The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-13

BEARS FRIGHTENED BY THE GOV
ERNMENT CROP REPORT.
Result Is Good Advances i'm the Prices
of All Grains-Hog Products Also
Strong and Higher.

CHICAGO. Aug. 12.-To-day was a bull
day in both grains and provisions, and
everything went up. The government crop
report, which was a disappointment 10 the
bears, was the cause of the upturn.
Shorts were frightened and covered freely
in everything. Sellers were scarce in
wheat, and in spite of good crop conditions.
the brisk demand to secure profits. es-
pecially in corn, sent wheat up &c and corn
advanced CSC. At the close September
wheat was 1%Glfsc up, corn. 17sc higher,
oats Us advanced. Provisions closed un-
changed 10 30c higher.
1t was a revival of bull confidence and
fear on the part of the bears that put
through a heavy business in the wheat pit.
The general impression prevailed that the
end of the bear campaign had come yester-
day and strangely enough the low prices
of this campaign had come before the gov
eminent report. Usually a government re-
port is followed by depression. The case
was different to-day. Whereas the esti-
mate of a spring and winter wheat crop
of about 100000 bu had gained credence
the government suggested only ? ,0O0,00
bu. Foreign markets gave the report a bull
hsh Interpretation and sent higher quota
tons. and the Northwest had lighter re-
ceipts. Primary receipts were heavy, the
weather was good and ordinary conditions
were bearish as before the receipt of the
report. Coarse grains, however. also had
an upturn, selling was almost nil and buy
ing for the support of September was so
vigorous that shorts bid prices up hurried
ly. New York and St. Louis were in the
market heavily OF the buying side. and
there was a good commission on house
demand. Arrayed against the bull move
ment was light seaboard clearances, al
though sixty boat loads taken for export
at seaboard points and 100000 bu sold for
shipment here later worked against the
slightly bearish incentive and resulted in
a much stronger upturn. There were sew
eral lapSes from high prices on the ad-
vance, but the close was near top figures.
Grading shows but little Improvement and
the local contract stocks are fast diSap-
pearing. September opened sake to 40
9sc higher at 679sq67s4c, sold TO 691sc and
closed very strong, 1$sa1kc higher at 69c.
Local receipts were 40 cars, nine of con-
tract grade; Minneapolis and Duluth re-
ported l32 cars, a total of 622, against 7S
last week and 667 a year ago. Primary
receipts were 1,273.coO bu, compared with
$4,000 last year. Seaboard c~learances in
wheat and -four equaled $4,000 bu.
Corn showed much strength, partly be
cause the government report showed l
per cent. reduction since July l, but princi-
pdly Oh neaNN covering by a>great many
shorts who secured handsome profits. Most
OF the business was in September. The
market was Influenced by frosts, very
small receipts and the strength in wheat.
Gables were lower, due 10 liberal offerings,
and at times had influence enough, together
with good crop news. to cause slight
breaks. Commission houses bought liber-
ally. In the main. however, corn traders
ignored figures, cables and the generally
good weather and bulled the cereal on
sentiment. The trade was full of stop loss
orders which came out freely from those
pressed on the short side. Conservative
traders said conditions for the crop could
not be better. September sold as low as
5Ol1c and jumped to 525sc, closing strong.
1Ssc up, at 52Ac. Receipts were only 90 cars.
There was no influential buying in oats,
but prices responded quickly to the bullish
sentiment in the other pits. September
sold from 2Sc to 301sc and closed firm, 1G11.c
up, at 3OQ3Ohc. Receipts were $40 cars.
Provision houses bought fairly and prom
inent bulls were taking May. The strength
In corn and wheat was the principal in
huence.
Provisions were Irregular. Heavy cover
ing IN the distant months and an absence
of selling pressure worked against lower
prices for hogs. The demand was not
heavy, but buying orders came in in sufi-
the market. Several reactions occurred.
but the grain strength held prices up.
September pork closed 3Oc up at s16. 30: lard
unchanged at $1G.55, and ribs 221hc up at
$3.50.
Estimated receipts for tomorrow: Wheat.
lZ7 cars; corn, %; oats, 205; hogs, %, 600
head.