The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-22
SMALL WHEAT RECEIPTS
THE CASH ARTICLE ADVANCES
23-4c, THEN FALLS BACK.
Chicago Traders All Become Bears
When Decline of 3-4c Is Re-
ported from France.

CHICAGO, July 21.-On a heavy decline
at Paris wheat reacted to-day after an early
show of strength compared with last night.
September shows loss of SsG12c. Deem
Der left off &c lower. The absence of cash
offerings caused an advance in July wheat,
which closed sc higher than yesterday.
Corn declined 1aG5sc. Oats are unchanged;
pork and ribs quiet and 7lac lower. Lard is
sc down.
Favorable weather and excellent crop re-
ports from the middle States started wheat
weak for September and December futures.
No business was done in July the first half
hour of the session. and when at the end
of that time a small lot was wanted there
was none forthcoming until it was up to soc.
or 214c above the price it closed at yester-
day. Such scarcity of wheat for this months
delivery, with ten days left to bring it from
the country, gave the September shorts
disagreeable shock. They lost confidence
in immediate lower prices and bought as
much as possible under the disadvantage of
very small offerings. September, which
opened at from 6S14c to 6S1sc sold sparingly
at Csc, and then rose to 6S7sc before it re-
acted. After dropping back from 6S7sc to
6SasQ6S12c, it got second imitation from the
action in July. which rose to S012c, and Sep
TENDER on that advanced to 691sc. December
was less bullish and did not get above 6Sssc.
The closing quotation from Paris showed
July wheat there extremely heavy, the re-
duction in price being equal to 6s4c bushel
and September December was down the
equivalent of nc q bu. That changed the
temper of the trade here. The feeling at
once turned from the bull to the bear side,
and the bearish features of the early news
began TO receive recognition. AS a result
September lost 1A@15sc. selling down to
677sc and December declined to 671bc a loss
OF l1sc. Chicago receipts were 65 cars. or 30
less than expected. Minneapolis got 81 and
Duluth not any, whereas the two places to-
gether got 1856 a year ago. The total re-
celpts at Western primary markets were
AL 600 bu. Atlantic port exports were 255 eco
bu. wheat and -four together July opened
lac higher at 7Sl@c, advanced to S012c, and
sold off to 7s1sc asked. the closing figure
September started unchanged to &c lower
at 6Sis46S14c. sold up TO 69d691sc. declined
TO 6I%c. then firmed up to 67s40677se asked,
the closing price.
Showers where they were needed badly
and the failure of the predicted frost in
northern sections caused heaviness to be
the rule for corn The downward tendency
was accelerated by enormous receipts
Shippers were without workable bids and
the bulls were content to await another
dfy weather scare before adding to previous
holdings Another bearish factor was a
prediction Of showers everywhere West
Southwest and Northwest tonight and to-
morrow. September opened unchanged to
| &c lower at 33Ac, sold off to 327sc. then
| firmed up to 327s033c asked at the close.
In oats good buying by professionals and
an improved demand for the cash articles
held futures steady. September started 1sc
higher at 1870, advanced to 201kc then re-
acted to lS%c, the closing quotation
The decline in corn and lower prices for
hogs at the yards depressed provisions
various reports as to the yellow fever sit
uation kept outsiders from entering the
market. and packers were not disposed to
90 much work September pork started I'M
changed at 1895, declined to 1885, then rose
10 $9.Si14 at the close. September lard began
UNCHANGED at $3.50. up to $5.65G5. ST.. off
| 10 $55IA. then up to $500 at the close Sep
tempeT ribs opened unchanged to PFC lower
Estimated receipts for to-morrow-Wheat
6S cars corn, $50 cars; oats. 225 cars: hogs
% 900 head 9N'
Leading futures ranged as follows: