The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-10
WEATHER AIDSTHE BEARS
DRYING FIELDS REMOVE FEARS OF
WET WHEAT HARVEST.
All Grains, Led by Wheat, Close at
Marked DecIines-Provisions High
cr i'm All Departments.

CHICAGO June 9.-Sunshine came to
cheer the grain bears to-day. Fears they
had expressed over the possibilities of
wet harvest were banshed and the bulls
ceased to give any advancing support when
they heard that the heavy rains had ceased.
AS a result wheat slumped. Corn was car
ried down with the leading cereal. but was
held up TO some extent by the muscle of
the big bull party. At the close July wheat
was 1q1hc lower, corn 14Q5sc lower and
oats 5sQ&4c down. Provisions closed 5q7lac
to zoe UP.
Wheat was depressed by the fine weather
more than by anything else. For several
days the short interest has been much wor-
ried over the prospects of damage to win
ter wheat by a wet harvest. In conse-
quence there was considerable covering and
the bulls bought recently to a fair extent.
To-day all this was changed when the
weather map showed clear weather pre-
vailng generally. The Southwestern mar
kets were weak at the start, st. Louis being
down 1c and selling here on the weather.
The local crowd was very bearish at the
start, and July, opening 15c to 7sc down, at
71%c to 713sG115c, soon tumbled TO nsc.
The cessation of a demand from shorts
eliminated the otherwise bullish influences
that might have been expected from de-
crease of 2.64O.OOO bushels in on-passage
stuff and of 2,513000 bushels in the visible.
Even some talk of exporting new stuff and
a fair show Of strength at New York on the
French demand al weakened prices had no
effect. Wheat was very heavy and seemed
unable to help itself. and as no support
came to its aid the close was weak and
July 1Q11sc lower, at 11sQ7Ac. Trade was
fairly active and selling heavy. Local re-
ceipts were twenty-seven cars, four of con-
tract grade; Minneapolis and Duluth re-
ported 81 cars. a total of 39S, against S6
last week and eco year ago. Primary re-
ceipts were $4,000 bushels. compared with
$4,000 last year. Seaboard clearances in
wheat and -four equaled $4,000 bushels
Worlds shipments were $4,000 bushels,
compared with 7,712.OOO last week and TO-
$4,000 a year ago. The seaboard reported
! eight loads taken for export Seven loads
/ were sold here for direct shipment.
! Corn opened off sharply on favorable
/ weather for cultivation and on freer coun-
/ try offerings. Southwestern markets showed
marked weakness and commission houses
/ generally had selling orders. There was,
| however, active buying of July by the big
bull party that Is supposed to be in control
/ of that option, so that before noon that
! future had more than recovered its decline.
/ Receipts were Alb cars, and worlds ship
/
! 1861 600 last week There is little talk of
cash business, but from day to day stuff is
moving out and stocks have been decreased
! in spite of better receipts. The weakness,
however, prevailed in spite of the fear of
the deal in July options, and July. though
ii recovered to 63Ac after selling as low as
621zc, closed weak and 12Q5sc down, at 621h
/ Q625sc
Oats broke with the other grains and
ruled weak. The weather talk was the
| principal bearish argument. although recent
| liquidation for profits has had depressing
| effect The disparity between the cash
| price and that of July stuff helped in a
small rally, but late trade was dull and
July, after selling from 3S7sc to 3S15c, closed
weak and ssd24c down, at SS12c. Receipts
| were 121 cars.
Provisions did not feel the grain influ-
| ence and were pushed to higher prices
| Hogs were higher. there was fair demand
| by shorts and little stuff offered by the
! packers who control all the holdings. JULY
pork sold between $3.50 and $17571k and
closed 71ac up, at $3.50; lard closed 5G71bc
up. at $10.3215. and ribs zoe higher, at s10371s
Estimated receipts for tO-morrow-Wheat
40 cars; corn. 500; oats, go; hogs q, 900 head
Leading futures ranged as follows: