The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-06-28
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 1Sc lower, corn
off 11sc and oats down ssQAc. 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 a 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 S2QS2ssc, and
September off 3s41xc to %q7sc at 79AQ
1880. 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 S01zc and September 7Sc
The close was near the bottom, with July
1Ac lower at S07sc, and September down
15sc at 7ShQ7SAc. Clearances of wheat and
flour were equal to 244. 900 blu. Primary re-
ceipts were 30i, 800 bu, against 100000 a year
ago. Minneapolis and Duluth reported re-
ceipts OF 2l6 cars. which, with local re-
ceipts Of "a cars, three of contract grade.
made total of 240 cars, against 254 last
week and 347 a 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-
siderably lower than yesterdays close. The
selling was renewed from time to time
during the rest of the session, and prices
declined still further, July closing at the
low point at 1880, a loss of 1asc, after sell
ing between 4y7sc and 5O7sc. September
closed 11sc lower at soc, after ranging be-
tween $3.50 and J0ssc. Receipts were COS
cars, "A OF contract grade.
July oats suffered sharp break In the
first hour, the opening price being from &c
to lhc lower at 4l%Q4z7sc. and selling of to
4lc soon after the opening. The decline
was due chiefly to selling by a prominent
commission house, and with stop-loss or
ders coming out on the decline, the recess
was more 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 4012c and 427sc, July closed 2Ac
lower at 40%c. with September off ssQs4c
at 3S3sc, after ranging between 337sc and
34ssQ3flzc. 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 an easier hog
market, but toward the end of the first
hour there was 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.271z, and ribs
22lac lower at sS.621z.
Estimated receipts for Monday: Wheat
% cars; corn, 800; oats, go; hogs, $1,000
head.