The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-21
WHEAT LOST ATTRACTION
ESTIMATES GIVE SURPLUS THIS
YEAR OF 10000, 900 BUSHELS.
Some Dread of Frost in the Northwest
Last Night-COrn Steady and
Provisions Higher.

CHICAGO. July pa condition of soft
ness in wheat to-day, acquired from last
nights rein, was hardened by reports of
frost in the Northwest September closed
1sQAc lower, and December lost 1sc. Corn
left off unchanged. Oats advanced 1sc. Pork
was nc higher. Lard and ribs are up 2la
Csc.
The lower temperature in the spring wheat
territory, following last nights rain, to-
gether with the early decline in corn
started wheat weak. Business during the
first part of the session was dull and the
undertone bearish. The argument was urged
that our export surplus would be of such
magnitude and the foreign demand so re-
stricted that it would be likely to glut the
market, and lower prices would be inevi-
table. Another factor which served to weak
en- bull confidence was Broomhall's figures,
showing the worlds wheat crop this year
likely to be 900 bushels above require
mentS. On this sort of reckoning Septem-
Der, which opened Zee lower, at 677sG6Sc,
sold off to size. Then came a reaction on
the announcement of the Signal-service
Bureau Of the probability of frosts tonight
in the Northwest sections of the wheat belt.
In addition to the frost predictions, the
bulls got some encouragement from the pri-
mary market receipts of new wheat being
too light to injuriously affect the price of
the cash article. There was also report
that crops abroad were less favorable, as
severe storms in Hungary had damaged the
crops there from 5000 600 to 100000 bush
els. Chicago received 81 cars, So of which
were new. Minneapolis and Duluth got 60
carloads, compared with 293 a year ago. The
total tS1a receipts at the principal primary
Western markets were Ala, 900 bushels,
against 49S000 bushels the similar day of
last year. The Atlantic port clearances of
wheat and flour equaled 1872 600 bushels. Sep
TENDER opened &c down. at 677s66Sc. weak
ened to 6713c rallied to 6812Q6S5sc, then re-
acted to 6sAc bid, at the &c close. December
started $sQssc lower, at 677sQ6SBc, sold off
to 6Issc., up, to 6S12c, then down to 6Sasc
asked, the closing price.
Every commission house appeared to have
selling orders for corn at the opening, and
at the lower prices trading commenced
which appeared also to bring numerous
stop-loss orders on the market Rain
throughout large section of the Western
corn country was the cause of weakness
at the start. This was all changed later,
however. when the Weather Bureaus report
Of possible light frosts in northern sections
of the corn belt was received. The news re-
suited in the bull crowd taking on extensive
lines and holders of puts bought freely. 1t
did not take long, with this buying, to alb
sorb the offerings and as sellers gradually
drew out, the market developed an advanc-
ing tendency. September opened 1aQAc low
er, at 32asQ33c sold up gradually to $3.50
33Ac, then reacted to 331ac bid, the closing
figure
Oats held steady on good buying by COM
mission houses, and responded promptly
when corn rallied. September began 1s@Ac
lower, at 19as@1915c, sold uD to 19S4Q197sc,
then settled back to 1910 at the close.
Provisions had weak start on account
of lower quotations for hogs and the de-
cline in corn. Offerings were small, how
ever, and little buying suffced to take all
that was for sale and, as a result, a decline.
that inaugurated the days business, was
easily overcome. There were rumorS of a
large government contract for cured meats.
September pork began 212q5c lower. at
$9.S212Q9S5; rose to $9.9712, then down TO
$685. the closing figure. The range in lard
and ribs was narrow
Estimated receipts for to-morrow-Wheat,
50 cars; corn, $50 cars oats, 145 cars; hogs,
42,OC0 head
Leading futures ranged as follows: