The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-17
BIG MARKET in WHEAT
PRICE AT THE HIGHEST DURING
THE PRESENT BULGE,
Bad Crop News Outweigheh All Other
Considerations-Corn Oats and
Provisions Closed Higher.

CHICAGO, June ia heavy trade and a
big wheat market to-day bore testimony
of the growing interest in the pit July
closed 11s11Hc over yesterday. Corn closed
nc and oats &c improved. July pork closed
25Q271kc. July lard 17l1c and July ribs 15c
higher.
The wheat market was broad and excited.
The increased outside interest was espe-
cially noticeable, although most of the
time trade was altogether too large to fol-
low In detail In a general way 1t was a
buyers market, with a numerous contin-
gent OF longs out after profits. The buyers
were the more numerous as well as the
more eager, and strong advance was the
result July opened sc to 1c higher at 75c
to 745sc, and shortly afterward sold at 75c.
Liverpool was I'D higher, an evidence
that the English are appreciating some
thing of the wheat situation in the North
west. South Dakota and southern Mime
sofa had some rain, but the showers were
not general. From the South there were
complaints of heavy rains. This was the
lineup of bullish news which was of in
fluence early and throughout the day. Dur
ing the wheat session the wires were hot
with very gloomy reports of the outlook
in the Northwest. July. following the OPEN
ing. was crushed back to 74ssc by the
liquidation of longs. A rally ensued. The
long stuff was well taken, and on the dip
eased I'D while the demand continued un-
abated. July advanced sharply to 75tsc,
the highest price of the recent bulge, and
held nearly all of it. Over 75c there was
heavy selling by longs, but so well were
their offers taken that July reacted only
%61kc and closed 11sd1Ac over yesterday
at 75kd75Ec. Generally the advices from
the spring wheat authorities were that the
failure and the season would prove the
worst the Northwest has ever known.
France, ii was said, would have to import
100000 blu to make up her deficiency Conn
plants of excessive rains were received
from Illinois, Kentucky and Tennessee
Clearances, in wheat and flour, were equal
to 1000 bu. Primary receipts aggregated
$4,000 bu, compared with $4,000 bu last
year. Minneapolis and Duluth reported 451
cars. against 40 last week and 397 a year
ago Local receipts were Y cars. one Of
contract grade.
Corn was firm in sympathy with wheat.
but trade was not active, there being a
number of assertions from that pit to
wheat. Country acceptances of last nights
bids were small, which was also a help.
Inc Argentine corn surplus aVdliaDle was
put at 12,0000 900 bu. Local receipts were eS1
cars. July sold between 39c and 1880, closing
1zc up at 1850.
Oats followed wheat and corn. Shorts
were good buyers of both July and Septem-
Der, while the best selling came from profit
takers. The Northwest took profits liber-
ally on the September stuff around 22s4c
September opened at 22lzQ22ssc sold to
222tc, and closed at 225sc. July sold between
22%c and 23c, closing Ac over yesterday at
23c. ReceiDtS were 256 cars.
The provision market was fairly active
and strong. The strength was because of
light hog receipts. higher prices at the
yards, and, to a degree, on the grain
strength. July pork sold between $1130 and
S11.50, and closed 25q271kc over yesterday at
S1150; July lard between $3.50 and $50, clos
ing 1711c up at $3.50, and July ribs between
$3.50 and 500, with the close 15c higher at
$3.50.
Estimated receipts Monday-Wheat, %
cars; corn, $40 cars; oats, 800 cars; hogs, S.