The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-14
RAINS EFFECT ON GRAIN
CROPS UNDER WATER MAKE PRICES
Go UP AT CHICAGO.
Kansas Wheat Estimated at $4,000, 900
TO 5O,OOO,OOO BusheIs-Range
of Futures.

CHICAGO, June 1S.-Wet weather threat
ened all grains to-day and put a bullish
prop under the speculative pits Ripe wheat
in Kansas was reported under water, com
fields were weedy and waterlogged and the
water on the oats was anything but bene--
fetal. Trade was only fairly active and
was influenced largely by the leading GER
cal. At the close July wheat lzGSsc
higher, corn shade lower and July oats
&c higher. Provisions dragged DULY and
closed unchanged to 215c higher.
Rainy weather was chiefly the cause of
very strong opening in wheat. Cables were
a little higher and closed firm on poor
weather abroad. At the start shorts were
very nervous over the bullish array of in
fuences at work in the pit and they COW
cred freely There were other bullish side
issues, such as lower Argentine shipments
and sales TO France-the first in a long
time-but the main influence was the con-
slant arrival of threatening wet weather
news in fields where wheat was ready to
cut The Ohio valley. the central States,
the harvest fields in Oklahoma and Kan
sas, and even the spring wheat fields of
the Northwest received copious rains. Pri-
vate reports told of too much water every
where. July wheat opened Ad2sc to Ssql9c
higher. at 1850 to 7215c, and soon sold up al
most cent to 727sc. st. Louis shorts were
good buyers, December was in good de-
mand, the cash business was good, France
getting twenty-five loads, and there was
very little pressure on the pit at any time.
The Kansas Millers' Association issued its
final report on the wheat crop of that State
and estimated the production at from as
O00,00 TO 50000,0 900 blu. Harvesting of soft
red wheat there is in full swing where rot
prevented by flooded fields. Late trading
consisted of some profit taking. July closed
hrm 12Q9sc up, at 729sc. Local receipts
were seventeen cars, one of contract grade.
Minneapolis and Duluth reported 22S cars,
making a total for the three points of 2i5
cars, against 260 last week and 344 year
ago. Argentine shipments were 100000 blu.
compared to $4,000 bu last year. Seaboard
clearances in wheat and flour equaled 1S1, 600
bu. Primary receipts were 32I,OOO bu,
against 4lS,O00 blu last year.
Wet weather helped corn much. both in
dependently and through the wheat bulge.
Cultivation has been retarded by the flood
ed fields and now the wet weather is in
terfering with grading stuff. The market
was very firm the first hour but without
much activity. Strength in wheat was
sufficient to make numerous shorts cover.
Country offerings were small and receipts
were only fair at 323 cars. The pit crowd
had in mind the probable manipulation
of July options and was not taking long
the day advanced a leading elevator I'M
loaded a considerable quantity, scalpers
took profits and the advance was lost. July
| closed steady a shade lower at 631sq6Sl4c c.
Oats was very active and nervous. Sharp
advances were registered early on hurried
covering by shorts and the pit ruled firm
all day. The bullish influences were too
moist weather for the crops, expected re-
| auctions in stocks and a probable scarcity
! of No. white oats next month. The de-
/ mand for new July was especially brisk
/ This option sold at 415sc, but as the session
| advanced commission houses offered fail
! quantities and the close was just firm, one
/ quarter cent up at 40c Cash stuff was in
/ good demand. Receipts were small at Isl
cars.
Provisions were profoundly dull and un-
/ interesting. The hog market was firm, but
| the constant manipulation of packers has
driven much of the trade from the pit
| There was little stuff for sale and moth
| ing was wanted anywhere Prices were
put up slightly at the opening, but the
| close was fat. July pork closed unchanged
! at $1I.60; July lard unchanged at 5000, anC
July ribs 212c up at S10.4712.
| Estimated receipts for tomorrow: Wheat
So cars; corn, 800 cars; oats, 160 cars; hogs
| 1900 head.