The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-13
FINE CROP PROSPECTS
THIS TINE CHICAGO TRADERS PUT
MORE STOCK IN THE STORY.
July Wheat Drops Another 1 lac,
with other Months WeaEx-PrO-
visions Firm and Higher.

CHICAGO, July 12.-Fine crop prospects
weakened wheat to-day. July closed lie
lower and September lost &c. Corn left
off lsc higher and oats lsc lower. Pork
gained 20c and lard and ribs 10c each.
Beautiful weather everywhere, with it's
prospect of permitting threshing operations
and increasing the movement of the new
crop, caused a bearish feeling in wheat at
the start. September opened at eS1sc down
to 677sc but it quickly developed that there
were plenty of sellers at lower prices when
the first quotations could no longer be real
ized and a rapid decline to 67Ac occurred.
July, in the same time, dropped from 75s4c
to 741zc. Later New York wired that ex-
porters had taken over $4,000 bu there for
export, and prices made a short, lively
rally. Bradstreets statement, which was
expected to be bullsh proved a disappoint-
ment. This. together with heavy foreign
markets, started some general selling, and
the price of September dropped to 67lsc
The market had a sudden recovery near
the close, when ii was reported that millers
at Minneapolis and Duluth had bought Co.,
600 blu Of the wheat held In store there at
from Csc to 69c. The arrivals of new wheat
are increasing and promise to be very large.
Chicago receipts were IL cars 81 of which
were new. Minneapolis and Duluth received
IS cars, against 31S the year before. Allan
tic port clearances were 100000 bu wheat
and flour. The Bradstreet statement
showed the weeks decrease as being g..
10000 bu on this side and 100000 blu in and
afloat for Europe, or 2.790,O00 blu decrease
in all, whereas over 100000 had been looked
for, and the decrease year ago was 4,l49,0e0
blu. July opened 1ac lower, at 75s4c, weak
ened to 7413c, then rose to 75c at the close.
September began ]sc lower to &c higher.
at 67sG6Sbc, declined to 67Ac. recovered to
6sMc, fell off to 671sc, then rallied to 6Iisc,
the closing figure.
Improved crop reports and lower ca bles
caused liquidation by longs at the start in
corn. The showing of the government crop
report was productive of much bearish SEN
tinnent, and prices sagged early. The loss
was more than recovered later on shorts
buying to secure profits on weak spots.
September opened 4c lower, at 311sQ32c. de-
clined to 3194@3l7sc, then advanced 10 32Ac
bid at the close
The fluctuations in wheat and corn influ-
enced oats. September began 1sc lower. at
1886, sold off TO 1899, then rose to 1870,
the closing figure
Provisions were given a firm opening on
hog receipts being below expectations and
an advance of &c in price. The cash de-
mand on foreign and domestic account was
good and the undertone strong. The clos
icg prices were the best of the day. Sep
TENDER pork opened 212@715c higher, at 1895
@10, and rose steadily to $1012la, the clos
ing price. September lard began 21aq5c up.
at $5,55, advanced to $5.6212, then settled to
S56005.62 at the close. September ribs start
ed 21ac better, at $500, and sold up to $5611a,
the resting figure.
Estimated receipts for o-morrow-Wheat,
40 cars; corn 230 cars; oats, 11S cars hogs,
5000 head.