The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-27
HEAVY WHEAT MARKET
AFTER NOTICEABLE STRENGTH
THERE WAS MARKED DECLINE.
Shorts in the December Future on the
Verge of a Panic-Other Mar
kets without Feature.

CHICAGO. Aug. 2s.-After nearly two hours
citation and buoyancy to-day, wheat became
soggy and depressed on heavy foreign markets
and liberal receipts of the new crop: September
and December closed %61ac lower each. Corn
lost &c and oats are unchanged to &c higher
Pork is down &c, with lard and ribs unchanged.
The tendency at the start in wheat was toward
weakness. but the market turned strong and
prices continued to creep up for hour and a
half, during which time September rose from
63%@6Szc at the start to 64ssc 1t held firmly
within 14c of the price last mentioned for another
half hour and then. in about fifteen minutes. it
undid all its previous work by dropping back once
more to 6S5s663ac. The September future. while
showing the widest range in values, not the
most heavily dealt in. The new business was
largely confined to December and May, in which
latter deliveries fluctuations were less and the
volume of trade larger A good deal done IN
the way of buying of short wheat for September
and reseng it for December. The Liverpool
market responded but feeby to the previous days
rise here but Chicago received only 15S cars of
wheat. against 200 estimated and compared with
262 received the corresponding day the year be-
fore Minneapolis and Duluth received 81 cars
against S27 last year. although that amount was
a heavy excess of those of the preceding year.
1t was not sufficiently large to be excessively
bearish With the present small stocks OF visible
wheat it was necessary to the December shorts
to prevent them from becoming panicky that the
news should not only be bearish but heavily So
The primary wheat markets, the other hand
received much less than they did on the corre-
spending day the year before. the total receipts
at all primary markets being S07, 600 bushels. The
continental markets were not much changed,
cept for August delivery at Paris, where one of
the periodical French corners in progress
.f he Vie Of he
wheat crop by Statistican Snow of 300. 900 blu
did much to calm the minds of shorts and to pre-
vent undue confidence the part of the bulls
who doubtless did not lose sight of Shows figures
even when the prices were taking climb early
The demand from the seaboard for shipping lots
was not very brisk and principally for Sep
TENDER shipment The market ruled particularly
heavy near the end, September getting down to
63Ac and December declining to 61Ac, but both
rallied a fraction just the bell was tapping
September opened unchanged to 1sc lower at 6S5s
@637sc. advanced to 645sc, dropped to eSAc and
closed at $3.50. sellers December started I'M
changed to hc down at 613@s17c improved to
62@621sc. receded to 61Ac and left off at 6lssc.
A little business was done in for export
but the tone was heavy except for an hour or So
during which it was strengthened by the early
buishness of wheat. September opened I'M
changed to 1sc higher at 3O@S01sc, improved to
3OA@3Oasc and then worked slowly down to 29s4c
and closed with buyers at that
The market in oats was only moderately active
and pretty we'll scattered. There was some in
quiry from the seaboard for heavy grain but the
bids were somewhat out of liae. September be-
gan unchanged at 1870, sold up to zoe and closed
at 19%@19Nc.
Provisions were affected in a small way by talk
of yellow fever in Texas. Pork however, was the
only of the speculative commodities that
showed a decline worth noting and the loss in
pork was only SC a barrel
Estimated receipts tomorrow: Wheat, 165 cars
corn, 440 cars; oats. 45O cars; hogs, $4,000.
Leading futures ranged follows: