The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-08-27
MARKETS ARE OVERSOLD
RESULT Is DECIDED SLUMP IN
PRICES OF GRAINS.
Corn Leads in Excess of Weakness,
visions Close at Mixed Changes.

CHICAGO, Aug. 26-An markets had a
downward trend to-day. Fine weather in
the Northwest, where the spring wheat
harvests are eXerting a big influence on
world prices. and the possibility of in
creased movement worked the edge off of
wheat. Corn seemed to have been over
bought the fear of scarcity for near
contracts. Good crop reports did the rest
and sympathy influenced down turns in
other pits. At the close September wheat
was %42sc lower, corn 1Ac and oats sc
down. Provisions closed 71kc up 10 sc down
Trade in wheat was dull, tagging affair
for time. There were occasional
spurts of activity but in general the trad
ers simply allowed prices to slip away grad
ually on the influence of the Northwestern
markets. There had been fair weather in
the spring country for twenty-four hours
and predictions were for a continuation of
favorable conditions. Cables We're indiffer-
ent, weather being fine both in England
and France, and the spot demand disap-
pointing. Cool weather Northwest, to-
getner with poor grading here and lighter
receipts OF wheat, probably was the reason
why there was no heavy selling pressure
in wheat. Cash stun Northwest was as
much as ll2c lower and the demand was
slow. Minneapolis and Duluth were not
getting much wheat, but there were pros
poets or an increased movement. Septem-
Der here started a shade to 1sll14c lower at
12SsQ1214c and slowly fell off 10 n12c, clos
Ing weak, AQHc lower, at 1asc. Local re-
ceipts were Az cars. one of contract grade;
Minneapolis and Duluth reported 2S2 cars,
a total of 159, against 572 last week and 1039
year ago. Primary receipts were 1,l930 900
blu, compared to 1,23l,OO0 year ago. Sea
board clearances in wheat and flour equaled
$4,000 bu.
There was a limited demand early for
September corn on the influence of higher
cables and poor local grading. Stocks were
falling off. Rains also retarded the matur-
ing corn. These factors started little bull
movement early and September corn once
more sold at Coo. The pit, however. soon
took on a heavy aspect. In the enthusiasm
during the last bull turn, ii seemed that
too much stuff had been taken on. Holders
weakened from their bullish position and
on the wheat break let go of stuff. The
high price deferred shorts from covering
freely and prices broke. September was
erratic. Fluctuations were rather wide.
September eventually sold down to 57&c
and closed weak, 1Ac depressed at 5SLc.
Receipts were so cars, of contract grade.
oats showed little firmness at the start
with corn, but at once weakened on fair
offerings. Cash business of late has been
slow because of the inferiority of arrivals.
Receipts were big at 533 cars, although
only is cars were contract. There were
rains IN some or the cat fields, but condi-
lions Northwest were very favorable.
Commission houses had selling orders and
professionals scalped on the bear side
September sold from 337sc to weak close,
&c lower at 33c.
provisions were only fairly active and
were somewhat irregular. Hogs were COM
manding much higher prices and there was
some support. Lard was in good demand.
Pork and ribs, however, were sold freely
on the bulge and slumped. September pork
closed DC down at sl66713 lard TIC up at
SlO.95 and ribs sc off $40 Is.
Estimated receipts for tomorrow: Wheat
zoo cars; corn, 20 cars; oats, $50 cars; hogs,
q, 900 head.