The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-21
SHARP ADVANCE IN CORN
MAY AND JULY OPTIONS STRONG,
BOTH CLOSING HIGHER.
Oats Also FractionaiIy Up-Wheat
Easy and nged-ProvfsiOns
Higher. Led by Lard.

CHICAGO. May 20.-Corn and oats ruled
strong to-day. each closing SsG1zc higher
for July delivery. but wheat lost its early
advance and closed unchanged Provisions
closed 5a7lac 10 1Oc up.
In response to the Liverpool market,
which failed to follow Saturdays advance
this side, July wheat opened sc lower TO
unchanged at 72I1c 10 725sc. During the
forenoon, however the price rose TO 1Sisc-
This was based chiefly on the purchase OF
approximately 100000 bushels by a single
firm, although the statistics were suifi-
GENTLY bullish 10 aid materially in enhanc-
ing values. At 7314c the advance was
checked by the heavy sales of an influential
operator Shorts by this time were in a
more secure position, and this operator
succeeded in unloading only a small portion
OF his long line. estimated at 100000 BUSH
els at 73c or better. He sold till the price
reached 721sc, and then, apparently having
disposed of his burden, he stopped, and the
market closed steady, July unchanged al
use May exhibited strength at times, bur
the buying seemed to be side play for the
purpose of helping July. From various
parts of the spring wheat country came
word of the need of rain, but Kansas pros
poets were said to be highly satisfactory
Worlds shipments last week were 1902 40
bu, 100000 bu under the previous week.
while the quantity afloat showed decrease
o. ZOOS, 900 bu. The decrease in shipments
was due TO a falling off in Russian exports.
Seaboard clearances in wheat and hour
were equal to 507,0 600 bu Primary receipts
aggregated 5O0,0oo Du, compared with 40SvVJ
bu last year. Minneapolis and Duluth re-
ported $40 cars, against 3O5 last week and
$50 year ago. Local receipts were 81 cars,
one or contract grade.
Corn held firm In the face of very heavy
receipts, because one firm bought guam
tity estimated at 100000 bu Oh July, be-
lieved to be mostly for shorts. May was
also in demand by shorts, who saw mt TO
secure profits, and as there was not much
Oh the market the price was held well
above Saturdays level. July sold between
44Isc and i5l6c, and closed $s@l2c higher 1T
Asc May ranged between 45l1c at the
opening and 4Sc, and closed at the latter
figure, 111c over the previous close. Re
ceipts were 942 cars, 43l Of contract grade.
Oats were active and strong on demand
from country interests believed TO reflect
the backwardness of the season. This class
OF buying caused covering by local people
who were short, and the result was an adj
vance in prices. July sold between &l4W
2S3sc and PC. and closed $sQ12c higher at
2o4442S7sc. Offerings at the top were lib
eral, but not sufficient TO appreciably lessen
the demand. Receipts were 299 cars.
Strength in the price of lard was the
feature in speculative trading in pro-
visions. An advance OF l2lac in the May
delivery was taken as an indication OF an
improved cash demand. The market was
also helped by the corr strength. July pork
closed 712c higher at $li.9212, July lard lOc al
sS.l71a, and July ribs 5q7izc improved at
S7.971aGIS.
Estimated receipts tomorrow: Wheat. %
cars; corn, 915 cars; oats, 400 cars; hogs.