The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-08
WHEAT SIMPLY DOOMED
WENT UP TWO CENTS ON THE CROP
DAMAGE REPORTS.
Prices Gained a Penny
strength Sustained Corn and Oats
Provisions Firm and Higher.

CHICAGO. June THE gravity of the
crop situation in the Northwest was the
main factor in a broad, active and buoyant
wheat market to-day. July closing 17sG2c
over yesterday. Corn closed sc higher and
oats lk6Ac improved. Provisions at the
close were from 12tzc better in ribs to s21sc
up in pork.
The dizziness of months was broken in
the wheat pit and the space allotted to
dealers in that cereal was jammed with a
roaring. excited crowd which all at once
seemed to realize that the crop in the
Northwest was in imminent danger of fail
ure. July opened at Csc to 6S4c, shade
changed from last nights close. Then 1t
began climbing. Traders were filled with
items from all over the Northwest. Some
said the crop was already seriously dam
aged, others that unless rain in plenty
came the crop would be failure. and
top of all this the Weather Bureau prophe-
sled fair and cooler weather. Recently
these reports have been taken with a grain
of salt, and the crowd generally contented
itself with playing safe, an operation
which resulted In some violent sessions.
To-day the Northwest made clamorous
bids and the others, in a sort of panic, fol-
lowed. In two hours from the opening
July advanced to zoe. Then profit-taking
sent July back to 692sc. A huge amount of
buying had already been done on the adj
vance and the dip was the signal for more
of it-even more than had been done early.
Under this pressure from buyers July raj
lied and closed 1%62c improved at $3.50
zoe. Liverpool was AG1d higher Indiana,
Illinois. Ohio and Michigan sent in their
usual reports of the June condition of the
crops, but these items were quite over
looked in the rush of the Northwest news
rumor that war had broken out between
Russia and Japan was Of some help near
the close. New York reported sixteen loads
board in wheat and -four were equal to
571,l00 bu. Primary receipts aggregated
$4,000 Blu, compared with s0s.000 bu last
year. Minneapolis and Duluth reported 43S
cars, one of contract grade.
Corn was neglected for wheat. When
the advance in the latter began the corn
pit became almost deserted. the scalpers
rushing into the big show. The market
was inclined to be heavy on the favorable
crop news and freer country offerings, but
the exceptional wheat strength held the
sSlhc, closing lsc improved, at asMc Re-
ceipts here were 321 cars.
Oats were also put long way into the
background by the activity In wheat The
strength of the big market was the main
factor in holding oats steady. July sold
between 211ac and 21%G21Bc, closing ia
Ac better, at 21%c. Local receipts were 240
cars
The provisions market was rather quiet
but firm early, but became active and
strong towards the end, closing sharply
higher. The wheat strength and increased
outside buying were the factors. July pork
sold between $11.50 and s11.s0. closing 3211c
over yesterday. at $11.S0; July lard between
$6.7711 and 1921, closing 15c improved, at
Sc. 921R. and July ribs between $50 and
$6.s5. with the close 121zc higher, at $6.s2lz
@6.s5.
Estimated receipts to-morrow-Wheat, so
cars; corn, 425 cars; oats, 240 cars; hogs.
Ok nm head