The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-09
HIGHER AND YET HIGHER
WHEAT sURGED UPWARD TWO AND
THREE-QUARTERs CENTS.
Volume of Business Broke the Record
Strong and Closed at an Advance.

CHICAGO June S.-Heavy general buy
ing, caused by the dry weather i'm the
Northwest. advanced July wheat FAC to-
day. Sympathy with wheat advanced the
other markets. July corn closed 111G15sc.
and July oats sc higher. Provisions. at
the close, were from &c to nc improved
July wheat opened at Tic to 71Ac. fiat
Jump from yesterdays close of 1lsmlAc.
Then began a trade which in the excitement
and volume exceeded even yesterdays,
when traders were referring to the days
of the Letter deal for comparisons. The
advance was occasioned by the fact that
the Northwest was still without rain. Real
izing sales were heavy. however. and July.
following the opening. declined to 7oa4c
Then the pressure Of buying orders.
punches of which every man in the pit
seemed to have i'm the greatest plenty,
came to the aid of the market and July
shot up to 7l%c. Lots which during the
recent dullness would have caused break
in prices were absorbed without tremor.
At this point the weather bureau
nouncement of indications of showers for
the Northwest Saturday caused some cessa-
ton in the buying and the takers of profit
forced July gradually back to 7O7sc The
dip. however, merely gave the buyers
breathing spell, for at the prices just
quoted they jumped into the pit with re-
newed vigor. Northwest interests bought
enormous quantities, as did influential To-
Gals. Some who went short early. on the
theory that the advance OF yesterday would.
in the natural course OF things. be followed
by a reaction, covered, this aiding in the
advance Trading during the last hour
was very heavy. July climbed to 72&c and
closed 2sc improved at 72ssG72s4c. Gables
were strong and the situation In Indiana.
Ohio and Michigan not improved, but these
considerations, as well as the immediate
cash position, were far in the background
In influence. The Northwest had the center
of the stage all to itself The testimony
| from the spring wheat territory was nearly
unanimous that the crop situation was be-
coming more critical. AS a rule private
advices from the Northwest described yes
| terday as the worst which the crop has
undergone so far. High winds and sand,
yesterday, it was said. did further damage
| to the North Dakota crop Throughout
| the entire session the Northwest bought
pcrsistently and heavily. Naturally, there
was a great deal of iquidating, but che
| small part the Northwest took in this was
noticeable and was factor In the squirt
with which the session came to close New
York reported nineteen carloads for ex-
port. Seaboard clearances. in wheat and
| flour, were equal to 1000 blu. Primary
receipts aggregated $4,000 bu. compared
with 75S,000 bu last year. Minneapolis and
week and $50 a year ago. Local receipts
| were u cars, 2 of contract grade.
Corn was easy and dull during the first
| advance in wheat and gave no indication
/ of the masked battery 1t had prepared for
| the bears, and which it uncovered at a
critical time and sent them rushing to
/ cover. The pit had been deserted in favor
| of wheat until some buying orders brought
| out the fact that there was little for SALE
! In few minutes July went up over a cent
| a bushel. The condition disclosed in corn
/ was due to the wheat scare and, once
| started. the shorts were not to be denied.
| July sold between 3sasd40sc, closing 112Q
| 1%c improved at 40q40sc. Local receipts
| were 4S4 cars. Country offerings were
small.
Oats, like corn. Jagged early but later,
| In sympathy with the corn and wheat
| strength, braced up and closed strong, al
1 though trade, comparatively, was not very
| active Shipping business was slow. July
/ sold between 21%c and 221zG22ssc, closing
i &c better at 221ac. Receipts were ISL cars.
/ The provision market was firm in sympa-
| thy with wheat and corn. The opening was
| firm on an advance at the yards. but hogs
| later eased off, ceasng as bull influence
\ for the day. There was fair demand, but
| offerings in the pit were fairly liberal.
July pork sold between $1175 and 81 80
and closed 71zc over yesterday at $u.S71a;
July lard between $685. and ST. with the
close &c higher at 81, and July ribs between
$685. and $500, with the close 5Q71zc better
| at $780,
| Estimated receipts tomorrow: Wheat, so
| cars; corn, 800 cars oats, 1S5 cars; hogs,
10000 head.