The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-12
WHEAT TAKES THE LEAD
BULLIsH CROP REPORT MAKES A
VERY STRONG MARKET.
Oats Also Active and Higher-Corn
Weak at a Small Gain-sharp Re-
action in Provisions.
CHICAGO. June n.-wheat pursued a

CHICAGO, June 1.-Wheat pursued a
zigzag and erratic course to-day. as a re-
suit of the bullish government crop report,
Prices were forced higher. and corn. aided
by wet weather in some of the corn States
and by dint of more muscle exertion by
the big bulls. followed after. Slumps came
on and profit taking, but in the end July
wheat was ssGlzc higher. corn sc up and
oats sc higher. Provisions closed a shade
TO S7l9c lower.
Other speculative markets had TO drop
back and give wheat place to-day. A good
array of bulish influence was at work.
Cables were higher, there was strength on
renewal Of wet weather in the central and
Northwestern States, but most important
was the government crop report. This doc
ument placed the June condition of winter
wheat at 761, as compared to Mays 1914
when even 50 had been expected The sec
ond surprise in the report was the claim
that the spring wheat area was reduced
2.511.OO0 acres from last year. The spring
wheat condition was high at 944, but the
sum OF the report indicates total yield for
the year OF about 1900 900 bu, as against
5000, 600 bu last year. This at once started
covering and good buying. Northwestern
receipts were small, and, although there
seemed 10 be little effect on that score
early, Minneapolis eventually led the bulge
with sharp advances. There was an in
creased volume of outside business, largely
on the buying side. France was bidding for
stuff and cable strength from Liverpool!
was largely due TO the bullish French sit
uation. July wheat opened b6Ac to 12qasc
up. at 715sc TO 7lRc, and quickly mounted to
this INT a "a IN Nrsaat her H.
west had some effect Liquidation for
profits was in order and prices tumbled
back to 719sc. Ultimately however, the
| crop report had bullish effect Buying
was kept up for some time after the drop
and July closed firm. Sale higher. at INC.
! September made fair gains but July ruled
| strongest. Local receipts were twenty-four
] cars, three of contract grade. Minneapolis
and Duluth reported 1S5 cars, a total of 200.
| against 153 last week and 1853 year ago.
| Primary receipts were $4,000 bu, against
! SCI, 900 bu last year Seaboard clearances in
wheat and -four equaled $4,000 blu. The
seaboard reported eleven loads taken for
| export.
Corn showed good early strength when
! all markets were on the upturn. Support
was necessary, however, when wheat
broke. Weather conditions favored better
| prices, as did the smaller receipts. good
| demand set In early, especially for the de-
| ferred options. July was somewhat erratiC
and nervous. and prices haggled back and
| forth. There was no mention of corn in the
| government report but the weekly report
stated that there was some suffering from
a lack of cultivation. July sold between
! $3.50 and 62sc and closed firm on support
and sc up. at 631sc. Receipts were 1914 cars
There was a slight dip in oats at the start
on the bearish government report, which in
Dictated a condition of 906 and a probable
! yield of 500, O00, 600 bushels Soon, however
there was support in the new July stuff that
surprised even the friends of oats. The
| cash demand was good al about 45c, good
| buying movement set in and there was little
for sale. This influence. together with the
other grain strength, soon pushed July up
and there was little or no recession on the
| subsequent wheat break. July closed firm
and a4c up, at 39Ac. Receipts were ninety
| three cars.
Part of the looked for reaction after the
! persistent manipulation of provisions by
| packers came to-day After yesterdays re-
! markable advance of 3712c for July ribs the
| inside crowd. led by the packers, unloadeC
on the shorts and a break of 3712c followed
| Hogs were firm and helped In temporary
| reaction, but prices again dipped and th'
close was weak Commission houses advise
their clients that the stuff is top heavy, bu
at the same time they say the packers car
! put the price any place that suits their in
terests. July pork sold at top prices again
| reaching $3.50. and closed 21zc lower. a
| 1910; lard closed a shade down at SIC.
| and ribs S712c down, at $lO.3712.
| Estimated receipts for to-morrow-Wheat
% cars; corn 1885, oats, 90; hogs, 1000 head.
| Leading futures ranged as follows: