The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-29
SLUMP in GRAIN MARKET
HEAVY LIQUIDATION CAUSED BY
CHANGE IN THE WEATHER.
Larger Receipts Add to the Weakness
July Options Lose Most Heavily
Provisions Also Very Weak.

CHICAGO, June 27.-Extreme weakness
prevailed in both the grain and provision
pits to-day, due to general liquidation,
September wheat closing 17sc lower, corn
off 1isc and oats down ssq24c. Provisions
were from 15c to Coo lower.
Light showers in portions of the spring
wheat belt. with cloudy skies general in
that part of the country. caused feeling
among traders that the drought in the
Northwest was ended and resulted in bring
ing out large volume Of long stuff, which
holders were afraid to carry over Sunday.
In consequence of this heavy selling pres
sure prices fell precipitately and weakness
was manifested throughout the session.
Cables were Indifferent to the upturn here
yesterday, and with the break at st. Louis,
Minneapolis and Duluth, this market fol-
lowed the lead and opened lower. July be-
ing unchanged to sc lower at S2ds2ssc. and
September off ssQ19c to %@sc at $40
1850. The market rallied at one time dur
ing the first hour, but selling was too per-
sistent to be withstood, and prices con-
tinued on their downward course until
July had reached S015c and September 7Sc.
The close was near the bottom, with July
lac lower at S07sc, and September down
17sc at 7S1sG7Si4c Clearances OF wheat and
flour were equal to 244,900 bu. Primary re-
ceipts were 3O4,300 blu. against 100000 a year
ago. Minneapolis and Duluth reported re-
ceipts of ZIG cars, which, with local re-
ceipts of "A cars, three of contract grade,
made total of 24O cars, against 254 last
week and s47 year ago.
Corn ruled weak under general liquida-
ton, brought about by the weakness in
wheat, favorable weather and increased re-
ceipts. Nearly every house in the trade
seemed to have selling orders on tap at
the start, and the demand was exceedingly
light, SO that opening figures were con-
sderably lower than yesterdays close. The
selling renewed from time to time
during the rest of the session, and prices
declined still further, July closing at the
low point at 1890, loss of lSsc. after sell
ing between 1880 and 507sc. September
closed 1sc lower at soc, after ranging be-
tween 1890 and 505sc. Receipts were Gus
cars. "A of contract grade
July Oats suffered sharp break I'm the
first hour the opening price being from sc
to 14c lower at 41S4q423sc, and selling off TO
Ale soon after the opening. The decline
was due chiefly TO selling by prominent
commission house, and with stop-loss or
ders coming out on the decline, the recess
sion was made more pronounced. There
was more or less liquidation in the de-
ferred months on account of the weakness
in July, the decline in other grains and
favorable weather conditions. After SELL
ing between 40lsc and 423sc, July closed 24c
lower at 40a4c, with September OF ssQ%4c
at 331sc, after ranging between 338c and
342sp34hc. Receipts were 206 cars.
Provisions ruled weak the greater part
of the session, due to the weakness in grains
and to heavy liquidation. Opening prices
were steady in spite of easier hog
market, but toward the end of the first
hour there was a general selling move
ment and prices declined rapidly, with pork
especially weak. There was little support
to the market and the close was at the
bottom, September pork being off Coo at
$3.50 lard 15c lower at $S.21lz, and ribs
22lac lower at $s.6212.
Estimated receipts for Monday: Wheat
Is cars; corn, 500; oats. 200; hogs. $1,000
head.