The Indianapolis journal., 1904-06-04
WHEAT MAKES BIG GAIN
FEAR OF GREAT DAMAGE BY
FLOODS WAS CAUSE OF ADVANCE.
At the Close July Option Showed Ad-
vance of I use to 2c-Corn Was
Very BuIlish-Oats Up 5-Sc-

CHICAGO. June 3-Alarm in regard to
damage by floods caused a sharp upturn in
wheat to-day. the July delivery closing at
an advance of 17sd2c. Corn is up 1Ac. Oats
are up 5s0&c and provisions 7lac to 271ac.
Strength with which trading in the wheat
pit commenced was almost solely due to un-
favorable weather. Numerous reports of
damage in Kansas and Missouri. the result
of heavy rains in that section. had bullish
effect at the start. Initial sales on July
were up Aq9sc to 1zG7sc at size to s724c.
Commission houses had plenty of buying
orders, but offerings were light. rumor
that large business in flour had been done
yesterday at Minneapolis on orders from
Japan helped to keep alive bullish sent-
ment during the first nour. The market
soon became easier, however, on proht tax
ing. There was also some selling as re-
suit of a report of a Chicago statistician
showing some Improvement in crop condi-
tions.
A denial of reported flour sales at Min
neapolis helped TO bring about the reaction.
On the decline July sold off TO S71sGSIAc
For a time trading was rather quiet. Late
in the day sentiment again became exceed
ingly bullsh The cause of the renewed
strength was the report OF a Minneapolis
expert claiming likelihood of great damage
by floods in the Southwest According to
this authority indications are for half
crop in Texas, a small crop In Oklahoma
ana a sensational decline In yleld through
out the Ohio valley. The demand was ex-
tremely active the last half hour and prices
advanced rapidly. The close was practically
at the high point. After tOucnlng $3.50,
July closed at S91sc.
Clearances of wheat and flour were equal
to ISL, 200 bu Exports Of wheat and flour
for the week. as shown by Bradstreets $.
were equal TO l.l37,0JU bu. PRIMARY receipts
were 30S. 800 bu, compared with 32l, 100 bu
year ago. Minneapolis Duluth and Chi
cago reported receipts of POO cars against
126 cars last week and 305 cars year ago
Heavy rains in the West and strength in
wheat were the influences that created
cash stuff. except low grades, assisted In
starting the advance. The volume OF busl-
ness was large. but was confined mainly 10
local operators The market closed at the
hign point. July opened Ac 10 19c higher
at 5O1sc to 50asc, sold between 49bq5Oc ana
511sc and closed at the top. Local receipts
were SOB cars, with 81 of contract grade
Rain had a strengthening effect upon
the oats market similar 10 that in wheat
and corn. While the market was nrm trad
ing was of small volume. After opening un-
changed to 1sc higher at 3924Q39isc July
ranged between $3.50 and 4O11c and closed at
403s G4O1ac. Local receipts were l22 cars.
Provisions were firm throughout the en-
tire session. Trading was dull early In the
day. but the late outburst in wheat caused
an active demand, resulting in sudden ad-
vance. The market closed about at the top.
Decreased receipts of hogs had bullish
effect at the start. Trading was mainly in
the September options. September pork
closed with a gain of 2712c at S11.Sllz. Sep
tember lard was up 71zql0c at $685. Ribs
were up l21zG15c at $500
Estimated receipts tomorrow: Wheat.
Is cars; corn, 4S2 cars; oats, 129 cars; hogs,
10000 head