People's Pilot, Volume 4, Number 50, Rensselaer, Jasper County, 6 June 1895 — REBOUNDS AT THE END [ARTICLE]

REBOUNDS AT THE END

WHEAT AT CHICAGO CLOSES HIGHER, AFTER A LOSS. Belling Tendency in Grain Markets Is Checked After the First Hour—Corn Stronger —Closing Prices on the Wall Street Exchange. Chicago, June 5.—After two or three hours of fair activity, with better than 1c range in prices, the wheat market at midday showed 1/2c decline from yesterday’s closing. July opened 76-1/4c to 75%c, %c to l%c lower, got rally to 76%c, sold 76%c, then up to 77c and again off to 76%c. September sold off to 77c, up to 78c and held 77%c. Then came Bradstreet’s exhibit of world's stocks. It was called bearish and there was a quick drop in prices to 76c July to 77c September. There were rains in Ohio, Tennessee•and around the lakes, although no rain fall near Chicago. English cables were easier and reported indifferent demand. World's shipments were again over’ 9,000.000 bu last week. Baltic and sundry ports shipped 6,000,000, Indian and American the other 3,000,000. Export clearances were light at about 200,000 both wheat and flour four ports. Bradstreet's gave American available stocks at a decrease of about 2,800,000 bu, and Europe and afloat at an increase of 2.488,000, net decrease in. world's stocks, 309,000 bu. The trade was puzzled by the crop conditions. Several Indiana counties (Madison, Tippecanoe and others) were reported as low as 10 and 25 per cent of a crop. But the buying around 76c on each dip made the sellers timid. The talk was plentiful enough for 75c today and 70c this week July wheat, but the people who have been hurt know that talk will not break the market. From 76c on the third dip the July price recovered at once to 76%c, September 1c over.

Wheat had excellent support the last half hour. Bradstreet s decrease at nearly 3,000,000 bu in American available stocks was, on second thought, not a feature to sell wheat on very freely. Duluth wired export sales of 100,000 bu and 50,000 to winter wheat milling points. Baltimore wired that export houses had best Liverpool inquiry in weeks, and only ocean freights preventing business. Cash sales here w’ere Called 150,000 bu, chiefly to Toledo, Detroit and Indianapolis. There was talk of a big local house which “put” 3,000.000 bu at the close yesterday being very numerous over the surprising rally. The bearish feeling vanished as prices recovered. July went to 77%c and closed at 77%@77%c. Conservative people in the corn trade believe in another upturn in the corn market regardless of crop prospects. Corn will, they claim, be scarce before the summer is over. Chicago is now getting one-third the receipts of ten days ago. This morning cars were 313 and estimated for tomorrow 300. Atlantic ports cleared 142.000 bu. Bradstreet's gave available stocks at increase of 1,888.000 bu, but this was not surprising in view of the enormous receipts of late. Corn was helped up by the bull campaign in wheat, and naturally goes back With wheat. This gave the low price this morning at 50%c July and 51%c September. There was an early rally to 50%@51c and 51%c. Later when wheat got its strong recovery corn moved up quickly to 51%c July to 52%c September, %c over the close yesterday. Provisions showed little action, July pork sold as low as $12.37% and closed $12.47%c, 5c lower September, $12.75, 5c off. Lard and ribs closed 5c lower a]) around. Quotations were. Articles. High. "Low. Close.— Wheat—No. 2. Junes. June! June $ .76% $ .74% $ .76% $ .76 July 77% .75% .77’4 -77 Sept 78% .77 .78% .78 Corn—No. 2. June 50% .50% July 51% .50% .51% .51 Sept 52% .51% .52% .51% May 44% .43% .44 .44 2. ’June 29% .29?? ■ .29% .29% July 30% .29 . ,30% .29% Sept 29% .29 .29% .29% May 33 .32% .33 .33 Pork— June 12.37% 12.42% July 12.47% 12 37% 12.47’.'. 12.52% Sept 12.77% 12 62% 12.75 12.80 " Lard— June . .... 6.50 6.55 July 6 62% 6 57% 6.60 6.65 Sept 6.82% 6.77%' 680 6.85 Short Ribs— June .......... .6.15 6.20 July 6.27 6.22%. 6.25 6.30 Sept 6.47% 640 6.45 6.50