The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-07
HELP FOR WHEAT BEARS
FOUND IN THE FOREIGN NEWS AND
WEATHER CONDITIONS.
LOSS i'm This Cereal and i'm Corn-0ats
steady and Shade Down-Prc-
visions "a Little Firmer.

CHICAGO. May 6.-Wheat prices were
pounded down for a net loss Of ssaS4c to-
day. cables and weather being the main
bearish influences. Liberal receipts caused
a closing loss of &c in May corn, but July
closed steady. lsIi4c down. July oats closed
&c lower. and provisions a shade 10 DC
higher
The wheat market bowed meekly 20 the
influence of lower cables and rain in the
West, where, seemingly, it adds the nnlsh-
ing touch to almost perfect conditions
Liberal worlds shipments came as an
added announcement 10 those who wish
for lower prices. July opened a shade 10
AGssc lower, at 72%c 10 72l2c, under pres
sure from longs and short-selling bears
and dropped early TO 72lsc. strong capieS
from the continent caused furry OF alarm
among shorts and the market recovered TO
72Ac during the first hour, but the oulk or
the pit was against the recovery and a
sharp reaction to 7lS4c followed. Trade was
duh for the remainder of the session, and
while prices ruled fractionally above the
bottom the rest of the day, the close was
rather easy, 5sQ$.c under yesterday, at
727sc Exporters reported q loads taken.
Seaboard clearances. in wheat and nour.
were equal to 433. 600 bu. Primary receiPts
were 4aO.OpO Du. compared Will ONS'VVV ioSs
year Minneapolis and Duluth reported 4o-
cars. against 2S2 last week, and So4 year
ago. Local receipts were 90 cars, none Oh
contract grade. Worlds shipments were
So6s. 900 bu. while the quantity on ocean
passage decreased 10000 bu.
a marked increase in the receipts or con-
tract corn. together with the expectation
that there would be further increase TO-
morrow was influential in the corn mar
ket May corn felt the increase more sSIi-
ously than the deferred futures. For dellN-
ery this month the market opened from
&c TO soc. which proved TO be the days
range. and closed &c lower. at sic. Inere
was scarcely any trade. In July operations
were more active. July corn was sofa ds-
excessively during the forenoon ana prices
at one time showed a loss or nc. Early
sellers in some instances, bought later un-
der the leadership OF the most influential
bull on the floor and reaction followed;
July sold between 1880 ana 10 anu
closed steady, kGHc lower, at s6hsg 4o1sc'
Receipts were 39l cars, 20 Of contract grace.
Big general trading in July and the I'M
loading of 800, 900 bu of May, by an lnnuen-
tial operator, with fractional decnne IN
both deliveries, marked the day session
in the oats pit Sympathy with wheat anu
the fall of rain were bearish factors, but
the decline in prices was small, OWING 10
Continued support from the elevators. July
sold between 267sc and 264sc, and closed 1sc
lower at 265sc. May closed &c down, at
2S11c Receipts were 232 cars.
Provisions were dull and the range or
prices narrow. The opening was easy IN
sympathy with corn, but fair cash de-
mand steadied the market later. July pork
closed sc up. at sl4.95, July lard shade
higher at s7.95. and July ribs shade pct
ter at s79041. 92la.
Estimated receipts to-morrow-Wheat,
los cars; corn, 5lO cars; oats, S0O cars hoss'
90 900 head.
Heading futures ranged as follows: