The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-08-22
THE BULLS SURPRISED
IN VISIBLE WHEAT NOT
WHAT HAD BEEN EXPECTED.
Russian Shipments Generous and
Everything Tended to a Reaction
Which Set in Rather Strong.

CHICAGO, Aug. N.-This was a day Of
liquidation an6 short selling in wheat. I'm
provement in domestic crop conditions.
large Russian shipments and poor cash de-
mand made the weaker-kneed longs un-
load in considerable quantities. Corn
dropped A@Bc for September on the i'm
proved crop condition. Deferred futures
were not so weak. Oats declined sc ana
provisions 2lzc to l214c.
Wheat started weak at a decline of about
hc for both the September and December
options, between which trading was about
equally divided. Foreign markets were
higher, though they hardly showed the adj
vance expected. But Russia. the wheat
crop of which country was reported Sat-
urday to have suffered so much as TO pre-
clude the possibility of exports. reported
shipments of over a million bushels. Do
nestle crop showed a big Improvement,
and this more than anything else Influenced
for the time being the action Of the market.
Rains in the Northwest had ceased and the
weather was reported ideal for the crop.
AS a great deal of buying was done last
week on account of apprehension of damage
from the rains the changed conditions
brought wheat on the market in large guam
tlllcS dl dTOuIu TIE opening dlQ TeSultcu III
more or less liquidation all day. The Wis
ible supply statement showed a ~disappoint-
ingly small decrease-99,0 900 bushels instead
of the 1,0OO.O 600 bushels expected. The gen.
eral cash business was so small as to affect
the speculative market. though bids were
not altogether out of the way, as was shown
by the working of about 10000 bushels Of
Kansas wheat and by reports of other
small lots worked. The seaboard reported
twenty loads worked for export. The bulls
derived some encouragement from compar-
ison Of primary receipts with last year.
Minneapolis & Duluth receipts were ST cars,
compared with 21 last week and 939 a year
ago. Chicago receipts were lbs cars. thirty
two Of contract grade. Total primary re-
ceipts were 722.OOO bushels. against LAOS. 600
bushels last year. A good deal Of selling was
heavier receipts, and this affected local
traders. The market met stop-loss orders
when 1t got below puts. and though there
was considerable covering at the decline the
market responded slowly TO the buying and
kc lower at 72ssc. 1t held around nc for a
time and then slowly settled to 7llac, clos
ing at 71&c. December opened &c lower at
7!4hQ74ssc and declined to 7S1zq1Sssc' clos
ing at 73%c.
Corn was quite active and weak. Crop
conditions were ideal and country accep-
tances of Saturday offerings were so free
as to demoralize longs. Prices were ire
gular at the start, but sellers were in q
majority and heavy selling pressure carried
the prices downward: September was par
ticularly weak. Receipts were 356 cars. The
visible supply decreased 2,216,000 bushels.
September ranged from 31hd31kc to 32hc
and closed asd%c lower at 31bG5lAc..
Oats were quiet and lower. The situation
was much the same as In corn. Receiving
houses were sellers. Receipts were heavy.
ia cars. The visible supply increased 1Sz.
600 bushels. September ranged from l9Nc to
2Olc and closed Ac lower at 1870.
Provisions were quiet and easy with the
yard receipts were liberal and hog prices
lower and provision prices suffered IN conse-
quence. The cash demand for meats was
light. At the close September pork was
1Od121kc lower at IS. 20GS. 221a; September lard
5671kc lower at &.171RG5.20; September ribs
21565c lower at $5.07EG5.M.
Estimated receipts for Tuesday-Wheat
1s5 cars; corn, $50 cars: oats, $40 cars; hogs
II, 900 head.