The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-29
WHEAT LONGS SOLD OUT
LIQUIDATION CAUSED A BIG BREAK
IN THE MARKET
Crop Conditions Ignored-Corn and
Oats Firm, but Depressed by
wheat-Provisions Weakers

CHICAGO. Tune pa rush liquidation
together with considerable short selling
caused a sharp slump In wheat to-day, and
though there was some recovery towards
the end the close was weak at 3Sc under
yesterday. Corn was firm. but under the
influence of wheat weakness closed &c to
A@%c lower. Oats closed sc to %@%c
down and provisions 12tc to 221zc depressed.
There are nearly four hours 10 the regu-
lar sessions of the Board of Trade. and
those hours to-day were occupied princi-
pally in getting rid of recently acquired
wheat. The market opened lower because
Liverpool was down and the long pressure
was on the market. Under a demand from
Wall street and the Northwest and some
covering by shorts the market regained the
initial dip, but this and a lot more was lost
later. Local longs of the influential type
started in to make the weakened demand
look like a nine-spot, and simply choked up
the opening through which much high
priced stuff has recently disappeared. Out
side longs on the decline joined the ranks
of sellers and the market became so one
sided that it dropped 419c with only momen-
tary checks. The bottom was reached near
the end Of the session and covering by
|Sshorts caused a little recovery, but not a
sufficient amount to relieve the market Of
the charge of decided weakness. The
August option was the more active. al
though July was anything but slow. August
opened at S3Ac to S4hc. advanced to S47sc.
sagged to SO%c and closed 3ssc down. at
Sl94c. July opened at S3Ac to S2lsc, sold be-
tween $3.50 and 79Ac, closing $50 depressed.
at soc. There were rains in North Dakota
and Manitoba. but private advices from
these sections and other parts of the
stricken Northwest did not vary much from
the recent tone. The Price Current, which
is of influence with the spectators, made
the total estimated crop-winter and spring
$50. 900. 600 bushels. 200, 000,O 900 bushels of 1T
spring, compared with Statistician SHOWS
estimate of AGO, 900, 600 bushels. 1t declared
that with the reserve supply the crop would
be equal to the demand, and that the crop
yield would be 5 per cent. higher than the
average for the past four years. How
ever, crop considerations generally were
overshadowed by the selling, which APP
peared to be the result of a general desire
TO get out before the price got any lower.
New York reported eighteen loads for ex-
port, and the cash demand here was slack.
| Clearances at the seaboard in wheat and
flour were equal TO $1,000 bushels. Primary
| receipts aggregated AL, 900 bushels, COM
| pared with 1921 600 last year. Minneapolis
and Duluth reported 33S cars, against 34
last week and 51 a year ago. Receipts
| here were 16 cars. three of contract grade.
| Corn was rather quiet, but considering the
wheat weakness 1t was firm. TIL excellent
| cash business done during the past few
a was continued to-day, about 500, 900
|! bushels being worked from here. This
formed the main support of the market.
| There were good rains in the corn belt, and
country offerings were moderate. July sold
between 43Ac and 42c and closed Ac down.
| at 4212c. August sold between 43BQ44c and
42%c, closing AG%c depressed, at 43hc. Re-
ceipts here were S3 cars. The opening was
h@Ac under yesterday in sympathy with
wheat, and the top price followed early
| with that cereal.
Oats, compared with the wheat weakness,
were steady early, but the market yielded
some later out of respect to the downward
| path followed by wheat. The Northwest
was reported to show prospects of about
| half a crop in both oats and hay, and this
was a resisting influence against wheat.
| The country was a buyer. July sold be-
tween 25ssc and 24l1c, closing &c down, at
249sc. August sold between 2c and 2f7sc
and closed %GAc down, at 25Q25hc. Re
| ceipts were 34 cars.
| Provisions were weak despite light hog
receipts. A drive was made at pork by
longs and the whole list as usual suffered.
The wheat weakness was a factor In the
decline. There was a fair cash demand.
but IL was not equal to the task of sustain
ing prices against the influential selling of
to-day. At the bottom the market steadied
on covering by shorts. September pork
sold between. sl2.971a and $12.67h and closed
221zc down, at $3.50; September lard be-
tween $3.50 and 81, closing TIC down, at
Sis, and September ribs between S.S and
s7.121k. with the close 12zc depressed, at
S.15@717h.
Estimated receipts to-morrcw-Wheat, LAG
cars: corn. T5 cars; oats, go cars; hogs.
Io.l;.r f,t,r~s ~o,cod n O. <oI1ouc.