The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-20
URGENT WHEAT DEMAND
ALL NEW GRAIN ARRIVING QUICKLY
ABSORBED AT AN ADVANCE.
Futures Likewise Scored Gains-cOrn
Remained Strong Until Nea. he
CIOse-POrk Lower.

CHICAGO. July recovering by shorts
on claims of crop damage from the North
west resulted in a rise in wheat to-day.
September closed nc higher and Decem-
Der gained 11sc. Predictions of general
showers broke the corn rally. September
left off 1sG1lc lower. Oats unchanged. Pork
declined 15c and lard and ribs 71ac each.
The urgency of the demand for the cash
article and the early strength developed by
corn started wheat firm. First trades for
September delivery were at from 67Ssc to
675sc, whereas it closed yesterday at 6llsQ
671lc Calls for the day were at from 67Ssc
to 675sc, so that the sellers yesterday OF
those privileges were at once made anxious.
Another encouraging feature was that,
while the receipts of new wheat were on
the increase, there was a sufficient demand
to absorb it all. Bradstreet reported de-
crease of 6,746,0O0 bushels in the world
visible. against 4,256C00 bushels last year,
and that was supposed to be the cause for
a considerable rise in prices that started
about the middle of the session. Later, how
ever, it was found that those who, by
the heaViness of their purchases, contributed
chiefly to the advance were influenced by
the reported damage by heat to spring
wheat in the Northwest. AS a result of
these reports, September wheat, that had
been lstless and fearfully dull all forenoon
at about 673sQ671Ac, became strong and act
i've and rose to 6S5s@6S$4c. Prices sagged
trif1e near the close on proft-taking Chi
cago receipts were 119 cars, 116 of which
were new and % contract grade Mnneapo-
lis and Duluth received IS, against 436
year ago. september Opened AQssc higher,
at 67ss0675sc, sold up to 6S5s06S%c and
closed at 6S3s@6S1ac December started 140
ssc up, at 679s@67a4c, declined to 673sc, rose
to 6S7sc then down to 6Sl2c at the close.
Corn had two phases. bull one early, on
dry weather map and hot temperature. and
a bear one later, on predictions of general
showers. The opening was at Ss412c advance
on good covering by belated shorts who had
stayed out until their position assumed
very dismal outlook The market did not
get beyond the opening quotations, how
ever, as heavy realizing by scattered hold
ers checked the downward tendency. Frices
ruled steady at the advance until the
weather bureau forecast was out. This
proved shock to the bulls. Thunderstorms
and cooler weather were predicted and the
crowd lost no time in getting out snort
lines. while the demand seemed of a sud-
den to cease and the offerings were sum
cient to break the September price from
34kc to 334c. There was recovery OF 44c
from the bottom price near the close. on the
bullishness in wheat September opened
3sG1zc higher, at S4@344c. sold off to SSAc.
and closed at 3313c bid.
A good cash demand held oats steady,
despite the slump in corn. September
started A@3sc up, at 1S7s@20c, declined to
1870, then rallied to 1890 at the close.
Provisions had a good start on the good
demand and higher prices at the yards for
to-day's run of hogs. Packers were liberal
sellers and loaded the market every time
buyer showed himself. Yellow fever rumors
weakened the close. September pork opened
&C higher, at $10071a rose to $10.10, dropped
to $9.621a, and then recovered to $9.S711 near
the close. September lard started 2Ac high
err. at $572R and sold off to IS. 60656212.
the closing figure. September ribs began
21ad5c better, at $5.T1a, declined to $5.621a@
$5.6 and closed at $5.65.
Estimated receipts for o-morrow-Wheat.
rs cars; corn, 2S5 cars; oats, 1875 cars; hogs,
coo head.