The Indianapolis journal., 1904-06-07
WHEAT GOES SAC LOWER
OPTIMISM REGARDING CROPS WAS
THE BEARIsH FACTOR.
The Market Was Weak Right from
the Opening-LiberaI Receipts
Caused Very Weak Corn Market.

CHICAGO, June s.-Optimistic ideas re-
garding both foreign and domestic crop
prospects caused an almost constant decline
in wheat to-day. At the finish July wheat
showed net loss of sc. Corn is off 11sc
Oats are down lsc TO &c. Provisions closed
at an advance OF 7lkc TO 2Oc.
Improved weather conditions and easier
cables influenced wheat at the start. Week
ly statistics also were a disappointment to
the bulls Initial quotations on July were
&c 10 &c lower, at s77sGSSc. After selling
down to S1ssMS1&4c the price rallied TO SSrsc
The frmer feeling was due primarily to
private advices regarding the crop situation
In the southwest, prominent firm having
quite bullish reports from that section.
While there was some buying on these re-
ports, the majority of traders were skep-
tlcdl as TO the poor prospects and the mar
ket soon developed renewed weakness. For
eign news was extremely bearish, advices
from France and India claiming crops TO
be In excellent condition.
The disposition to sell was considerably
augmented by the promising outlook of
spring wheat in the Northwest. There was
also some selling on the relatively small
decrease in the visible supply, the figures
Tor this week showing a decrease OF only
9i2.V0 bu, compared with 2,o36OO bu de-
crease last week. Weakness in corn was an
added bear factor. After selling on to $40
S71sc July closed at S73sc
Clearances of wheat and flour were equal
10 10000 bu. The amount on passage in
creased $4,000 bu. Primary receipts were
22.2OO bu. compared with sol. 400 bu a year
ago. Minneapolis, Duluth and Chicago re-
ported receipts of 3o2 cars. against 45O cars
a year ago.
Exceedingly liberal receipts, with pros
poets of a continued heavy movement, were
the principal cause of extremely weak
corn market. Trading was fairly active,
with influential interests arrayed on the
selling side. The downward trend of prices
was a natural result of decidedly bearish
advices. Primary receipts were large and
the visible supply increased over 100000 bu,
compared with a decrease of nearly 1,500,OO0
bu last week Another bear factor was an
official forecast for better weather through
out the corn belt The market closed al
most at the lowest point of the session
July opened Aq9sc to 1ac lower. at 49149
i912c, sold between 4S12c and 4912c, and
closed at 4Sssn4SS.c. Local receipts were
S37 cars, with 55 of contract grade.
Oats were easy, but there not much
selling pressure on the market, and at the
low point prices showed only small losses
grains were the depressing influences, but
the light movement and small stocks curbed
selling. July opened a shade to 1s@Ac
lower, at 395sG39slc, ranged between $3.50
3912c and 392.c. closing at 1850. Local re-
ceipts were 13S cars.
Provisions resisted the weakness of wheat
and corn. buying by commission houses
of hogs and liberal receipts of hogs at
Western points were against the market
The market closed at the top, with Sep
tember pork up zoe, at S11.95. September
lard was up 712c, at $665 Ribs showed an
advance of 10c TO 1212c. at s6.95@6.971a.
Wheat, AZ cars: corn, 955 cars; oats, 2O7
cars: hogs. "a 900 head