elevator concern,
sent the price down to Tic for July and size
for September. The crowd was short how
ever and on some good buying the market
rallied quickly and closed near the top of the
day. Receipts here were only cars, against
70 year ago. Minneapolis and Duluth re-
ceived SO cars, compared with 2S9 the
responding day of the year before. Exports
of wheat and flour since Saturday from At
lantic ports were equal in wheat and flour
to 100000 bushels. The worlds shipments for
the week were S647,0O0 bushels. July
opened @@1c higher, at 72A@7274c. rose to
l3Ac, declined to Tic, then firmed up to 73c
bid at the close. September began AQSsc
better, at 661aQ66Bc advanced to 671sc;
weakened to 6612c, then rallied to 67Lc bid
the closing price
1t was a changing market in corn, with
the prices improved somewhat in sympathy
with wheat The bull crowd generally. sold
out July and bought September and the
elevator people sold September and bought
July: July opened unchanged to &c lower,
at 5l413l9sc, up to 3llac, down to 31Hc, adj
Vanced to 3l9sQ31$c, then sold off to 3115c
asked, at the close.
oats were steady to a shade higher ct the
start. but prices eased off later with the
other grains. The market closed near the
bottom on heavy selling by country traders
221SQ22Ac. declined to 21%c, then firmed up
TO 2l1sc, the closing price.
Heavy receipts of hogs and the apparent
.~oNH~J ~ pOAiS tiouCIo " get Ilu OI ldTu
depressed provisions. Shorts came to the
rescue when 10c had been knocked off the
price of lard and caused a slight recovery
from bottom prices. July pork opened SC
$94714 then rallied to $S521s at the close
July lard began 5@719c lower. at $5.55, sold
up to $5.60Q5.6242, weakened to $5.521b, then
hrmed up 20 $5.55, the closing figure July
ribs started TIC higher at $5.4719, declined
to r $S;;S u a.; S21s, the closing price.
l6 cars; corn, $50 cars; oats, 800 cars hogs,
q 900 head.
Leading futures ranged as follows.