The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-09
RAINS CAUSE AN UPTURN
TOO MUCH MOISTURE AIDS THE
PRICE OF WHEAT AND CORN.
Oats, However, Register Small De-
cline-Provisions Dull and Only
Little Higher.

CHICAGO June 7-Excessive rain was
the bugaboo of the grain bears again to-
day, but cables also told OF the same bad
weather abroad. In consequence little
support I'm a dull market was sufficient TO
bring strength, and July wheat closed sc
up, corn AG2sc higher and oats shade
down. Provisions closed a shade 10 2lgc up.
Wheat took a strong grip on the market
early and worked its prices somewhat
higher on cables and fears OF wet harvests.
In France the harvest is almost on them,
and prices are advancing on an old prece-
dent that in former times wet weather,
such as they are having, hurts the crop
much. Here there were plenty of bearish
influences, but additional rains, after the
already heavy downpours. started covering
and good support. Bulls argued that the
present low prices could be justified only
on the assumption that the yield was to be
exceptionally large There was little sell
ing pressure on the market early and good
buying came from commission houses.
July opened %Q1kc higher at 72i4q72ssc, and
sold at 721kc. Gradually the support of the
larger interests was withdrawn. The re-
port that cutting was going on in the south
ern part of this State and that the wheat
TO some selling, and July slid off TO 7l7sq
72c. After that the market haggled narrow
ly with a small upturn on liberal seaboard
clearances OF wheat and flour, which
amounted TO go, 200 bushels The close was
firm, July sc up at 72hc. Local receipts
were cars, one OF contract grade; Min
neapolis and Duluth reported PA cars,
making total OF 251. against 392 for two
mary receipts were $4,000 blu. compared
with 10000 last year The seaboard re-
ported fourteen loads taken for export.
Corn was duh but firm all day. The wheat
strength, together with the strong cables,
influenced an upturn, as did the talk of poor
cultivation of the growing plant because of
the wet fields The leading bulls gave some
small support and st. Louis bought July
fairly. Prices held WELL but there was de-
cided feeling that with the possibilities of
a 800, 000, 600 bushel harvest prices were too
high. Most Of the day the crowd was guess
ing at the attitude OF the leaders. July sold
between 63Ssc and 623sc, and closed firm
and AQssc up, at 631sc. Receipts were SSI
cars.
Liquidation took some of the strength out
OF oats. Almost every influence in the pit
favors the bulls. Samples are at premium
over the futures, the cash demand is still
very good and there Is a dangerous possi-
bility of damage from wet weather. Re-
ceipts also are light, with a small percent
age OF contract stuff. To-day commission
house business was fair and jury opened &c
higher, at 1850, and sold to $500. Trade
was active. Covering short accounts
Drought put buyers OF new july
around 36c realized their profits, and after
the bulge prices eased on an absence of sup
port. July closed barely steady and a shade
down, at 391k Q39iLc Receipts were ll2 cars
Provisions had dull and artificial trade.
The hog market was slightly higher on a
smaller run of hogs. This gave the packers
a reason for manipulating prices a little
higher for the purpose of unloading on the
outsider. Conservative traders say prices
! of all provisions are much too high, par
ticularly in the light of improved receipts
of hogs of better quality. January products
are now selling on the basis that hogs will
| cost 6Q6Ac. Outsiders understanding the
manner in which packers are manipulating
| the market are staying out. July pork
/ closed steady and 21zc up, at ST. 421b: lard a
/ shade higher at $l0.256D1O 271k, and ribs 21ac
/ higher, at $l0.171R.
Estimated receipts for Monday-Wheat, 80
| cars; corn, 425; oats, 100; hogs $1,000 head:
! hogs for the week, lis. Co.,