The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-12
WHEAT LED ALL GRAINS
CROP ESTIMATES AND BULLISH FAC
TORS ADVANCE ENTIRE LIST.
Largest Days Business I'm the Pit for
Some transformations Dull, Com
pared to Other Trade.

grains In strong advance to-day. Busi-
ness was active oil around and the trade
was thoroughly aroused by the government
estimate of grain yields much below ex-
pectations Nearly every other influence
was in some measure bullish, especially
the threatened damage TO unripe corn by
frosts. AS a result of these factors every
thing on the list closed with gains. Sep
TENDER wheat 1ssc higher December wheat
1Ql1sc up, September corn 1850 up, Decem-
Der corn &c advance and DECEMBER oats
1sQAc higher. January provisions closed
71zQ1Oc to 121ad15c higher.
The government figures on the spring and
winter wheat overshadowed every other
matter for consideration in the wheat pit.
In a general way the trade was surprised
at the condition OF 80 as made by the
government bureau report. AS result
nearly all classes of traders were included
In the buying crowd. AT the outset there
was big business. Liberal selling
done only by outside longs who wanted
TO take profits. Soon. however. this same
crowd began buying in again, thus further
contributing to the strength of the cereal.
There was some selling by leading ele-
vator, but little attention was paid to this
movement. Commission people generally
had good buying orders. Almost every
thing helped In the upturn. Cables were
higher, cash markets were strong. receipts
were email and clearances were large. Du-
luth reported an excellent export demand
with seventeen loads shipped direct last
night and this morning The only check
to the bullish enthusiasm was the some
what improved Northwestern receipts.
There were some dull spots in the session,
but taken as a whole 1t was the largest
days business in some time. December
wheat started $3.50 up at es%96sc. sold to
691fc and closed strong 1Q1hc up at 69A@
691sc. September sold from 721aQ73a4c and
closed strong 1tsc up at 731zc. Local re-
grade; Minneapolis and Duluth reported 642
cars, making a total for the three points
of $50 cars, against 81 last week and 954
a year ago. Primary receipts were 1866
600 bu, as compared to 1,495,00 bu last
year. Seaboard clearances in wheat and
flour equaled $4,000 bu. New York reported
nineteen loads taken for export.
Corn experienced a good share of the
strength with which the markets opened.
Most of the bulge was attributable to the
Tear or frosts in the corn not yet har-
vested. Light frosts were reported In sew
eral sections and very heavy frosts North
west high barometer in the Northwest
seemed TO indicate possible heavy damage
| to corn before morning. This was some
| thing of an early incentive to the bulls,
| especially when considered with a decrease
| of S7,O0o,O0O blu in the prospective yield,
as compared with August estimates. The
| country side accepted only few bids over
| night, the cash demand was fair, cables
| were firm, and there was practically moth
| ing in the way of a selling pressure. Trad
| in the consideration of that part of the
! government report which stated that while
a big yield as compared to an average year
was estimated, yet this yield was con
| tlnR6nt good weather late
was the crop this year in maturing. With
predictions for frosts over all the West and
Northwest tonight, the fairly liberal real
| izing that took place on the upturn was
soon offset and the close was strong. Sep
| TENDER sold from 5SAc to close 1asc up
at 69&c; December sold from 43Ac to 43a4c,
| and closed &c higher at 43Ss6434c. Re-
ceipts were improving somewhat at primary
| points. Locally to-day they were 3l9 cars.
| Oats sympathized with other grains and
ruled stronger. The influences were con-
| tinued small receipts, a moderately bullish
1 government report when compared with
| that of August, and weather conditions.
Offerings were light, grading was poor and
| there was good support on the buying side.
| The sentiment generally was bullish. The
| fact that the estimated crop is far in adj
| vance of the average years yield curtailed
/ buying to some extent, yet other conditions
| prevented a selling pressure. Trade was not
| large. December sold from 3l3sG311ac to
31%c and closed firm, sQAc UP at 31ssc.
| Receipts were $50 cars.
! Provisions were dull In comparison to
/ the good trade in wheat and corn. There
was a fair early demand on a firm hog
market and prices advanced. Grains also
| helped in slight uptUrn, but the inactivity
of trade did not permit of great strength.
| January pork closed 121zQl5c up at $50
| 15.02l1; January lard, 10c higher at SS.471a,
and January ribs, 713qloc higher at $3.50
Q792iz.
Estimated receipts for tomorrow: Wheat,
255 cars; corn, 10 cars; oats, 2O5 cars; hogs,
-, y, dIn~ futrrec ranged nc eoIlor,s.