The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-11
WHEAT LOSES l SAC
DECLINE THE RESULT OF A RpMOR
on COMING CROP REPORT.
More Favorable Weather Has In.
creased the Chances for Good
YfcId-Other Markets Lower.

! CHICAGO, June 1o.-Wheat was weak
to-day. influenced by heavy foreign ship
ments, more favorable weather and selling
on the tip that the government report
would show a condition over 30. July
closed 1$4c lower, while corn lost sc and
oats &c. provisions finishing with but lit
tie change
Wheat opened very weak, as compared
with the strength it displayed at the close
on Saturday. The crowd had July for sale
at from SO7sc down to soisc. instead OF
a5sc, as on Saturday afternoon. The rea-
sons for the weakness was partly of a
domestic and partly OF foreign charac-
ter. The home cause for weakness was the
fact &C Kansas, Nebraska and a portion of
Missouri, besides much OF the spring wheat
country. having received a downpour of
rain since Saturday, and the fear on the
part OF the bulls that the government in
its crop report this afternoon will not
make the condition of winter wheat as
bad as the daily reports of total failure in
many places has led people generally to
expect The foreign reasons for bearish-
ness were in connection with the extreme
ly liberal shipments for the week from
Russia, which, according to one report
amounted to the enormous quantity of g.
the other shipping countries including the
United States and Canada. made the total
afioat last week over 100000 bu The
amount on ocean passage increased 100000
bu last week. Those were the most infiu-
entail features of the days news, and were
considered sufficiently bearish TO warrant
selling on every bulge. which was the pol
Icy pursued by the crowd After a few
minutes buying around S0lac at the OPEN
ing July wheat slid down to S0hc, but
the next half hour. The price tumb!ed
twice after that TO soc, once on the figuring
up of the total worlds shipments for the
week and again on a rumored tip from
Washington to the effect that the govern
rnent would put the average condition of
winter wheat at Il and of spring wheat at
wheat appeared to be bearsish, and the i'm
preston settled quite generally to the con-
over this afternoon. The visible supply,
although showing a decrease of 2, 400, 900 blu,
compared with decrease of $4,000 bu for
the corresponding week Of last year, did
not help the price, as 100000 bu decrease
had been looked for. The amount in the
, visible now is 49.7Ss,OOO bu, compared with
os,2O6,GOO last year and 6S, 662 900 two years
! ago. The price of July was dragging close
around soc for about an hour in the middle
of the session. The nearer the time came
to the realization of the government crop
| figures the weaker became the market.
About fifteen minutes from the close the
price was 1880 for July. The closing ca
to have any effect, and the weakness con-
tinued to the end, July finishing at SOC.
Kansas and and
ruled weak. The indications that Argen-
tine will be heavy shipper to Europe this
side, and an increase Of $4,000 bu In the
domestic visible supply likewise helped to
responding week of the year before the in
visible now is Il ,sss coo blu. against 7,515.aoe
bu a year ago. The Argentine shipments
for the week were $4,000 bu. The day s
local receipts were 10? cars. July, which
larry this morning at from 52c to 52Ac,
and kept within the range Of SIC and
52lkc all day. 1t sold about fifteen min
at 521s@52Ac.
| The longs In the oats market were dis
| posing of considerable Of their holdings,
and, with free buying by elevator people.
1 ported of the early market. Later, how
ever, offers became quite general, and a
decline started. The visible supply showed
an increase of $4,000 bu.. aid was very for
ward in assisting the decline July start
ed at from 3lc to assc, sold at 31lac, weak
ened to 3O7sc and closed at SIC.
The provision market was dull, without
| notable features in the trading. Hogs
were not as numerous at the yards as had
been expected, 5000 being the days run.
| instead of $4,000, as estimated. The esti.
mated run for tomorrow is only 1900
| head, but that did not encourage, buying,
| although it may have prevented some sell
| ing. The prices made about the opening
were at from &c to TIC Improvement over
Saturdays close for pork, and about O21ac
| gain in lard and ribs. At the close the
net result left pork with a loss of 2lbc.
lard unchanged. and ribs also about as on
Estimates for Tuesday: Wheat, At cars:
corn, 2l5 cars; oats, go cars; hogs, 1900
| head. ~
| Teadinp frt,,ras r,rrad -. e.u