The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-13
NEARLY 2 CENTS HIGHER
CALIFORNIA WHEAT CROP DAMAGE
SENT PRICES UPWARD.
Government Crop Report Better than
Expected Helping Bears to Rally
Declines i'm Provisions.

CHICAGO, April 12.-Wheat to-day closed
at an advance of 1ss@1s4c for July. For the
second day in succession California crop
damage reports of sensational character
had an important influence. The California
reports and an enormous continental de-
mand made strong market. Corn and oats
were helped by the strength of wheat and
closed at slight advance Provisions were
duh and left off at u trihing decline
The government crop report, showing a
count of 81 compared with $3.50 last year,
was responsible in the main for the easy
feeling which marked the opening in wheat.
The report did not estimate the area plant
ed, but it is generally believed to be larger
than last year, and the comparatively high
condition of grangers caused quite a little
scattered liquidation at first. Another
beariSh feature was perfect weather pre-
Vailing in the winter wheat country. Open
ing trades in July ranged from SSa4c to S315c
compared with yesterday'c closing price of
$3.50. For a brief time the market held
around these figures. Then the firmer mar
ket and light receipts in that section and
liberal commission buying, supposed to be
for st. Louis shorts. resulted in harden
ing of prices and a slow advance which
was continued for nearly two hours. Min
fall off, ISL cars to-day against 265 last
week, and 5O4 year ago. Chicago receipts
were 119 cars. The addition to contract
stocks to-day amounted to about 10000
bushels. Before 1870 o'clock the market
had advanced to S45sc. This was close to
cali price and selling against these priv
ileges, coupled with liquidation of general
nature on the swell. sent July back to SAGE
In this reaction the influence of Bradstreets
visible report, showing an increase of 49,
900 bushels, was felt. AS there was d de-
crease last year, the big increase caused a
good deal of short selling. But before noon
the market had begun to recover The adj
vance was slow, however. until reports
from California, even more sensational
IMAM those received yesterday, came in
Large exporters of wheat in San Francisco
said there would be further exports
from there for fifteen months, and a Chi
cago firm had sold for it in San Francisco
december wheat at price 214c a bushel
over yesterdays. The weather in California
was still unfavorable and no prospects of
renet Kansas also complained of drought
The market after the noon hour rapidly
grew stronger. Besides the support re-
ceiVed from the California news the market
was aided by enormous continental demand
for cargoeS, Liverpool and Paris advices
both stating that 70.200,0J0 bushels had been
sold last week. The last hour of trading
was quite active, buying being general and
heaVy and prices advanced sharply. The
strength was maintained to the close July
hnally advancing to S59sc, and closing firm
at S512GS55sc.
Corn was weak most of the day. Favora-
bic weather and some increase in Western
offers caused an increase in the May liqui-
dation, and very little demand was mani
tested until late in the session. The strength
of wheat finally Overshadowed everything
| else and drove shorts to cover, corn becom-
| ing steady near the close with all the de-
cline recovered. May ranged from 29s4c to
2S3sc, and closed a shade higher at 29%c.
Oats were steady for May but easy on
| the more distant features, fine weather be-
ing responsible for this. Trade was slow
and of professional character. Every
thing closed strong with wheat there being
good general buying late in the session.
May ranged from 25$4c to 2514c, and closed
&c higher at 25%c.
Provisions were very dull. Packers did
most of the business and dealt only in small
lots The feeling was steady, with fluctua-
tons narrow in all products At the close
May pork was cents lower at So 521b Nav
lard unchanged at $5.1712, and May ribs 21ac
lower at $515
Estimated receipts for Wednesday
neat, 20 cars; corn, 155 cars; oats 231
Leading futures ranged as follows: