The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-08-12
CORN THE ACTIVE CEREAL
ABuIlish Crop Report Yesterday Caused
an Advance That Was Not Held.
Tears Crop as Follows: Wheat, 515,000.-
600; Corn, 1.724. O0O. 900; Oats. GA, OOO, 600.
TRADING AT CHICAGO.

Wheat and Oats Lost All Their Gain and
Pork Did Little Better.
CHICAGO, Aug. 1.-The bullish char
acter OF the government crop report on
wheat. corn and oats was the controlling
feature In the cereal pits on the Board of
Trade at tho opening this morning, and all
of them started higher; but at the advance
there was free selling, and, some bearish
news being received, the advance was more
than lost. Subsequent fluctuations left
them with comparatively slight changes
from yesterdays final quotations. Wheat
10 Sc lower corn Sc higher and oats $50
lower. According to arithmeticians Of the
board the government crop report suggests
q wheat yield of 515, OC0 600 bushels, a corn
crop of 1,724.O0o eco bushels, and an oats
crop of ga. O0O. 900 bushels.
At the opening September wheat sold
freely at 70lsc, an advance of SEQ over
night. So much wheat was bought. how
ever. that a reaction was the natural re.
suit later on. and IL dropped to 7Slsc. Trade
was chiefly local, Mitchell and Sch wartz-
Dnpee being good buyers. Liverpool was
lad higher for futures, but foreigners were
free sellers at New York. A st. Peters
burg cable stated that Russian crop pros
poets were bright. The market. however.
held steady till there came rumOrs of G.
cent break In Berlin. the crowd constru-
ing this as meaning q favorable foreign
crop outlook. The movement of wheat TO
primary markets continues very liberal.
Winter wheat receipts here and further
south are on q liberal scale, and up north
the old crop of spring wheat is coming for
ward recently. 1t Is intitnated that
many of the North western bad crop
reports emanated from elevator men
who hold large stocks and want to- see
higher prices. Later after the break above
noted shorts came in to cover. and there
was rallv of Sc, bnt the market closed
weak. The big trading, as usual. was In the
corh-pit. prices just after the opening
chewing an advance OF no over yester.
days closing prices. The government crop
report was not as favorable as was exc
pected. and the report of the Price Current,
telegraphed from Cincinnati, bad q marked
influence. That authority estimates the
crop at only 1.e00, 000.0U0 bushels. There
but so much corn was sold on tho advance
that September broke from 6il4c to 527sc.
There were additional good rains oil over
the corn-belt, but Kansas got less than the
other States. However. there was rally
to 58tac, at which price the market closed.
Oats were active, September opening
at S5c, an advance of lac, but declined 10
S4lso on free selling, closing easy at the
bottom.
There was lighter trade than usual in
provisions and weakness resulted from the
selling of local holders, there being an
especially active selling movement in jan
nary pork and January lard. The big hog
receipts were an important factor. Fully
1900 hogs arrived to-day and they sold off
100 l5c. September pork opened The lower
at Sl2.75 and. after touching Sl2.72ls. adj
vanced to Sl2.g0; then broke to s12. TO- raj
lied and closed Sl2.S71 an advance of Sc.
Lard closed at .O2lac higher and ribs are
.10c mp.
Estimated receipts for tomorrow are:
Wheat. $40 cars corn, $40 cars; oats 265
cars; hogs, 10000 hend. The leading tut
ures range as follows: