The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-24
WHEAT MARKET IS WEAK
DECLINE OF NEARLY sc AT CHICAGO
SINCE WEDNESDAY.
Other Cereals and Provisions Not Sc
riOusIy Affected by the slump In
Wheat, but Generally Lower.

CHICAGO, July 25.-Wheat was extremely
weak throughout to-day's session, closing
at the bottom of 27sG3c decline for Septem-
Der since Wednesday. Liquidation was
heavy and no reaction of consequence oc-
Cured Corn was firm, closing shade
lower. Oats lost 1s0Ac. Provisions were
weak early, but reacted. Pork closed un-
changed. Lard and ribs declined 20 and 56l
712, respectively.
The first quotation made in Liverpool for
wheat this morning was at 11sd decline, but
before trading commenced it had recovered
the loss and had something to the good
That caused the opening here to show some
Improvement over the lowest prices made
on the curb yesterday. First prices for
September were from 73l4d733sc. but selling
bt came too heavy to maintain these figures
and it weakened and sold down rregularly
to 723sc in the course of the first forty min
utes of the session. During the widespread
interest some July was heard from 1t was
about &c premium over September. Chica-
go receipts since Wednesday morning were
Ill cars, 107 of them new. Last year for
the two corresp onding days, 291 cars were
received, 270 of which were new wheat.
Minneapolis and Duluth received since yes
terday morning 1863 cars against 3l2 a week
ago and 2S6 the year before. Crop reports
were for the most favorable. ThreShing
in Kansas is giving yields that vary from
16 bushels minimum to 40 bushels maxim UNI
per acre. Reports from Europe about Rus
sia's present offerings of wheat were con-
Trajectory. One dispatch from Berlin said
they were increasing, while Antwerp re-
ported no increase in Russian offerings and
none expected before September. The clos
ing cables gave Paris at about Ac per
bushel Decline but Antwerp at
considerable decline-equaI to 1Q2c for
American red winter and 4c per
at an advance for spot wheat of led and
of Id for July and Esd for September The
reselling of a cargo of wheat previously
bought for export was one Of the weaken
ing factors and the receipt of 100000 blu at
Kansas City likewise had q bearish in,
huence. New York reported that nearly all
wheat offered by cable yesterday to Liver
pool had been accepted and that other for
eign markets had sent selling orders for
options. Clearances of wheat and flour
from Atlantic ports since Wednesday were
equal to 1900 blu. Long wheat came out
at every resting place and 1t is safe to say
identified with the buying during the recent
advance disposed of through their own and
other brokers', upward of 2O0J,O0O bu The
price got lower as the session progressed,
and closed only shade above the bottom.
September opened BQ1c lower, at 7314Q13asc,
declined with slight reactions TO l1sc ana
closed at 71A07l$sc.
Corn was remarkably strong considering
the break in wheat. Receipts were 1VOl
cars. The quantity inspected out of store
since Wednesday morning was ,56l bu.
Export clearances for two days from ATTAIN
tic pOrts were 865 900 Blu. Liverpool quoted
slight advance in futures. The weather
was all that could be desired and reports
from the country were mostly to the effect
that crops were progressing finely. Some
good covering was done with the decline
in wheat helping the shorts. This class of
buyers made a firm market throughout.
September opened a shade lower at 263sc
and sold sparingly at Lice below that be
fore it rose to 267sc. The effect of the con-
tinued decline in wheat could not be en-
tireIy ignored, however. and it reacted to
265sc and closed at that price bid.
Oats displayed an easy tone all day. An
opening decline was met by some country
selling, which was, however, offset by good
local purchases. The receipts were good.
Cash trade was fairly active at steady
prices. September opened BQAc lower at
l71b0175sc. sold up to l79sQ11$4c, off to 1l12c
and closed with sellers at I12Ql12sc.
Provisions acted heavy during the greater
part of the session and trade was not very
brisk at any time The hog receipts were
too heavy for a bull market, but some com
fort appeared to be derived from the stiff
ness Of corn, and on the other hand the
limpness of wheat was ignored, or al least
but slightly regarded. Pork in the end re-
covered ali of an early break of 1212c and
ribs all but 212c of an opening decline Of
71bc Lard, however, was weak to the end.
September pork opened 10Ql212c lower at
ST 6OQ7 621a rallied and closed unchanged al
81 721a Lard opened 712c lower at AlO sold
ut $4O715 and $4.121a and closed TIC lower
at 81 TO- Ribs opened 712C lower at 81. 10, raj
lied and closed 212c lower al $3.50.
Estimated cars for heat,
11F corn 600; oats, 800; hogs, 1900 head
LEADING futures ranged as follows