The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-07-26
EARLY REPORTS OF RAIN
GAVE THE CEREAL MARKETS A
MUCH WEAKER OPENING.
Fluctuations Were Wide Under Vary
ing Sentiment, but the Close Was
Weak-PrOyisiOns Also Lower.

CHICAGO, July 25.-The grain markets
ruled fairly active and easier to-day. main
Iy because there had been a little rain in
Iowa and the Northwest. September wheat
and corn closed each sc lower and oats
ssc down. Provisions closed 212c lower.
When the wheat market opened traders
bowed to the influence of last nights rains
in the Northwest. to easy cables, and also
to the weakness Of corn prices. September
sold from 71c to 7O1ac under pressure Of
long stuff. Following this there was an
almost instant recovery to 71%c on reports
Of rising temperatures in the spring wheat
country 1t was feared that the heat
would be particularly damaging following
the rains so quickly. The market faltered
for a time at this advance and then con-
tinued upward on reports Of rain delaying
harvesting in France and a cable claiming
that the Russian crop was rapidly deter
iorating. The strength at this time being
displayed by corn was a contributory factor
in the frmness. Later in the session the
corn reaction and a decline in Northwest
ern markets became potent factors. and
September declined and closed rather weak
&c under yesterday at 7lasc. Exporters re-
ported Is loads taken. Seaboard clearanceS
IN wheat and flour were equal to 1858. 900
Du. primary recelpIS were SSJ,vvO Du, COM
pared with $4,000 last year. Minneapolis
and Duluth reported 24 cars, against 23
last week and 25 a year ago. Local re-
ceipts were ga cars. 50 OF contract grade.
That II is an extremely difficult matter to
judge the weather on reports received from
various sources was shown by the. action
Of the corn market. Before the beginning
of the session private reports had it that
Iowa had received a fair drenching, and
that there had been scattered showers in
other parts OF the corn belt. Under a rush
of selling orders September opened from
55c to 5oc, touched 56c, and then rushed
back to $3.50 In short order. The official
weather report, showing only light show
ers. came later. It's predictions offered
nothing of a hopeful character for the
market up to 57lsc. a report saying that
rain within the week would brighten the
prospects of 10 per cent. OF the crop had
some weight IN the decline to 1Hc which
came later. Selling by longs to secure
profits, a thing they would have done under
almost any circumstances, Of course, Was
against the price all day. September closed
&c lower at SIC. Receipts were 1873 cars.
Oats averaged weak with corn during a
nervous and comparatively quiet session.
There was not the volume Of trade there
was yesterday, longs selling considerably
less. Weakness took the form of a lack Of
buyers. The bulk Of the trading was at
yesterdays closing prices, easing some
what when business became dull. Septem-
Der sold between 2640 and 35c, and
closed sc lower at $3.50. Receipts were
1C9 cars.
Provisions were dull, the pit at times be-
ing almost deserted. After fiuctuating mar
rowly prices closed 2kc lower, September
pork at $l4J5o, lard at $.1OQS.72l1 and ribs
at IS.
Estimated receipts tomorrow: Wheat,
10 cars; corn, l4o cars; oats, 145 cars; hogs,
24,CO head.