The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-06-08
WHEAT DECREASE
DEPLETION OF STOCKS HAD BULLISH
EFFECT ON MARKET YESTERDAY.
At the Close July Showed 5-Sc to Bic
Gain-Easier Cables Helped Cause
Weak Opening-COrn Up.

CHICAGO, June IA large decrease in
the worlds visible supply was perhaps the
principal bull influence in the wheat mar
ket to-day Crop damage reports from the
Southwest. however. were Of almost equal
Importance Final quotations on July
wheat showed a gain of 5sq2c. Corn is up
%@5sc. Oats advanced lsqAc and provi-
sions 15c to 371zc
Improved weather conditions and easier
cables caused d small decline in wheat at
the opening. initial sales of July being
down sc to 14c. at Size to s7Ac. On an
active demand from shorts and good COM
mission house buying sentiment soon
changed. Much smaller receipts in the
Northwest had an important bearing on the
early situation. The tenor of crop news
from the Southwest also was generally
considered quite bulish. An official fore
cast of more showers for that section
brought out additional buying orders. Offer
ings, however, were not large and as
result prices steadily advanced.
The market was further strengthened by
the worlds visible supply figures Brad
streets report showing decrease in avail
able stocks of 100000. There was some re-
action on selling. due to expectations of a
bearish Illinois crop report, but the declin-
ing tendency was soon checked and prices
again started upward. Strength in corn
was a help to the late wheat market.
Just before the close reports of a big
crop in Manitoba caused some realizing,
resulting in another setback. Sentiment.
however. continued firm. The high point on
July Mas reached at SS3sQSS12c. The close
was at eSqSS1sc.
Clearances of wheat and flour were equal
TO $1,000 bu. Primary receipts were 352 100,
compared with 26l 600 year ago. Mime
apolis, Duluth and Chicago reported re-
ceipts of 246 cars, against $40 cars last week
and oOi cars year ago.
Under active covering by shorts rally
OF about cent occurred in corn. with the
exception of large primary receipts. the
news of the day was extremely bullish.
Receipts were 300 cars less than the number
estimated, cash prices were up 1 TO cents
and the weekly Weather Bureau report
showed the crop to he in q very backward
condition. a forecast of more rain In the
corn belt also helped to increase bullish
sentiment. The market closed almost at
the highest point of the season. July
opened shade lower to lsqAc higher. at
$3.50 10 iS7sc. sold up TO 499sQi9S4 and
closed at 49lzc. Local receipts were 66'
cars with 30 OF contract grade.
Oats were quite dull but stubbornly flrm.
Strength of wheat and corn was the main
sustaining influence There was no attempt
made TO sell on the bearish weekly govern
ment report, scalpers apparently being
afraid to take the short sides. July opened
unchanged at 1880, ranged between $3.50
391ac and 40c, closing at S92Q997sc. Local
receipts were POS
Trading in provisions was more active
and the market manifested greater strength
than for some time past. There was an
urgent demand from shorts and promi-
nent packer also was a heavy purchaser
Light receipts of hogs with a firm mar
ket at the yards was responsible for much
of the buying. The close was at the top
with September pork up 3712c at Sl2.3212
| September lard closed with a gain of loo
at $3.50 Ribs made an advance of 1I12c
| closing at S7121aG7.15.
Estimated receipts tomorrow: Wheat. 81
| cars; corn, 325; oats. 81; hogs, $4,000 head.