The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-05-14
MAY FUTURE ABOVE JULY
And Chicago Operators Are Puzzled to
Understand This Freak in Wheat.
Bulletin Claims II ,QeQ, 600 Surplus Last
Year, but Wet Weather Was King.
TRADING At CHICAGO.
Corn Underwent a Scare, but Closed Near
TIA Ton Figures.

Corn Underwent Scare. but Closed Near
thu Top Figures
CHICAGO, May 13-The wheat trade ap-
pears to he too anxious to scalp q small
profit to allow of very good market either
way. Much curiosity exists as TO why May
should command Ac premium over July.
Opinion varies as to whether the cause is
cash wheat demand or the beginning OF
manipulation. Compared with last night
May wheat is up 1c this evening. and July
Sc. Corn is 2.c and oats sc higher. Pork
shows TIC advance and lard and ribs csc.
1t was raining here. The weather map was
also bad, showing rain or snow almost
everywhere, end the trade in wheat opened
with decidedly bullish sentiment. First
sales were at 19c to a4c advance on the clos
ing figures of last night. The outlook was
certainly diseourngIng for seeding in such
localities as are still behindhand IN
such operations. But to the surprise of
almost every body the frmness in the price
and the strength In tho situation was
quickly follow ed by decided weakness and
a sharp slump in prices July quickly going
OIL nearly a cent. The drop was due to the
heavy offerings Of long wheat and the free
short selling by Pardridge. Cudahy. Gift
Farnum. 1t was rumored. too. that Kauf-
man. of ST. Louis. had sold big line. The
early bulge had given the scalpers who
bought yesterday at al "a C to Sl12c good
profit and there seemed TO be a unanimous
disposition to take it, hence there was an
avalanche of offerings, which at once
started the market OH the down grade and
caused the weather map to be entirely over
looked Cables were also lower from the
United Kingdom. and the high barometer
in ha lad f,,t IA N r.
ing weather. Some of tho private-wire
houses did have numerous dis
patches reporting the weather as
already clearing. but these were
| The weakness was helped along by report
| that the Russian edict prohibiting the ex-
| portatlon of wheat had been removed.
Then came reports saying that the prohib-
itory movement relating to corn and oats
| had been removed. bnt that OF wheat
would probably not be removed until July
| Is. The local corn market advanced sharp
| ly, and there was talk of large ioadlngs
| of wheat here for shipment: Under these
combined influences the market rallied 7sc.
| to the top prices of the day. closing steady.
During the day y calculation was made by
the Chicago Daily Trade Bulletin, based
upon last seasons crop having amounted
| to GOO OOO, OCO bushels which Indicated q
| probable surplus over every possible re-.
| quirement from home or foreign sources of
Il. 0CO. 600 bushels, after an allowance of 3d.
| 1000 bushels for reserves. These lgure6
were construed favorably for the bears.
| The corn trade had its regular daily
! scare at the opening, when May price was
| quoted 1c to 1l2c over last night. at 4S4c @.
and July Sac to &c up, at 44Ac to 44lsc. This
was on the weather again. From first
| prices there was u drop of 15c to lc. The
| close was within lac of tho top.
Oats opened lao higher on unfavOrable
weather. gained an additional 1sc. and
then broke ss09Sc. The market afterward
| recovered all that it had lost. and closed
about where 1t opened.
| Provisions were so dull that the brokers
| left the pit in the middle of the day. and,
| by the inducement of a few coppers thrown
| into il, enticed O crowd CT messenger boy 9
| to get up q scrambling for their amuse-
| ment. The firmness of corn contributed
| to hold prices up. A good demand existed
| for vessel room. and rates remained steady
| at &c for wheat aud ia C for corn to Buffalo.
Estimated receipts for tomorrow are:
| Wheat. &c cars; corn, eco cars; oats, ?05 cars;
| Hogs. $4,000. The leading futures ranged
| as follows: