The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-06-27
WENT OFF FOUR CENTS
WHEAT SLUMPED ON LIQUIDATION
AND SOUTHWEST NEWS.
Corn and Oats Opened Weak, but
sions Steady, with Ribs Higher.

CHICAGO, June 2~6.-Liquidation by longs
and a slackening of the demand caused a
further reaction in wheat to-day. July clos
ing 4c under yesterday. Corn closed firm.
sc down. and oats ssdhc depressed. Pork,
at the close, was sc and lard nc lower.
Ribs were a shade higher.
The wheat market might be likened 10 a
sober second thought" 1t was active.
but not wild, and traders, in a more leis-
urely manner. readjusted to a degree prices
which broke loose and went soaring last
week. There was no change in the North
western situation. The Dakotas and Min
nesota renewed their pitiful cries Of dis
tress over the ruin of their crops. but gen.
orally the cries fell on deaf ears. On the
other hand-and it was at this 'hand"
traders looked most was the Liverpool
close. 31sc under yesterday. and the rosiest
kind of reports from the Southwest. Texas,
Kansas. the Indian Territory and Okla
homa, it was declared, would raise 100. 00O, 900
bu more than last year, an amount nearly,
If not entirely, sufficient TO make up for
the deficiency occasioned by the Northwest
failure. Harvesting in many sections is.
according to authoritative advices. pro-
SISSSlhS ldNOIdOiy III hidiy Slio VI tiC
Southwest, and by next week should be in
full swing. Local longs pressed heavily on
the market at the opening. which was at
S5Ac to s3%c for July. The break stirred
the Northwest and selling orders from that
section poured in early, sending July down
to S2Ac within an hour of the opening.
Some of the important longs were not sell
ers, but they were a small minority, for the
crowd, with big profits in view, was large.
Later in the day July recovered to S3Nc.
but it was not because Of any change in
the crop Simultaneously a matter of a
little less pressure from longs for the mo-
ment. The bulge was lost in short order
and a probable further decline was checked
by the ending of the session The close was
at the bottom, July 4c under yesterday. at
SIC. Seaboard clearances in wheat and
-four were equal to $4,000 bu. Receipts at
| primary points aggregated SsS, 200 bu, COM
| pared with 1.OO1, 900 last year. Minneapolis
and Duluth reported 1893 cars. against 31
last week and $50 a year ago. Receipts here
were 143 cars, none of contract grade. New
York reported no loads taken for export.
There was some cash nibbling from the
seaboard here, but 1t did not amount to a
demand.
i Corn broke early, With wheat, out re-
covered later and the end of the session
found the market firm. Country offerings
| early were reported fair, which helped in
the decline, but later 1t was said they
were. as a whole. light. TIL recovery was
/ on a large cash business. One firm yester-
day disposed of half q million bushels, and
various people to-day worked 0.000, all
told. July sold between 40%c and 4l12c, clos
ing &c under yesterday at A3sc. Receipts
here were 1,039 cars.
Oats were comparatively Quiet. The mar
| ket broke early. with wheat, but steadied
later in sympathy with corn and a fair
| commission-house demand. including some
i Northwest orders Receipts were 521 cars.
July sold between 24bc and z5Rc, closing Is
| @1kc down. at 25kQ25%c.
Provisions were steady in the face of
lower hogs and the wheat break. There
was a demand for ribs from packers who
have recently been selling lard. and this
caused a partial recovery from the open
ing decline of l2lsc in pork. July pork sold
between S12.17h and $3.50 and closed SC
down at s12.271e; July lard between $6.17l.
and s6.s71k. closing nc lower at $3.50. and
July ribs between 1886 and S7.05, with the
close a shade higher at S.97h.
Estimated receipts tomorrow: Wheat,
l05 cars; corn. 40 cars; oats, l350 cars;
hogs. 34,0O head.
Leading futures ranged as follows: