The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-01
ENORMOUS WHEAT CROP
CONTINUED BRIGHT PROSPECTS
CAUSE SLUMP AT CHICAGO.
Early In the Day shorts Suffered n
age StOries-Pork Weak.

CHICAGO, June 30.-Prospects of an
enormous crop weakened wheat to-day after
a sharp rally early in the session. July
closed Ac lower and September lost Sc
Corn declined &c, and oats are 1ad5sc off. In
provisions pork left off 219c lower, lard and
ribs sc lower.
Perfect weather throughout the winter
wheat belt, so favorable for the continuance
of harvesting and threshing operations
gave wheat an appearance of convaleseence
from the bull fever that ragged in the pit in
the latter half of the session yesterday.
Those who thus diagnosed the opening con-
ditions were unskiled in the symptoms of
that variable malady. In fifteen minutes
the fever had again reached the stage it
had attained the day before and in another
hour nothing could be heard except shouts
for wheat and cries of ruined crops Sep
TENDER, the closing price of which yesterday
was 6S5sc started at from 6SAc down to
6S1sc, but ii very quickly began an upward
movement that reached great dimensions
both in the volume of the transactions and
the extent of the advance. Shorts. who had
been leongratulating themselves over the re-
action in prices at the start. became uneasy
when the price of September reached 69c
and commenced to be thoroughly alarmed
when 1T got above 69Ac, and panic stricken
when it was climbing from 691sc to $3.50.
July in the same time had advanced from
72$4c, the opening price. to 744c The crop
reports emanating from people in the trade
in various Western cities was of an eXag-
gerated type regarding the amount OF dam
age done by rust and bugs, some OF them
suggestive of an actual crop failure. The
advance was all lost on reports from
sources conversant with the broad general
features of the crop over the entire country
v1yni nh ind fa6 Of m IA on
tude, after allowance was made for heavy
damage in many localities. The Cincinnati
are IL 1Sa, ss - wa SsI 10 o0a 5ush
els and the unused surplus of that stock
weighed on the markets here and abroad
for two years The restoration of the
wheat duty by France was apparently ig-
nored here. Chicago received five cars,
against eleven last year: Minneapolis and
Duluth only thirteen, compared with 800 the
similar day year ago. July opened Ac
lower, at 721Ac, advanced to TAG declined to
7214c. then firmed up to 73c bid at the close.
September began $s412c down, at 6SlsG6S14c,
sold up steadily to 697gc weakened to 6S1sc,
then rose to 6SAc bid, the closing price.
Brilliant weather and the absence of ship
ping demand made traders bearish as rule
in corn, although they were temporarily af-
fected bullishly while wheat was making its
early advance. July opened Aq$sc lower,
at S15s@3lAc, rose to 32lsq32Ac then de-
clined to 31Ac at the close.
Continued covering by shorts, rainy
weather predictions, unfavorable crop re-
ports ana the rally IN corn advanced oats.
The early gain was lost in sympathy with
the drop in the other grains. July COM
menced 1sc lower at 21Ac. rose to 221sc, fell
off to 211sc, then firmed up to 214G21ssc bid.
The feeling in provisions was bearish on
large receipts of hogs and decline in prices
at the yards. A moderate business was done
in changing July product over into Septem-
Der at prevailing differences. July pork
opened 21ac lower, at S9.45. advanced to 1855,
then declined to $9.45, the closing figure.
The range in lard and ribs was small.
Estimated receipts for tomorrow. Wheat.
q cars; corn, 160 oats, $50; hogs, %. 900 head.
Leading futures ranged as follows: