The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-23
WHIPSAWING in CEREALS
CORN FURNISHES A SPECTACLE OF
VERY ERRATIC MOVEMENTS.
No Change in September Corn, with
other Grains Closing Lower and
Sharp Declines in Provisions.

CHICAGO, Aug. 22.-Vicious and savage
trading characterized the operations on the
Board of Trade to-day. st. Louis shorts in
corn and wheat were punished severely.
There nothing particularly bullish in
the early news, but yesterdays exceptional
bulge in corn frightened the corn shorts.
and at the opening there was a wild rush
to get under cover. After prices all around
had been boosted to figures to suit the big
holders manipulation made prices jump
back and forth errahcally. In the end the
shorts suffered, the local longs secured
fancy profits for their holdings and prices
closed weaker. September corn closed I'M
changed, December corn sc lower, Septem-
Der wheat sake down, oats 1q11sc off and
provisions suffered loss of 1Oc to zoe.
st. Louis shorts had sent orders for heavy
covering at the opening of the corn pit.
Prices would have gone easily to 6Oc or
more had ii not been that the big longs
were competing with each other to unload
on the unfortunate outsiders. This willing
ness on the part of the bulls TO sell at
fancy figures, however, did not prevent an
excited and much higher opening. Sep
TENDER corn started Ac to 1c up at size to
5sc, and with wide fluctuations jumped to
59ssc. Here big quantities came out, and
before long 100000 bushels or more had
been turned over to the shorts. This broke
prices badly, and as soon as II was thought
the short interest had been eliminated
September touched 551zc. Every bid or sale
made a quick change of from Lc to 1c in
the price Of September Trading throughout
the entire session was sensational. In
fiuential houses had December for sale, but
the early advances in September sustained
the later month. Conditions that usually
rule the pit were hardly considered. There
is still a fine prospect OF big harveSts. Ca
bleS were higher and receipts still small.
otherwise the situation was practically un-
changed. Near the close September rallied
and December fell off. September closing
steady and unchanged at SIC and Decem-
Der sc down at 421sc. Receipts were only
Is cars, 8 Of contract grade.
Except that the weather map was almost
perfect, most OF the early news in wheat
favored buyers. Cables were strong on the
reports of frosts and dry weather in Argen-
tina. Receipts were lighter and contract
grading was very small Above all, shorts
were frightened both at the advance in
Louis was heavily short and wanted over
million bushels. There was an excited
opening with September 1sQAc to 7sq1c
higher at 711sQ12l9c. After the rush of
buying orders was over brokers let go
freely, the crowd followed, and prices
broke to 707sc. One of the factors was the
falling off in the cash demand, with Min
neapolis cash premiums of PIC, from yes
terday's figures. Much of the early heavy
selling was by prominent elevator con-
Germ that has had September options con-
gested for some time. After the whipsaw-
ing process had shaken out many of the
tailers there was a fair rally. September
however closed rather weak, 1kG14c down
at 71%c. Local receipts were 221 cars, only
two of contract grade; Minneapolis and
Duluth reported 295 cars. a total of 516
against 39S last week and 712 a year ago
Primary receipts were 100000 bu against
/ OPP zoe last year. Seaboard clearances in
wheat and flour were liberal at 6OS00O bu
Argentina shipments were 12S, 900 blu, COM
pared with $4,000 last year.
Selling for a leading bull caused weak
ness in oats. Even the great strength
early in wheat and corn had little effect
and after a little squirt prices fell back
The motive for sharp selling by longs was
said to be improving weather West and
Northwest. which is expected to result
soon in improving the grading. Shorts still
wanted stuff but when stop-loss orders
accentuated the decline trading fell off
September sold from 34%c to &c. and closed
weak, 1d11sc down. at 1850. Receipts were
173 cars.
Provisions advanced early on a better
hog market and outside buying Later
longs unlOaded generally and the liquida-
ton caused declines in all the list Even
the unusual advance of as much as 25c in
hogs and a good cOnsumptive demand did
not prevent a weak close. September pork
closed zoe lower at Sl665. lard zoe down at
$40 771R and ribs 1Oc off a $10O215.
Estimated receipts for tomorrow: Wheat.
295 cars; corn, 50; oats. 275; hogs, 5000
head