The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-06-20
HEAVY LOSSES IN GRAIN
TRADERS HYPNOTIZED BY THE
FEELING OF BIG CROP COMING.
July Wheat Declines 3 lac and Closes
at az 1-4c-Corn q Trihe Higher
and Provisions Weaker.

CHICAGO June decentralization of
the foreign markets and the all-pervading
feeling of gigantic crop here weakened
wheat to-day. July left off with loss of
3Ac and September was 1Bc lower. Corn
closed sc higher and oats unchanged. Pork
closed &c lower, lard 21sc down and ribs I'M
changed.
The holders of July wheat were thrown
into something of a panic at the start by
the news from Liverpool, where spectators
were said to be demoralized. AT one time
the price of July there was quoted S1sc a blu
lower than last nights prices For some
days the feeling in July here has been stead
lily growing weaker, and when the adverse
news from Liverpool was received the price
of July fell off to 721Ac, a drop of &c from
the close last night. A considerable portion
of this decline was recovered on general
buying. September and December showed
a fair degree of strength, sold somewhat
higher at the start but finally broke on the
demoralized feeling in July. September sold
down to 675sc, or 1sc below the close yester-
day, while December declined to 6S7sc. The
rally in July caused some Improvement in
these longer futures and they got additional
help from the liberal buying by shorts, who
took advantage of the break to buy in and
secure profits, and under the improving con-
ditions there was a good rally. The CONT
mental markets were very weak and when
the declines for the day were announced
from Paris and Antwerp the prices here
had another severe setback. While more
rain was reported in the Northwest, the
weather in the South and Southwest, where
wheat is In its ripening stage. the conditions
are all that could be desired. The declines
at Paris were SIC bu for June and 3s4c
blu for September and December. Antwerp
was down the equivalent of SIC for Ameri-
can red and 29sc bu for California. The
reported prolongation of the period for free
importations of wheat into Italy was con-
tradicted The time will expire July L. as
was originally intended. Domestic receipts
were very light-ffteen cars at Chicago and
ninety-three at Minneapolis and Duluth.
The weeks receipts at the two latter points
were 678 cars, against 1,522 the correspond
ing week of the year before. The Atlantic
in wheat and flour to 1850 blu. July opened
1621ac lower at 734741sc, sold down to 7212c,
advanced to re, then firmed up to 72Ac at
the close September started 1s0asc higher
at 6Sls@6SAc, sold down to 67ssc rose to 6S1sc,
then weakened to &c bid, the closing figure.
The strength in corn was due to the i'm,
preston largely prevailing among influential
corn traders that the crop cannot turn out
well without most exceptionally favorable
weather from now till its maturity. Heavy
twenty-four hours tended to maintain the
courage of the bulls. July opened Ac higher
at 321sc, sold up to 5212G323sc, then declined
to 32A@32ssc. the closing figure.
Oats derived firmer feeling in sympathy
with corn. July opened 1GAc higher. at
241s@24Ac, declined to 23%q237sc, and closed
at 237sc bid.
Influenced by the strength in corn provi-
sions showed a slight Improvement July
pork started 21ac higher, at $96212, sold up to
$9.6712. then down to $685. the closing price.
The range in lard and ribs was unimportant
cars: corn, 80: oats 10; hogs, So 900 head.
Leading futures ranged as follows: