The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-07-06
ALL MARKETS LOWER
EARLY STRENGTH AT CHICAGO SOON
TURNED TO WEAKNESS.
Better Crop Conditions than Were
Anticipated and Lack OF Foreign
Demand the Causes.

CHICAGO, July 5.-After a hard strug-
gle for higher prices wheat turned weak
to-day on favorable crop reports and lack
of export demand. closing sc lower for
September. Corn closed sc lower. oats CSC
lower and provisions at general declines.
Steadiness on the foreign exchanges and
rain intermixed with high temperature in
the Northwest gave the wheat market a
strong send off and kept it strong for an
hour. Light receipts likewise contributed
their quota TO the aid of the early advance
and later some kilograms were received
from Minneapolis which seemed to justify
the apprehensions which the weather re-
port had raised regarding the spring wheat.
The frmness of the market continued until
the receipt of the Missouri State crop re-
port, which was of a surprising char
acter and caused the loss in a few minutes
Of all that the market hai gained up to
the time of its receipt. The june report of
the Missouri State authorities placed the
condition of wheat at 50. and now it puts
it at 70. or IA points higher than in June,
which is so manifestly wrong that the
trade here soon got over the scare and be-
gan to buy back some of the wheat thrown
over when the report referred to was first
sprung. The government Agricultural
Bureau made the condition of winter wheat
on June / 20, and the Prairie Farmer and
Orange Judd Farmer statisticians made
it. and both of the latter have since brought
the condition up from 8 to 4 points since
June L. The State authorities were eyi-
IDENTIFY in error in giving the juno condi-
ton as low as 50, and in bringing it up 10
% now they are quickly coming into line
estimate. which was entirely too low. The
receipts of wheat here were given as
twenty-four cars. but twelve of those Were
elevators. OF the twelve cars Of fresh re-
ceipts six were new wheat, one of which
graded No. 2 and the other five No. 3.
Minneapolis and Duluth reported 49, car
loads received, against 36 a year ago. st.
Louis receipts were comparatively liberal
at $1,000 bushels, but Toledo received only
clearances of wheat and -four from the
Atlantic seaboard amounted to the equiv
was in the shape of wheat. The English
cables came firm at the close, but Berlin
was weak and sent lower quotations and
the market here began to give indications
of the need for outside buying orders. Sep
TENDER, which had kept within a range OF
71Ac and 1%c the greater part of the time
was down to 70Ac about half an hour from
the close and rested at 70%c.
The fluctuations in corn were frequent, but
not very violent. Between $sc and46Ssc for
September the price moved up and down
several times. The generally stronger tone
which prevailed early was due to the mod.
crate exports and good cash demand. Spot
~ 90 A0AS
Receipts to-day were 16O cars and to-mor-
rows estimate is for 246, which will In
clude the accumulation Of the holiday. The
| exports from the Atlantic seaboard amount.
ed to $50, 600 bushels. The Missouri State
report remarked that the promise for corr
is phenomenal and private reports from
| Kansas are to q similar effect.s September
opened at from 46lzc to 4Shc, sold as high
as 46SsG46Zc and down to 451xQ455sc near
the close. the latest trading being at the
lowest quotation. 1fsg
In oats business was fairly heavy and
the market quite active throughout. With
a generally good demand from shorts the
tone was very firm and higher prices were
scored early in the session. Later, how
ever, when wheat and corn broke. oats took
a drop and ended hqAc lower on near
futures and steady on the deferred deliv.
cries. September ranged from 24ssc to 25c
closing at the low point. The provision
market was strong at the opening anc
weak at the close. Pork in the end showed
a reduction in price since Wednesday after
noon of 15c in September and 25c in July
Lard is .021zc lower and ribs .07Hc lower
The opening was strong on account of the
light run of hogs and weak In the end by
reason of heavy selling by John Cudahy
The receipts of hogs for Wednesday anC
Thursday together were only 1900 and to
day only $4,000.
for tomorrow: Wheat, 43 cars
corn. 20 cars: oats. $50; hogs. 1900 head
Leading futures ranged as fOllOWS: