The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-25
BULLISH DAY in GRAINS
CROP CONDITIONS AND FEARS OF A
SQUEEZE HELP WHEAT.
Corn Gains More than a Cent and Oats
Good Fraction-Provisions Lower
ON the Weak Hog Market.

CHICAGO. June 24-There was consid-
cradle excitement in the wheat pit to-day,
and prices were decidedly strong, July
closing 115c higher and September up $50
lac. July corn was 1isc higher, September
sc higher and September oats ssG&c up.
Provisions ruled weak, closing from l2isc
to 271sc lower.
The general bullish sentiment among
wheat traders and the urgent demand for
July from shorts resulted in an exceeding
ly strong market the greater part of the
day. Opening prices were easier on i'm
proved weather reports and on disappoint-
ing cables, July being &c to &c lower, at
7sc to 7slsc. and September unchanged to
sc lower, at 1850 to 7534c. Bullish news
from st. Louis, with buying orders from
the Southwest and the Northwest, soon
started prices upward, and with a firm
close in other markets sentiment here be-
came bullish, July advancing to soc and
September to nc. Rumors of squeeze In
old July, engineered by st. Louis con-
Germ, caused considerable uneasiness to
shorts who covered freely. thus helping
in the advance, but the chief factor was
the situation in the Northwest, where the
crops are in dire need of rain. After re-
acting to 791ic, July again advanced to
S01sc and the close was at 7924c, gain of
11ec. September sold up to INC late In
the session and closed 1tsQ1&c higher. at
T3s@77i9c. Clearances of wheat and flour
were equal to $4,000 blu. Primary receipts
were 270 400 bu, against 34S,7o0 a year ago.
Minneapolis and Duluth reported receipts
of 126 cars, which. with local receipts OF
20 cars-none of contract grade-made to-
,al of 1i6 cars, against 26S last week ana
300 a year ago.
The bulish activity in wheat, together
with good demand from commission
houses and shorts, caused strength in corn.
after an earlier opening, due TO rather
bearish crop advices. There was little
of the offerings coming from longs who
were taking profits. After ranging between
soc and 51Ac, July closed 11sc higher. at
51Ac September was 5sc higher, at 5O%c,
after selling between 1850 and 5O&c. Re-
ceipts were 442 cars, 81 of contract grade.
Oats opened quiet, with local traders In
clined to the selling side, but the strength
in wheat soon brought out good de-
mand from commission houses, and the
market advanced. Predictions of general
rains were considered a rather unfavorable
feature The close was strong, with July
&c higher, at 41ssc and September as@$4c
higher, at 34AQ343sc, after selling between
S3lfc and 3414q34ssc. Receipts were III
cars.
Extremely heavy receipts of hogs, with
declines of from sc to zoe at the yards,
were influences that could not be Offset by
the strong grain markets, and provisions
ruled weak the entire day. Selling was
q1fte general, and the market was poorly
supported. The close was weak September
pork being 271sc lower, at $l642R, lard 121sc
lower, at $S5711, and ribs off 1715c, at $3.50
S971a
Estimated receipts for tomorrow: Wheat,
Is cars; corn, 455 cars; oats, 2l5 cars; hogs,
$4,000 head