The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-08-09
A SETBACK FOR WHEAT
INCREASE IN CROP MOVEMENT
CAUSES RENEWED SELLING.
September Article Slumped Quickly,
Closing with a Loss of L lie
Provisions still Declining.

CHICAGO, Aug S.-Realzing sales on ex-
pected increase in the crop movement gave
wheat a setback to-day. September closed
112Q1ssc lower and December 1d11sc Corn
gained 1sc, oats lost &c. pork declined 121sc,
lard 719c and ribs 71kG1Oc
Higher Liverpool cables and small receipts
started September wheat 1ac above the price
at which it closed Saturday. Sellers at the
advance were so numerous, however, that
the buying orders in the market at that
time were Immediately filled. Offerings still
continued in such heavy volume after this
demand was satisfied that a quick decline
set in, knocking 1c a bushel off the opening
figures. The change from seeming strength
at the opening to its succeeding weakness
was due to selling of long wheat by heavy
traders, who anticipated a freer movement
in the near future from first hands They
knew that if they waited for its realization
it would probably be impossible to dispose
of their holdings at any such prices. Among
the reasons for continued weakness were
heavy estimated receipts for tomorrow and
some crop reports of a bearish character
The shipping demand here was even more
urgent than at any time during the previous
weeks advancing market. AS high as &c
premium over September price was paid for
OAAN
have been disposed of at the same premium
except for holders advancing their views
Minneapolis and Duluth received 1873 cars
against 1S2 a year ago. The Atlantic port
exports were equal in wheat and flour to
900 bushels September opened 12c higher
at 6SasQ6S12c, sold up to 6S5sc, fell off to
6612@665sc and closed at $3.50 bid Deem
Der began A@3sc up, at 661aQ66s4c, rose to 81,
and declined to 65Ac bid at the close.
Ample rains Saturday and Sunday started
corn weak to-day. The decline only
temporary, however, as reports of crop pros
poets were far from giving assurance of a
satisfactory yield. From Kansas the news
was of a lugubrious character and
Shows report made the present
condition of the seven surplus-pro,-
Sd d. States 70, compared with
cars, with $40 estimated for tomorrow. The
increased movement indicated by the
too 'er much fureS enthusiasm on the bull
aso,,nd Sw e at from ss So to s$c
closed with sellers at 3SAc.
Reports of rust and blight had brill
ing wore off as wheat continued to go
lower The large estimates for tomorrow
caused an easy feeling. September began
unchanged to Ac higher, at 211k621Ac, down
to 2O7sc, advanced TO DISC and closed at 2lc.
Provision, like wheat declined in spite of
bullish surroundings. Receipts of hogs were
small and prices at the yards were higher.
Owing to lack of demand, however, prices
sagged off readily on some scattered selling.
September pork opened 219c higher, at $500,
declined to $S75 then firmed up to $8.S712,
asked at the closed. September lard started
21aa5c up, at $5.35@53719 sold off to $5.221a@
5.25, and closed at $5.25; September ribs be-
gan unchanged at $5.2212, weakened to $5.1212,
and closed at $515.
Estimated receipts tomorrow: Wheat, 4S0
cars; corn, So; oats. 425; hogs, $4,000 head.
Leading futures ranged as follows: