The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-06-13
WHEAT OFF 2 CENTS
RAINS. WEAK CABLES AND TAKING
OF PROFITS CAUSED THE DECLINE.
Chicago Traders Who Started in as
Buyers Soon Changed and Began
to Unload at Rapid Rate.

CHICAGO. June 12-Wheat dropped
cents to-day. influenced by the rains. weak
cables and general profit taking. Corn closed
s.c lower. oats nc lower and provisions at
moderate declines
The rain in this region. which came in
express contradiction to the weather bu-
reau advices, was the influence under which
wheat opened quite weak and from ssT$4c
below yesterdays prices. July sold at from
1889 down to 1850, with a great deal for
sale by one or two heavy commission
houses and demand for il by all the local
talent. The latter made a rapid change of
front before two minutes of the session had
passed and proceeded TO throw over the
wheat they bought at the start. a decline
to 79l2c. with some sales as low 1850,
resulted from the local selling referred to.
1t began 10 creep up after that, and in the
course of half an hour it had touched S0lsc.
The rise was due TO information OF n re-
liable character regarding the status of the
California crop which, it is now established,
has been damaged by rust to a seri-
Gus extent. The Northwestern re-
ceipts were 161 cars at Minneapolis and
Duluth, compared with 226 on the corre-
spending day of the year before. The
ports of wheat and -four from the four
to be not worth mentioning. Seventeen
thousand bushels comprised all the wheat
and 1,4OO barrels was the extent of the
-four. Baltimore claimed to be within work
ing limits OF some wheat for export Re-
ports from Missouri and Ohio continue TO
reduce previous estimates of the expected
yields. Fields which. ten days ago. promised
eight TO ten bushels per acre, are now con-
sidered either entirely valueless or prom
Using not over five bushels per acre. Du-
luth reported 125OOO bushels of cash wheat
sold there-65.0oO bushels of it for export,
and the remainder to a winter wheat miller.
The Liverpool market was quoted easier
and I'D lower. Paris unchanged for wheat.
but trifie higher for -four. and Berlin
from 11aq2l. marks. The market here be-
wheat was down to 7s.sc and after a rally
of l2c. il sold TO 79c, from which there was
another nc recovery followed by fresh
on the floor was that new wheat would be
available in a short time and that would
stop all inquiry from country milers at
price kept stubbornly close TO 79c up to II
o'clock: but after that sold down rapidly
moderate rally, the close being at 7Sisc.
Corn. which was thought to have been
benefited TO a vast extent by the recent
general rains. was weak. There was some
export business reported from the seaboard
amounting to % boatloads-a small matter.
but an item In favor of the bulls The local
receipts were 1S4 cars. July opened at from
5Ofsc to 5Oasc. recovered to 51asc, declined to
50SsG50l2c and closed at 5O9sc
Another active day was passed in the
oats markets. The rain of the last twenty
four hours started the decline and the
weakness in wheat and corn were also ac-
countable for some assistance Baldwin
Farnum were said to have sold out a
heavy line they had for Wall-street parties
September ranged from 30d30lsc to 2912c,
resting at 29ssG29Ac. The provision market
was heavy in tone and dull as to the amount
of trading. Pork started with a loss in
value OF SC, declined another 15c and re-
acted &c, closing with a net loss of 15c.
drODDpd "A
ribs about equal amount. The hog re-
ceipts were $4,000 head. The decline was
mainly through sympathy with the weak
ness in grain.
Estimated receipts for Thursday-Wheat
&c cars; corn, 10 cars; oats, $50 cars; hogs,
20 900 head.