The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-30
GOOD RALLY in WHEAT
BEST UPWARD MOVEMENT SINCE
LETTERS DEAL COLLAPSED.
Crop Damage Reports Too Numerous
for Traders to IgnOre-Unexpect-
ed Liverpool Advance.

CHICAGO June 29.-Persistent and nu-
merous bad crop reports started shorts TO
cover in battalions to-day and the best
rally in wheat since the Letter collapse took
place. July closed 1ssc higher and September
gained 2Ac. Corn advanced sole and oats
11sc In provisions pork left off unchanged.
lard 212c lower and ribs 212c higher.
Wheat started strong on the wholly un-
expected advance at Liverpool. Crop dam
age reports continued to pour in. although
the weather was fairly favorable A good
deal of the complaint was based on the as
sertton that owing to the excess of moisture
the straw had been abnormally developed.
but the heads have been poorly filled, so
that the yield was extremely disappointing.
The scattered threshing returns which
came from the fields seemed to confirm
this view of the situation. The result was
that shorts began to show good deal of
concern and started to cover, the demand
giving an upward turn to prices. The mar
ket remained firm, but without much ami
nation until after the middle of the session.
when the mere firmness was cha ged into
exceeding strength. The crop damage re-
ports were too persistent and general to be
doubted any longer and the covering of
short wheat which had in the forenoon been
conducted with much care and unobtrusive-
ness became too universal for the business
to retain it's early undemonstrative charac-
ter An hour from the close trading became
heavy and somewhat excited at odd mo-
ments and the price rose rapidly and ma
terially, September reaching 69c a gain of
23sc and July advanced 2hc, selling at 73s4c
After this improvement there was enough
of selling of long stuff and selling for the
short account to cause a slight reaction
Liverpool opened I'd higher for July At the
close Liverpool was 11ad up, or lid lower
than at the opening and later deliveries
were ABOUT as they had opened. Chicago
received only two cars of wheat and Mime
apOliS and Duluth reported 80 cars, whereas
the similar day last year they received 211
The total amount of the Western primary
market receipts were only $1,000 blu, COM
pared with $4,000 bu a year ago. Those
small receipts everywhere had considerable
influence on the market as expectation had
been ready for a free movement of new
wheat by this time. Country millers. how
ever, who were bare of supplies are absorb
ing farmers delivCk.es meantime and are
likely to do so for another two weeks at
least. The Atlantic port clearances of wheat
and flour were equal to 526 600 bu July
opened unchanged to &c lower at 71H6715sc
sold up to 734c and reacted to 73Hc at the
close. september began A@$sc higher at 665s
@66$4c, declined to 66b, rose to 69c then
sold off to $3.50 asked, the closing price
Good buylng by shorts in July and pronni-
nent longs in September, together with the
strength in wheat advanced corn July
opened BDAc higher at BIC, declined to
Sl@$l7sc, rose to 521sG3214c, then sold off to
&c bid at the close
Covering by shorts unfavorable weather
forecasts and the rally in wheat and corn
We're the reasons for the strength in oats
July opened 1sQAc better at 207sG21c, sold
off to 2O3sc, rose no 22c, then declined to
2l7bc, the closing price
Lower prices at the yard and large hogs
receipts started provisions rather easy. Out
siders were sellers of lard and so were
packers, but the latter were good buyers of
close with the rally in the coarse grains
July pork opened sc lower at $3.50, advanced
to 1885, then declined to $9.471a, the closing
consequential.
Estimated receipts for tomorrow are
W Wheat, 4 cars; corn, AIS; oats 200; hogs, Is