The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-16
A STRONG CORN MARKET
INFLUENCED CHICAGO WHEAT AND
RESULTED IN ADVANCES.
July still Held at a Big Premium
Over Later MOnths-PrOvisiOns
Scored Gains.

CHICAGO, July ia bulge in corn, due
to buying on dry weather, caused strength
in all the pits to-day. September wheat
closed ssQ15c higher. Corn advanced 1hQ
13sc. Oats rose Zee. Pork left off 10Q1212c
up, and lard and ribs 212c each
Wheat started with prices a shade easier
on lower liverpool cables and exceptionally
fine weather for threshing and marketing
of the new grain. The weakness did not
last long, however, as the corn market
quickly developed strength on report that
the crop was now threatened by drought
in many sections, and this soon had it's re-
Election in wheat 1t was found that While
the arrivals of new wheat were on the in
crease, they could by no means be called
liberal, and were being taken freely. This,
together with the fact that July still holds
at big premium, caused a reluctance to
sell September at the discount and those
already short were disposed to cover. The
business, outside of covering short sales,
was largely by the scalping element. The
big traders held off, apparently having little
confidence in the present strength and yet
feeling that the short side was hardly so
long, as the new crop was moving so slowly
and the cash premium was so we'll main
tanned. There was not much wheat for sale
and hence the comparative firmness Chi
cago received 43 cars of wheat, AZ of them
new, against IS cars year ago. Minneapo-
lis and Duluth got GA carloads, compared
with 312 the corresponding day Of the year
before. Atlantic port clearances of wheat
and flour were equal to 5S5OOO bu. July
opened sc lower at &c. declined to 72Ac
rose to 73s4c, then reacted to 74Ac at the
close. September started 1kQAc lower at
6706714c, sold up to 677sc, then settled back
to 67s4c bid, the closing figure.
fn1ofi In6 dry WI
tiles favoring a continuance of the same
conditions for another thirty-six hours, ad-
vanced corn. The temperature throughout
the corn country was not high, enough to
suggest injury to the crop from dry weather
after such a protracted wet season as early
corn had to contend with, but strongly
aggressive bull party that was operating
in the pit insisted on damage from drought
already done and more to follow from the
continuance The opening trades were at
about yesterdays closing figures, but quick
ly began to improve, and, while some real
vance. the strongest phase in the market
was during tho last half hour. A big bus
mess was done in cash corn. and shippers
found difficulty in picking up cargo dots.
September opened unchanged at 326S21sc.
rose to 33c. declined to 32a4c, then advanced
to 1880 at the close.
strength displayed in corn. September start
ed unchanged to &c lower at 191sc, advanced
to 1890, then settled to 195s@19a4c. the clos
The consideration in provisions was
good cash demand. both domestic and for
eign, together with the rise in prices for
hogs at the yards Considerable lard was
accepted by the continent over night Sep
tember pork opened 21ac higher, at 1895. sold
off to 1921, rallied to $1015. then reacted
to $10.O215@1005. the closing price September
lard began 215c up, at s5.e71h. weakened to
s5.65@5671s, advanced to $5.721z, then declined
to S. 671b bid at the close. September ribs
started 21hc better, at $5.671S05.10, rose to
1915. then reacted to $5.7Od5.7212, the resting
figure.
Estimated receipts for to-morrow-Wheat,
so cars: corn, 275; oats. 253; hogs. 5000 head.
Leading futures ranged as follows: