The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-18
JULY WHEAT FALLING
DECLINE OF CENTS IN TEN DAYS
NOTED on CHICAGO BOARD.
Intense Weakness Yesterday. the
Close Being 1 Lie on from Satur-
day-COrn and Oats Higher.

CHICAGO. June 17.-After 29sc break on
big foreign shipments, weak cables and bet
ter crop reports, wheat was rescued to-day
by shorts and closed but lac lower than on
Saturday. July corn closed sc higher, Sep
TENDER oats 12c higher and provisions with
cut change.
More long wheat was for sale at the
opening and no buyers could be found for
IL at that time at within from &c TO 1c per
bushel below the price it closed at on
Saturday. The first transactions in July
were at from 732ic to 7il4c. against 7i7sc
at the close of the session on Saturday. On
Saturday. June S, July sold as high at
S%4c, so that in exactly ten days a decline
of SC per bushel took place.. The additional
weakness was due TO an early intimation
in Liverpool cablegram. received before
the opening, that the other exporting coun-
tries of the world had more than made up
for the falling off in the shipments from
this side. 1t quoted Id lower in the price
and added the significant remark ship
ments large" Later in the day, when over
put afioat last week, although this country
and Canada had only contributed 100000
bushels of the quantity. the weakness with
which business for the day began was in
tensified. The covering purchases of wheat
previously sold short were heavy enough
for about half an hour TO cause a reaction
from around 1880 and 74Ac to 745sc. but
the immense amount of the weeks ship
mentS told how they were regarded by the
crowd when about 1880 O'Clock drop to
I3Ac had taken place. The market became
weaker and weaker as the session pro-
crossed up to about IL o'clock. when the de-
cline was arrested. The reaction which fol-
lowed the further decline to 72Hc was not
due to any noticeable buying outside of
what was being taken to cover shorts.
Crop news was not as plentiful as for some
days back, but such as came TO hand
showed no general Improvement. From
dispatches was that the damage in that
State had been overstated in placing the
outlook at no more than half a crop, and
that ii would turn out about 20 per cent.
From Ohio, on the other hand. the extent
of the damage described i'm almost
sensational terms and such as to lead TO a
probable destruction OF one-half OF the
wheat and oats crops. Indiana and Illinois
appeared to have ceased mentioning their
damage but the trade, for the most part.
accepts the fact that the most extensive
harm to wheat has happened in those
two States and Kansas The visible sup
ply decreased 2.O22 geo bushels, and the total
is now down to A. 1900 bushels. compared
with 57,105.OO0 bushels in 1894 and IS, 900
bushels at the corresponding time in 1893.
| The Northwestern receipts were 235 cars,
compared with 272 year ago. Atlantic port
| clearances. since last reported on Saturday,
were equal in wheat and flour to only ls3,
| coo bushels. One of the items Of the days
| gram from Odessa, saying that the Russian
| grain crops promised to repeat the heavy
yields of 1893, rye being especially good:
| The price began to improve from L O'Clock
| and trading at 74c for July was in progress
| within a few minutes of the close. the mar
| ket ending at 1850. The corn market was
under a spell of weakness at the opening,
| which lasted until the agony was passej
| in wheat. The feeling in corn did not, at
any time, approach the heaviness of that In
tomorrow became known as only 160 cars,
instead OF weakness there ensued feel
ing Of confidence. The receipts were ia
| BILE supply decreased 797, 900 bushels, against
44loo0 bushels decrease a year ago. The
total in sight now Is bushels 4 op
| spending time last year. Argentine shipped
| $4,000 bushels to Europe last week, but
the amount on ocean passage now is S9.oot
| bushels less than 1t was last week. July
! corn opened at 4slsc, compared with 4Sssc
| at the close Saturday. The tendency
| after the first few minutes. was toward
| improvement and after following wheat fol
! an hour or so. it struck out for itself and
| landed at 1850.
A very active market was reported fol
| oats The early session was remarkable FOL
| the weakness created by free selling by
| New York and also generous offerings OF
long stuff. Later on the buying became gen.
| eral and from that time on firm marke
was noted. Prices rallied and closed steady
for July and higher for September. Sep
TENDER ranged from 27Ssc to 2Ss4q2s7sc
i closing a 2S34c.
| The provision marke. was affected for ar
| hour after the opening by the various
| changes in wheat, but later in the day II
! took corn for its leader and recovered a
small decline made at the start leaving of
firm, without change from Saturdays clos
ing rates Hog receipts were ssoOo as head ssrs
corn. 160 cars; oats. 2S5 cars; nogs, 20C0'
head.