The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-21
EARLY SLUMP IN WHEAT
AFTERWARDS OVERCOME BY
SHORTS RUSHING TO COVER SALES.
Alarming RumOr Denied that Big
Grain Man i'm the Northwest Has
Been Squeezed--POrk Higher.

CHICAGO June 2o.-On important buying
by shorts wheat to-day more than recov-
cred from an early slump. July closed with
a loss of 2Ac and September left off with an
advance of 5s@%c. Corn and oats rose sc
each. Pork gained 25c, lard 714c and ribs 10c.
Unfounded rumors that some one in the
grain business in the Northwest was in
trouble, together with the clear weather and
the demoralized foreign markets, started
wheat weak. For about fifteen minutes a
sufficient number of shorts were induced to
cover to keep the price within the limits of
the opening range. But reports of harvest
operations being resumed where they have
been interrupted by rains, and every indi-
cation of a gigantic crop, together with the
extreme difficulty of marketing it abroad,
caused quick break. July, which sold at
the close Saturday at 72Ac bid, declined to
'Oc; September lost 1sc, selling at 657sc, and
December sold off 12sc, at 661ac. Within an
hour, however the sentiment showed a
change. The market here paid no further
attention to bearish news, as shorts were
evidently impressed with an idea that the
price mad already declined sufficiently. on
that theory and an emphatic denial from
the Northwest OF all the rumors that had
Deen current early, together with the de-
veiopment or good cash demand, shorts
bought quite freely and kept the price rising
until the early loss was more than recoV-
cred. Liverpool started at 21sd decline TOR
July ana lad each for September and De-
cemner, and subsequent quotations from
there came lower and lower until the final
report, which showed July SID lower for the
DAY and the later deliveries Sd lower The
world shipments were 10,117 900 bu com
pared with 5,139,cG0 blu the similar week of
1887. Chicago got 10 cars and Minneapolis
ana Duluth 81. against 314 at the two latter
places last year. July opened 1a@11ac lower,
al lla4c, sold down to 701ac, up to 70sc down
70 Ioc, advanced to 73c. then fell off to 72c
the closing price. September started 3sc
lower to 1sc higher, at 665s0671sc, fell to
e 90 hrmed up to 677sc, and sold at
6I9sQ67%c at the close.
The Improvement in the weather had a
weakening influence on corn at the opening
Later it recovered all the early decline and
&c more on important buying by shorts.
jay opened &c down. at 317sD32c, declined
TO 3l9sc. then rose to 323s032%c asked the
closing price.
Favorable crop reports and weather fore
cast created a weak feeling in oats at the
covered on general buying and the advance
IN corn. July opened 1sc lower, at 23a4c. de-
cnneo 10 239sc, rose to 2A0JZi4c, then set
tied to 24Ac at the close
me buying of provisions was much better
IMAM the selling, and prices after Welding
niue early. recovered sharply. July pork
S6arted z12c higher, at $9.571a declined to
1920, then hrmed up to $780, the closing
price: July lard began unchanged to PIC
o:Sz12, and sold at $3.50 at the close. .July
lids opened DC lower, at S. 40 and rose TO
5000 asked, the closing figure
Estlmated receipts for to-morrow-W Wheat
$1,000 head Nv 'S' ii0e''