The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-12
WHEAT LOST STRENGTH
EARLY ADVANCE OF A CENT GONE
AND 7-SC WITH 1T LATER.
other Cereals Shared in the Weak
ness, but Provisions Remained
STEADY or scored Gains.

CHICAGO June IA momentary show
of strength at the opening of the market
to-day caused by the government crop re-
port was followed by gradual but most
decided decline that continued with but
slight interruption to the close. An early
rise of 1c per bushel was converted in the
end to 7sc decline. Corn and oats shared
in the weak feeling displayed in wheat,
declining 5sc and sc, respectively. Pro-
visions alone either maintained their value
or improved it, pork remaining unchanged
while ribs advanced 212Q5c and lard 1Oc.
In wheat the government crop report is
sued yesterday was the big factor at the
opening, the unexpected bulliShneSs of the
figures causing marked strength at the out
set. For the first time in years the people
who bought wheat on their foreknowledge
of a bullish government report We're able
on the morning after its publication to sell
out at a profit and they quickly awaited
themselves of such an opportunity. July
wheat, which closed yesterday at $3.50,
opened to-day at $3.50 and then quickly
went to zoe. September. the latest trading
in which the day before was at 6412. start
ed at from 65c to 6514c. The quantity for
sale at the advance was so overwhelming,
however, that the advance quickly disap-
to 6S34c and September to 63ac. So much
for the estimation of the government re-
ports held by the SPECTATORS Trading is
now fairly divided between July and Sep
TENDER deliveries. The government report
indicated q crop of winter and spring wheat
together about 20, COO 900 heavier than that
of the year before, but the trade has about
concluded that, Notwithstanding what the
government suggests, the increase at pres
ent promised is nearer 100000, 600. Receipts
here were six cars and Withdrawals from
% naA II, A. .,,l,~
luth reported receipts of 22S cars, compared
with 3l4 a week ago and All for the cor
responding day of last year. Seaboard
clearanceS were exceptionally light. Flour
shipments from all the principal ports were
only 2, 600 barrels. reduction of about
l. 800 600 bushels was the general estimate
on the visible supply. Grasshoppers were
reported from several points in South Da-
kota which had a tendency to stop the de-
cline for d time and even caused a slight
reaction, but the impression that the in
creased acreage would more than make
amends for injury by the insects was too
strong for such reports to have anything
but temporary influence. Closing cables
all showed all advance except Antwerp,
Which was unchanged. The cash demand
millerS The price continued TO work
downward July declining to 6S1sc, Septenn-
Der to 6313c, with 6S1sc and 631sc the prices
Warmer weather. the perfect sort for
corn, started a decline shortly after the
opening and the market ruled weak to the
speculative and short selling on the de-
cline, elevator people being prominent sell
ers. Receipts were liberal, $40 cars. July
opened 1sc lower at 25c and declined to
2412c, where it closed
Oats were easier with corn and on the
government report, which suggested a crop
of 709 000 600 bushels. The amount of bust
ness done was small and nothing of in,
at 2S5 cars July opened shade lower at
1S4@183sc, declined to 1Sc, which was the
closing price.
Provisions were quiet, but firm in spite of
the weakness of grain. Prices kept within
a narrow range. Lard was especially we'll
supported, Cu3ahy being named as the
unchanged at $745 July lard 10c higher at
$357A@3.6O and July ribs 212c higher at
$42712.
Estimated receipts for Saturday-Wheat.
9 cars; corn, $40 cars; oats, 345 cars; hogs,
II 900 head.
3,