The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-22
WHEAT THE ONLY LOSER
FAIR WEATHER AND GOOD CROP
CONDITIONS DEPREss PRICES.
Corn and Oats Relatively Strong,
Closing Higher-PrOvisiOns at Top
Prices for the Year.

CHICAGO, June 21.-Weather map argu-
ment was the pivot on which grain spec
ulation swung to-day. But it was fair
weather and promise of more of it rather
than the soaking rains that influenced
wheat most of the week. In consequence
wheat slipped down. Corn and oats had
good arguments of their own to sustain
prices, therefore when July wheat closed
%GAc lower. corn had gained &c and oats
stood &c higher. Provisions gained much
attention because of their strength and
closed with net gain of 21ac to 712q1O.
Clearing weather and lower Liverpool
cables brought a sharp decline in wheat
at the opening. Paris was a little higher
and there seemed 10 be some conflict OF
opinions as to the real conditions and ten
denotes In the market. England was having
fair weather. American fields were given
a respite from rains and clear weather was
promised. July opened ragged, &c to
1hc down. at 73i4c 10 73hc, and after some
small rallies dipped to 73c. Traders who
had been consistently bullish for a week
turned sellers. Commission houses liqui-
dated freely and many stop-loss orders
were executed for bulls who came into the
market as buyers only yesterday. Septem-
Der was subjected to some sharp selling,
but December was supported a little. Very
good seaboard clearances helped in a rally
late, but the close was weak. July on the
rally sold to 739sd7SAc, but closed %dAc
down at 731aG735sc. Local receipts were
"a cars, four of contract grade: Minneap-
oils and Duluth reported 24 cars, a total
of Dos against 239 last week and 3SS a year
ago. Primary receipts were $4,000 blu,
against $4,000 last year. Seaboard clear
bu. The seaboard reported five loads ia
ken for export. Locally, 100000 blu were
worked.
Corn ended it's weeks work in a tagging
manner. After the excitement of the first
Of the week to-day's quiet seemed abnor-
NAL. The tone. however. made UP some
what for the narrowness of trade. In spite
OF the bearish weather conditions and the
wheat slump, corn held firmly. There was
considerable selling at times in July. but
everything was we'll taken. Deferred OPP
lions also were in good demand and were
floor was to the effect that farmers were
greatly tempted to run their corn through
hogs because of the temptingly high prices
of provisions rather than to ship in the
stuff. July still seems cOngested. This OPP
ton to-day sold between 66c and 651ec and
closed firm, '%sc up, at $3.50. Receipts have
improved a little OF late, but contract stun
is very small. To-day 21 cars arrived, of
which only fourteen were contract.
Oats ruled pretty steady. There were
early dips in the wheat break and the bet
ter weather. but the briskness of the cash
demand and the tirmneSs Of corn inf1u-
enced a change of sentiment and a slight
advance. Profit taking during the week,
induced to some extent by an improvement
in receipts, held prices down somewhat.
To-day the crowd was bullish though quiet.
and July, which sold at 391Zc, closed firm,
&c up, at 401sc. Receipts were 200 cars.
Provisions, while only fairly active, at
tracted considerable attention from the fact
that top prices for the year again ruled In
the pit. With the bullish tone of
corn, a strong hog market, and
with packers buying all products
offered, very good advances were
registered. Traders say the pit has reached
a point where it is almost impossible to Sc
cure stuff without bidding considerably
over the market. July pork sold at SIS and
closed strong, sc up, at $17.921z; September
pork sold at $3.50. July lard sold at S10.55
and closed SC higher. at $1,000. and ribs
touched 5000 and closed 219c up, at s10.77h.
Estimated receipts for Monday-Wheat,
% cars: corn, 100; oats, 100; hogs, $50
head; hogs for the week. 10000.
Leading futures RANGED as follows: