The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-07-02
GRAIN MARKETS QUIET
WEAK OPENING TONE GAVE WAY TO
COMPARATIVE STRENGTH.
Delivery Day Did Not Turn Up the
Sensation Looked For-PrOVisiOns
Strong and Higher.

CHICAGO July 1.-The grain and pro-
vision markets opened to-day with weak
tone at shade under yesterdays closing
price, but improved as the session pro-
crossed and wound UP firm for grain and
strong for provisions. The near approach
of the holidays made trading very dull
Foreign crop damage reports helped wheat.
Wheat closed 1sQAc higher for September
and Zee lower for July. Corn closed a shade
higher. Oats 1sc higher and provisions 90
1215c higher
Except that this was the first delivery
day for July contracts, wheat opened under
similar combination of bearish influences
to those of the previous day. The July de-
liveries made previous to the opening of
the session were quite insignificant, careful
estimate making the quantity of wheat
only 30,096 bu That for a while prevented
the price from yielding to the other and
quite bearish influences. The latter, however,
could not be ignored long and began to ex-
ercise their legitimate effect about ten min
utes after the opening. July, which closed
yesterday at 691sc, opened to-day at from
691sc to 69Ac, and half an hour later it
could be bought for 6SAc. September
started a shade lower at 6415c sold at 64$4c
and then down to 643sc. Liverpool opened
Esd lower and reported stocks OF wheat 3l2,
eco bug larger than June l. The latter item
of statistical information was rather sur
prise, considering the weekly statements of
the great deficiency of imports compared
with the estimated requirements Chicago
received ten carloads of wheat, while Min
neapolis and Duluth reported receipts of
$50 carloads, compared with 406 cars the
corresponding day of the year before. The
Atlantic port clearanceS were liberal at
equal to 100000 bu in wheat and -four to-
gether. The greater part of that was
shipped from New York The closing cables
made the days decline in futures a Liver
pool led. Business in the wheat pit was
not heavy to begin with, and soon sim
mered down to midsummer drowsiness
among the moderate number who braVed
the steamy heat of the pit for the change
of picking up Lice on 5000 or 10000 Blu. The
improvement became more marked when
New York reported Danubian crop to be
40 per cent. under the average. Good sea-
board acceptances of>last nights cabled Of
ferS were also reported. The light trading
was almost entirely confined to September,
the weakness of July being due principally
to neglect. 1t improved, however, late in
the session and at the close was bringing
6S5sc- September, after selling down to
SAC, gradually recovered and closed at
64%c bid.
Corn was irregular at opening, becoming
weak and decidedly strong later. The weak
and the ensuing strength was caused by
covering by shorts. Trading was light and
consisted mostly in changing from July to
September. Local receipts were 5l9 cars.
September opened unchanged at 25a4G251sc,
declined to 2512d2558c and rallied to $3.50
Zee, closing at 2578c.
Liquidating in July oats caused a weak
feeling to prevail in the market for while,
but through sympathy with wheat and corn
reaction occurred later; Business was
fairly heavy, though largely in the way of
exchanging. The weakness in the cash ar
ticle was again feature. Local receipts
were 244 cars. September opened &c lower
at 1712c, sold up to 17s4c and closed at that
price.
Provisions, as usual were affected by the
condition of the hog market and opened
mand, then went back again under the gen
eral selling Later in the session general
buying set in Which continued to the close,
the close September pork was 1212c higher
at $3.50, September lard sc higher at $4.20,
and September ribs about &c higher at
Estimated receipts for Friday-Wheat, IL
cars; corn, 500; oats, 345; hogs, 2SOOO head.
Leading futures ranged as follows: