The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-05
BULLISH DAY in GRAINS
BAD CROP REPORTS AND DAMAGE
NEWS CAUSE A BIG DEMAND.
Gains Range from Use I'm Oats to
Use I'm Corn and Wheat-Provi-
siOns Are a Little Lower.

CHICAGO. June 4.-Bullish flood news
to-day, July wheat closing 1lsc higher. corn
1Q11sc higher and oats up &c. Provisions
closed steady, unchanged to 5q71kc lower.
Wheat ruled strong and trading was ac-
tive. with a large volume of business. The
market was strong throughout the session,
opening prices being higher steady
cables. small receipts and threatening
weather. July was up &c to A@asc. at 7sc
to 751sQ75A and after selling at 747sq75c,
soon after the opening, prices steadily ad-
vanced. The exciting causes were the
strength of St Louis and the extremely
bullish character of the Missouri crop re-
port, which showed loss of II per cent in
the condition OF the crop during the past
month Damage reports from Kansas and
Nebraska were also in evidence and helped
In creating anxiety among shorts, while
strength in corn was another bull factor
There was a good general demand all day.
with light offerings. st. Louis continued
to advance during the last hour and the
price here rose in sympathy. closing prices
being near the top. After selling at 761sc
July closed at 76c, net gain of 11sc. Clear
ances of wheat and flour were equal to
$4,000 bu. Primary receipts were $4,000 bu.
compared with 3ss. 600 bu a year ago. Min
neapolis and Duluth reported receipts Of
179 cars, which, with local receipts of nine
teen cars-none of contract grade-made
total of 1873 cars, against 166 last week and
296 year ago.
Heavy buying of July corn by prominent
commission houses and the generally bull
ish sentiment among traders caused an ad-
vance of over a cent in that delivery, while
other months were also strong. but the de-
mand was not so urgent for the more dis
tant futures. Strong cables and bullisn
crop reports were the chief bull factors
The Missouri crop report was extremely
bullish and estimated that IS per cent. OF
the corn was not yet in the ground. Condi-
tons In Iowa, Kansas and Nebraska were
reported bad, and under these influences
shorts were active buyers all day and trad
ing was on large scale. After selling be-
tween 47%c and 49q49lsc July closed 1al1sc
higher, at 4Sa4G4S7sc. Receipts were 322
cars, fourteen of contract grade.
The uncertainty of the crop prospects and
the strength in corn brought out a big
commission house demand for oats. while
shorts covered freely, resulting in strong
market. Aside from the steady demand
and light offerings the market was feature
less. The close was strong, with July &c
higher, at 354c, after selling between 34Bc
and 36c. Receipts were III cars.
Heavy receipts of hogs, with a decline In
prices at the yards, caused provisions to
open weak and lower, but the strength In
grains brought out buyers and the market
turned strong. There was a good demand
from packers and fair commission house
buying Realizing toward the close caused
slight reaction. September pork closed
21xc lower, at $16.S5; lard unchanged, at
$S.S7l1 and ribs down 5@71sc, at $40.
IS cars; corn, 4l5; oats, $50; hogs, 5000
head.