The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-06-10
WHEAT FELL BACK 1870
TUESDAYS FIRMNESS CONTINUED
FOR A SHORT PERIOD ONLY.
Other Grain Was Heavy and Declined
Fractions-ProvisiO Slumped,
Pork Going OF ~ Ice.

CHICAGO, June 9.-Wheat to-day opened
strong and under a continuation of yester-
days covering advanced sharply. This sup
port died away late, when favorable state
crop reports were received, the result be-
ing that not only was the advance lost, but
1011sc besides. Corn and oats dropped about
Ac off their previous values. Provisions
were uncompromisingly heavy.
Proceedings in the wheat pit during the
first half hour of the session were interest
ing. but fraught with grave consequences
to those of the performers who had gone
home short of July wheat yesterday. Fear
of manipulation of that delivery for the
benefit of the longs was the cause Of an
advance in it of about 115c per bushel in
side of fifteen minutes. The excitement soon
subsidized and was succeeded by a length
ened period of subdued nervousness. July
wheat, which closed at 69Ac, the top of
a 23sc bulge opened at from 692sc to 695sc
and climbed nimbly to 705sQ70%c without a
break. At the end of the half hour it was
back to $3.50. Although there were other
bullish elements, the fear of manipulation,
SO prominent in yesterdays bulge, was real
ly the reason for the furry and nothing else
was given any particular attention for a
time. Minneapolis and Duluth receipts were
small, a total of 212 cars being reported,
against 263 week ago and 354 the CORE
spending day of last year. The state crop
reports for June which came to the knowl
edge of the traders favored the believers
in a coming plentifulness and gave the
bears their first opportunity to pound the
market Once started, the price went down
as quickly as it had advanced. Michigan
condition of winter wheat was 49, against
81 on May l, and q on June l. 1896 Zen
tI1 nlxN 1n a
month ago and 81 on June L last year. Tx
port clearances of wheat and flour from
Atlantic ports were equal to only $4,000
bushels. Foreign markets all closed strong.
That did not help the price here any more,
however, and when Bradstreet's report OF
the worlds visible made 1t show decrease
of 1858 900 bushels, the crowd, as II wait
ing for that as a signal TO sell, jumped on
July and squeezed the life out of it for a
while. 1t dropped to 685sc sellers. New York
about the same time reported Is boatlOads
taken for export without helping the price.
96 5{ "O' f'U ~" : wv
Corn was only moderately active and
easier, due largely TO the improved weather
and the elimination of the short interest
yesterday, the liquidation, which was done
easily, depressing prices. Enough support
matorialized however to prevent any great
decline. Local receipts were again heavy
Ills cars-but smaller receipts are looked
for tomorrow. Elevator people led in the
selling July opened a shade lower at 2412c,
sold to 249s@2454c and declined to 24144243sc,
The closing price was 29sc.
Oats were slow and inc lined to weakness,
influenced by the more favorable weather.
improved crop prospects and the weakness
of wheat and corn. Bradstreet's report
showed a visible increase of 800, 900 bushels.
A good cash business was transacted. July
opened unchanged at 1870 and declined to
18c, which price was bid at the close,
Provisions were weak with scattered. un-
important liquidation and some short sell
ing The market started lower in sympathy
with a weak hog market and the weak ness
of wheat and corn kept prices on the down.
ward path all day The result was a very
material decline on limited amount of bus
mess. AT the close July pork was 27l2c low
and July ribs about 1Oc lower at $417126
Q420
Estimated receipts TOR Thursday-Wheat,
cars; corn, $40 cars; oats, 260 cars; hogs,
Sc, 900 head.