The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-09-13
BULLISH WHEAT NEWS
WAS EFFECTIVE ONLY FOR A TINE
IN MAKING BETTER PRICES.
Unexpectedly Large Increase in
Worlds supply Reported by brad
street, Causing Late Reaction.

CHICAGO, Sept. lathe government
crop report issued yesterday stirred up
wheat to-day, but a substantial advance
was lost late in the session. A large in
crease in the worlds visible was the incen-
tive for bear raid. December closed un-
changed, and September l2c higher. Corn
closed without material changes. Oats adj
vanced 1sqHc for December. Provisions
closed at an advance of sal
At the opening of wheat, yesterday s
bullish crop report did not have. any appre-
cable effect on prices. On the contrary, the
market was inclined toward weakness. the
bears taking for their cue the heavy North
west receipts, offering wheat in considera-
bic quantities The result was small de-
clines In everything. Ii was evident that
the government report, which indicated a
total crop Of something like 4s7, 900, 600 BUSH
els. was not so lightly regarded in the coun-
try, Tor outside buying orders began to
stream in shortly after the opening. The
buying was SO brisk in comparison with the
recent dullness that for the time being il
took the breath away from the professional
bears, and prices shot upward with consid-
cradle rapidity. December opened a shade
lower at nq11sc, and reached 71Ssc but
realizing became heavy enough to cause a
temporary setback. September opened ia
Ac lower at 70isQ70Ac, and advanced TO
DISC. December then reacted to lac and
September to 707sc, and around those prices
a good business was done. The tone of the
moor gradually became decidedly bullish,
the sentiment being strengthened by heavy
outside buying, and shorts covered freely.
Prices kept on the up. grade until within
thirty minutes of the close with the broad
mhar anu al
to ns012c, and September to 721hc. This
was well above call figures, but no reaction
OF Importance took place until the posting
or bradstreet's figures on the worlds WISH
Die, showing an increase Of 4, 935, 600 bushels.
Ihis was tar beyond what the trade antici-
pated, and had an immediate effect In the
meantime. shorts had covered generally.
and the selling movement which started
round little opposition. Prices dropped rap
September was given better support than
the more distant futures. December was
the object of a determined raid by prores-
sional bears, and at the close all of the
earlier advance had disappeared Minneap-
oils and Duluth receipts were 1,S62 cars,
including two days receipts at Duluth,
compared with ,426 last week. and l. 423 a
year ago. Chicago receipts were 2Ss cars.
fourteen Of contract grade Total primary
receipts were 10000 bushels. against ;4s2.
ances of wheat and flour amounted TO 442, 0oO
bushels: There was no shipping demand
711sc. and was bringing that price at the
close. September declined to 7o7sc, and
closed at that price.
Corn was fairly active and irregular The
market early felt the government report,
considerable outside buying being done, es-
pecially in deferred futures. The strength
of wheat also had it's effect. Later in the
day the market became weak, and all the
advance was lost. Weakness was more
marked in September, due to offerings OF
new Kansas corn for shipment, via gulf
ports. Receipts were heavy, 1.5S6 cars. The
export demand was good. December ranged
from 2SAl2SNc to 2S5s@28%c, and closed al
2S12c. September closed a shade lower al
31hc.
Oats were firm and higher, though not
maintaining best prices. The bullish gov
eminent report and the early advance in
wheat and corn stimulated buying, and
caused good advances all around. The late
break in other grains had some effect, but
the market was steady at the close. Re-
ceipts were so cars. The shipping demand
was only fair. December ranged from 2os4c
to 21c, and closed 1sGAc higher at 201sq2lc
Provisions were weak all day, and closed
at the bottom of a substantial decline. HOG
prices were lower, and yellow fever was
disquieting. The strength Of grain markets
probably prevented larger decline. At the
close October pork was 1Oc lower at s.
October lard &c lower at $5.22la, and October
ribs 5671ac lower at $5.11l2M520
Estimated receipts on Wednesday: Wheat,
| 10 cars; corn, 800 cars; oats, 26O cars; hogs
26 900 head.