The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-08
RAINS CAUSE AN UPTURN
TOO MUCH MOISTURE AIDS THE
PRICE OF WHEAT AND CORN.
Oats, However, Register Small De-
cIine-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 a little
support in a dull market was sufficient 10
bring strength, and July wheat closed sc
up, corn Ad9sc higher and oats shade
down Provisions closed shade to PIC 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 a 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 9sd1zc higher at 72Ad72ssc and
sold at 7213c. 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larger interests was withdrawn.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
would be on the market within week, led
TO some selling, and July slid off to 7l7sQ
nc. After that the market haggled narrow
~ with small upturn on liberal seaboard
clearances of wheat and -four, which
amounted TO go 600 bushels. The close was
firm, July &c up at 72Ac. Local receipts
were cars, one of contract grade; Min
neapolis and Duluth reported PA cars,
making a tOta! of 25l. against 1872 for two
days last week and 439 year ago. Pri-
mary receipts were $4,000 blu, compared
with 10000 last year. The seaboard re-
ported fourteen loads taken for export
Corn was dull but firm all day. The wheat
strength, together with the strong cables,
influenced 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 we'll. but there was de-
cided feeling that with the possibilities of
a $500. O00. 600 ushel harvest prices were too
thigh. Most of the day the crowd was guess
ing at the attitude of the leaders. July sold
between $3.50 and 627sc, and closed firm
and 14Q$sc up, at 63lsc. Receipts were 337
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 posi-
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 July opened Sc
higher, at 1850, and sold TO $3.50. Trade
was active Covering short accounts
brought strength, but 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 shade
down, at 391sG33Ac. Receipts were 112 cars
Provisions had dull and artificial trade
\ The hog market was slightly higher on q
smaller run of hogs. This gave the packers
/ 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 6d6Ac- Outsiders understa nding the
/ manner in which packers MANIPULATING
/ the market are staying out. July porl
/ closed steady and 219c up, at ST.. 421b; lard
shade higher at $10.25G1O.271z. and ribs 212t
| higher, at S1O1716.
Estimated receipts for Monday-Wheat 3
| cars; corn, 425; oats 100; hogs, $1,000 head
| hogs for the week, 1880
/ linz In f1rrnc Il Ill