The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-07
BUMPER CROP REPORTS
THEY CAUSE SEVERE BREAK IN
THE PRICE OF CORN.
Slight Late Rally on CoverinE-Whent
provisions Are Stronger.

CHICAGO, Aug. 6.-The bulls in the grain
pits were greatly discouraged to-day over
the glowing reports from the harvest fields
Everywhere came in advices of crops the
finest ever known" Corn promised bum
per yield and with splendid weather for
harvesting >spring wheat prices slumped
off. Some good export sales of wheat late
in the day steadied wheat and shorts We're
afraid to sell more oats This helped late
prices. At the close September wheat was
a shade down, corn 1l4c lower and oats
unchanged. Provisions closed unchanged
to 1212c higher.
Corn weakness developed early as a re-
suit of the great promise of growing crops,
cables were lower and heavy sales were
ordered from all sources. Little support
arrived and the crowd held to bearish senti-
ments on the exceptionally good weather
The Missouri crop report indicated on pres
ent appearances total yield Of nearly $780,
100000 bu., compared with only 64,OOOOOO
last year. That report was emphasized
by news arriving from private sources and
caused extreme heaviness and a quick
slump. September sold early at 56]sc on a
run OF only twenty-one cars OF corn to-day,
but fell back on the heavy selling to SAC.
Covering brought the best support, al
though the report of only fifty cars to come
tomorrow helped in a late reaction. Sep
TENDER did not regain all its loss and closed
very weak, &c down, at 54ssc. Not car
of contract corn arrived to-day.
Wheat had a good support in spite of the
very great array of bearish influences.
Cables were very steady. compared with
the weakness here yesterday, and exports
were fair. This Influenced a fair support
by leading elevator interests and brought
steady close after several breaks. Fine
weather was reported in the spring coun-
try and harvesting was on as far north as
middle Minnesota and southern North Da-
l;ota. The report of the Missouri crop esu-
mated a yield of 64,OO0O00 bu., compared
with 3l,OO0O00 last year. Receipts We're
still in excess of those Of last year, but
contract grading was still low. September
opened AQ3sc to sake down at 6SS4c to
6S5sc, sold at 69lsQ69Ac, dipped TO 6S1246S9sc,
and closed steady, a shade down, at 69c.
Local receipts were 367 cars, of contract
grade; Minneapolis and Duluth reported 81
cars, a total of 449, against 357 last week
and S53 year ago. Primary receipts were
1,174.0O0 bu, against 1,206,O00 a year ago.
SeabOard clearances in wheat and flour
equaled $4,000 blu. The seabOard reported
sixteen loads taken for export. Duluth
shipped 80 loads and this point took char
tiers for 1000 bu.
Oats opened strongest Of the grains be-
cause of absence of any selling pressure
/ Receipts were not large and September was
in good demand from commission houses
Offerings were light in spite of an easier
cash situation cheaper offerings East
by Indiana and Ohio. The easy tone in
/ the other markets held down oats to some
| extent, but the close was steady and un-
changed at 3l7sQ32c for September. Re
| ceiptS were 50 cars.
Provisions were supported well by pack
| ers and the market ruled very firm There
was none of the recent outside liquidation,
! and very light offerings caused advances.
! Corn weakness caused something of a re-
/ action. September pork closed PIC up at
! $l6.9212. lard unchanged at $lO.S5 and ribs
/ PIC higher at 5000.
| Estimated receipts for tomorrow: Wheat
! 900 cars; corn, 500 cars; oats, 1S5 cars; hogs,
| 20, 900 head.