The Montgomery advertiser., 1904-06-18
CHICAGO GRAIN AND PROVISIONS.

CHICAGO. June 17.-Prospects OF a free
movement from the farms from the near
future had considerable to do with produce
ing a weak undertone in wheat today. At
the close July wheat was down Z q &c; corn
is off u q NC; oats shows loss of u q sc.
and provisions a shade to TIC
Steady cables and big decrease in Ar
gentine shipments caused fair degree of
firmness In wheat at the start. Opening
quotations for July were unchanged TO NC
higher at S4A 6s4%. The market soon lost
its initial strength. however selling by
pit traders and commission houses The
greater part of trading was in the Sep
TENDER delivery. Offerings were much In
excess of the demand and a result prices
started downward. The chief cause of the
early selling was excellent weather condi-
lions throughout the greater part of the
country There were also numerous bearish
crop reports Canadian dispatches assert
ed that crops had made fine progress dur
ing the past week and that the acreage will
be " per cent more than for 1903 Equal
ly bearish news regarding spring wheat In
Minnesota and the Dakotas was received
from Minneapolis, replies from a thousand
inquiries sent out from that city showing a
somewhat larger acreage than last year In
connection with the harvesting operations In
claimed that indications point to a salts
factory yield with quality generally good.
Talk about new wheat coming on the mar.
ket was played to advantage as bear
card. The weakness of the September and
December options at Minneapolis also had
a depressing influence the market here
made
in July during the last half hour on cover
ing by shorts After selling down to S3M1
S3% that delivery closed at s4@s4h Sep
TENDER ranged between 7sh DISK and 10 r.
closing at 1914 Q79%. Clearances of wheat
and flour were equal to $500 bushels
Bradstreets reports for the week were equal
to a.044.000 bushels. Primary receipts were
233,300 bushels. compared with 352 0O6 a
year ago. Minneapolis, Duluth and Chi
cago reported receipts of 125 cars against
1853 cars last week and 279 cars a year ago
Sentiment in the corn market early in
the day was somewhat unsettled, but as
the session advanced the tone became quite
weak as a result of heavy selling of July
by a prominent commission house. Weak
ness OF wheat. liberal receipts and fine
weather were the influences that caused the
selling pressure. big reduction in Ar
gentne shipments had a steadyinE effect
at the start. July opened shade to nc
lower at ASH Q4s% to ASH. sold between
As and 40 and closed at 4s%. Local receipts
were S2s cars, with 80 of contract grade.
Oats were affected by the weakness of
corn AMI by an official report showing in
creased acreage in Canada. Trading was
on a small scale and the tendency of prices
was downward The September delivery
After opening Nc lower at S9%. July sold
between 3S% and 39%, closing at 3sXm
SsB. Local receipts were 112 cars
Provisions were strong in the early part
OF the session, but late there was enough
realizing by local longs to cause a reac-
ton and change from strength to com
parative weakness. Small receipts of hogs
and firm prices at the yards were early bull
factors. The market closed near the bot
tom, with September pork down 567hc at
~ Soq12.s21 lard was off NC at s.s7H;
ribs were shade lower at Z As.
Estimated receipts: Wheat. 10 cars; corn
1857 cars; oats. io2 cars; hogs, 1000 head.