The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-07-04
BULL NEWS PLENTIFUL
1T SENT WHEAT UPWARD WITH AL
MOS NO INTERRUPTION.
for Corn Prices Also Was
StrOng-Oats Firm and Higher and
Provisions mt Small Gains

CHICAGO, July 3.-Wheat was firm and
active to-day under bullish advices from
home and abroad, August closing 1aq1ssc
over yesterday. Corn closed 1d1hc up and
oats &c improved. Hog products at the
close were 71aQl5c better.
That longs in wheat over night evidently
had absorbed some hope during the night
was apparent when the market opened.
They had in mind the fact that the mar
ket had declined lie from the top and
hence might be ready for a reaction. The
main influence at first, however, was the
unexpected steadiness of Liverpool in the
face of the sac decline here yesterday. The
market showed only a fractional loss and
during the first three trading hours re-
gained some of that. 1t was also reported
that Liverpool shipping bids were nearly
on a parity with American prices. August
wheat on the Board of Trade opened 1c TO
1%c higher at 7S%Q79Ac and shortly after
ward sold to 1850. On profit-taking August
reacted to 7s1zc. which proved to be the
bottom price for the day. There were more
rains in the Northwest, but reports from
that section said the three days precipi-
tation of moisture, although heavy, had
come too late. Complaints that the crop
in North Dakota and Minnesota was al
most a complete failure were numerous
From Chile came the report that rains had
prevented sowing, rendering a small crop
next season inevitable. This sort of news
sent shorts to cover. Their buying, coupled
with some outside demand and support
from influential local bulls, caused a rally
which carried August to soAaso2sc. The
bulge met the usual profit-taking and the
market dropped from the top to 79M@79Ac,
but the close was strong, August 11lsQ15sc
up at 79AQ791kc. Seaboard clearances in
wheat and flour were equal to $4,000 blu.
Primary receipts aggregated $4,000 bu.
Minneapolis and Duluth reported SO cars,
against 1888 last week. Local receipts were
14S cars. z of contract grade.
Corn gave an exhibition of strength and
activity which was partly due to wheat,
but principally to it's own condition. Hot
weather In Kansas and Nebraska, and an
excellent cash demand were important
links in the bull chain. Liverpool was high
er for futures, but depressed on spot. Re-
ceipts were 1,161 cars. The outside demand
was excellent and the covering of shorts
on a liberal scale. August sold between
42Ac and 4S&c, closing 1Q1lsc up at 431s
@43Ac.
Oats were a bit easy, following a firm
opening. but turned upward later in the
day, helped by corn and wheat, and closed
firm. There was considerable liquidation
by Northwestern interests and this caused
the depression early. During the latter half
of the session shorts were the best buyers.
Receipts were 463 cars. August sold be-
tween 23Mc and 22ssc. and closed Ac bet
ter at 237sc.
The provisions market was strong and
- IL offxr liz nnfnf ryara lfohf
and considerably under the estimate; the
grain strength was a help and there was
less selling by Western packers than there
has been recently. Shipments of produce
during the t~wenty-four hours preceding the
session were very large. Shorts were the
best buyers. September pork sold between
$13 and $12. 80 and closed 15c over yesterday
at 1890; September lard between 81 and
Sc. 9OQ6. 9211z. closing NC better at $6.9215, and
September ribs between S.20 and $40,
with the close TIC improved at $40.
Estimated receipts tomorrow: Wheat, 65
cars; corn, $50 cars; oats, go cars; hogs,
"a, 600 head.