The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-09-08
WHEAT BECAME WEAKER
EXPECTATION OF BIG RECEIPTS AND
DECLINE IN CORN HURT.
The Threatened Freeze in Corn Belt
Did Not observation-disclosures
Ruled Stronger.

CHICAGO, Sept. 7.-Expectation of big receipts
together with declining market weakened
wheat to-day September closed sc lower and
December 1kQ%c Corn lost 5sG&c. Oats de-
clined AQssc. Provisions ruled strong. pork ad-
vancing 2l4c. lard 1Oc and ribs 1oQ121sc
Liverpool cables were rather disappointing and
that, together with the weakness displayed by
corn, started wheat lower. The receipts in the
Northwest were smaller and the markets in that
quarter were firm. That resulted in a gradual
change of sentiment here and there was some
buying for the long account. which finally started
shorts covering and materially helped the prices
The feeling among the bulls generally was that
the market has had nearly everything against it
of late and yet has been stubborn as to indi-
cate that 1t possessed a good deal of inherent
strength. They argued that prices were more
likely to rally than to meet with further losses
and for that reason traders rule took the
long side. Advices from Minneapolis said that
the movement there for the next three months
would be on increased scale. That, in addi-
ton to the declining market. resulted in
cooling the ardor of the bulls and under realizing
and short selling the price gradually declined
until the early gain more than lost The
market closed near the low point for the day.
There was very little demand for shipping parcels
here and such bids as came to hand at
reductions and unavoidable. Minneapolis and
Duluth reported $50 cars, compared with 5l2 the
corresponding day of the year before. The total
receipts at Western primary markets was 1,1S4, COO
bushels against 1853, 600 last year. Exports from
Atlantic ports were equal to 490. 900 bushels Sep
TENDER opened &c down at 61%c, rose to &c. de-
clined to 61ssc and closed at 617sc, buyers. De-
cember started A@ac lower at 6OlRQ605sc, rose
to 6O7s@61c reacted to 6O%Q6OAc and closed
60A@6Ossc.
The failure of anything like damaging frosts
to make an appearance in the corn belt last night
and predictions of generally warmer weather
weakened prices in the pit. Shorts, who
had covered up yesterday in fear that threatened
freeze might be a serious one resold and there
was considerable liquidation of long property
Prices continued to sag all day and the close
was near the bottom point of the session. De-
cember opened Ac lower at SOlzQSO5sc. declined
to 30c and closed at 3Olsc, sellers
There a good business done in oats at the
lower prices Corn followed almost all the
time, but the losses were not nearly so large.
May started unchanged at 217sq22c and declined
to 215sc, buyers, the closing price.
Good general buying by packers, with the Eng
fish concerns leading. strengthened provisions.
The cash demand continued good for all descrip-
tions of hog products. December pork opened
unchanged at SS.S71a, advanced $3.50 and react
ed to $40, the closing price. October lard began
unchanged s4.72A. weakened to $4.67lk@47O.
improved to $4.S5 and closed at $4.S2R, sellers.
October ribs started 712c lower at So to $50,
then weakened to $5.15, the closing figure.
Estimated receipts for -morrow-Wheat 200
cars corn, $50 cars; oats 300 cars; hogs, $4,000.
Leading futures ranged as follows: