The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-10
ENORMOUS WHEAT CROPS
REPORTS FROM ALL WHEAT GROW
ING COUNTRIES THE SAME.
Early Strength Wiped Ont and Mar
ket Closed with n LOss-Oats and
Provisions Higher.

CHICAGO, June 9.-The great prospects
for next years wheat crops all over the
world became the paramount influence to-
day and early advance was more than
wiped out. July closed with a loss of Ac
and September 1ssq115c. Corn left off 1sc
higher. Oats are up A@%c. Provisions all
showed advances-pork 25c and lard and
ribs each 1715c.
The chief factors in wheat at the start
was the upward movement in Liverpool and
the continued rain in this country. The
early cables from Liverpool quoted July
nearly &c bushel higher, with September
also stronger. This gave the bulls here
considerable encouragement, and at the
same time caused shorts some alarm. The
rains in the winter wheat belt continue, and
as the harvest is near at hand traders be-
gan to fear a wet harvest. so that shorts
were inclined to cover and there was also
some disposition to take the long side for
turn.
On the other side of the account were the
following fresh pieces of information. The
Kentucky State crop report gave the con-
dition of wheat at 104, which was said to-
be the highest ever recorded in Kentucky.
Thoman's June crop report indicated a
total crop of winter and spring wheat OF
unprecedented magnitude. 775,0OOOOO bushels
being the estimate from the present out
look. The market became gradually heavy
as the session progressed, the bearish feel
harvesting of an immense crop and the
early advance was lost. Letter brokers
were heavy sellers of September at the de-
cline. AT the present rate of shipment, the
contract grade in store will soon be down
to less than 100000. This impaired good
deal of strength to July. The local receipts
same day last year. Minneapolis and Du-
luth received 1877 cars, against 221 a year
ago. The total receipts at Western pr1mar!
markets were $4,000, against 2OS,0OO bushels
year ago. Atlantic port exports or Wne;st
and flour were equal to $4,000 bushels. July
opened h@1c higher, at SS1kQs9c, sold down
September started %q1zc higher, at 16A@
77hc, sold up to 771sc, fell to 14Bc, then rose
to 751s@7514c bid at the close
The excessive rains in the corn belt are
raising serious apprehensions concerning
the outcome. That was the chief factor In
the corn market, and caused prices TO rule
strong in spite of the heaviness that devol-
pped in wheat EeXator people led a9 the
32Ac, sold up to 324sc, declined to 32Bc, then
rose to 3212c bid, the closing price.
Sympathy with corn and unfavorable crop
reports caused the advance. July started
then weakened to 23$4c at the close.
The selling pressure in provisions was ap-
parently relieved and there was buying by
packers who have been sellers heretofore
this month. Hog products started brisk at
a good advance on yesterdays prices. and
in the last half hour added considerably
more. July pork started 712c higher at
$40. 3212, sold up to $10371a, down to 5000, ad-
vanced to $10.5212 and sold off to 5000 at the
close. July lard opened 5q71Ac better, at
$5.95, and sold up to $6.15, the closing price
July ribs began &c better, at $5.65, and ad-
vanced to $5.771a, the closing figure.
Estimated receipts for tomorrow Wheat
2S cars; corn, rs; oats, PSI; hogs, S,OOO
head.
Leading futures ranged as follows: