The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-27
GOOD GAINS in GRAIN
DECREASING STOCKS HELP WHEAT
AND CORN MATERIALLY.
Gains Are, Respectively, Lie and 3-Sc
and 3-4c and 7-Sc-Oats Are In
changed-Provision Lower.

CHICAGO, May 26-Bullish statistics.
especially big decreases in local stocks and
continued small receipts, gave bull traders
good buying incentives to-day, and fair
gains were made in grain prices. July
wheat closed hqssc up, corn 2Q7sc higher
and oats unchanged. Provisions were
weak and closed ~ TO Toe lower.
Wheat showed a good amount of strength
all day, although early in the session there
a shortlived dip on a dull market.
Gables were weak. there was promise of
better receipts from the Southwest and
opinions differed about the weather con-
ditons. July opered a shade to 1sqAc
lower at 73i4a7Sssc 70 7S1sd734c. A fair
commission house demand helped prices
along for time. but prices early fiuctuatcd
very narrowly because of good crop pros
poets. When the visible supply showed
heavy decrease and liberal decreases in
local stocks were taken into consideration,
bulls began to lift prices. Stocks here dur
ing the week had decreased 10000 bushels
and the Northwest had lost 100000. Trad
ers who had been in the country on Sunday
talked of excessive rains in many districts.
There some fair late activity and July
sold up to 73B6l74c. materially aided by the
ssc up, at 7Sesd732.. Local receipts, % cars,
five of contract grade; Minneapolis and
Duluth reported 252 cars. a total OF ga.
against 2S2 last week and 431 year ago.
On passage stuff decreased 1000 bushels.
Worlds shipments were 9,672,000 bushels,
against 900 last week-of which large
proportion was American. Primary
ceipts were 1872. 500 bushels compared with
ST. 600 last year. Seaboard clearances in
wheat and flour equaled $4,000 bushels.
Nearly every argument favored an up
turn in corn Receipts, although larger
than several days ago, were still much
smaller than are necessary to replentsh
stocks. Cables were firm; cash business
was good and the crowd, rather than sell
short, was inclined to take all the scanty
offerings at better prices. Crop prospects
were good, but rains were reported too ex-
cessive and the weather too cool for best
growth. The Southwestern markets also
were bullish. Manipulation pushed up the
nearer options, while the further deliveries
showed firmness. The decrease in stocks
helped the bull crowd manipulate July until
the July-September spread widened from
TO 219c. July sold up TO 6Sl2c and closed
80 cars.
Oats were quiet and relied on corn for
support. Fair offerings of May set the
price of that option back little but other
stuff was tightly held and prices were
steady. Almost the only feature was the
absence of selling pressure. July sold at
3T129379sc and closed unchanged at S73s
Receipts were 219 cars.
Provisions had TO contend against the
weakening influence of a weak hog market
at the yards. Offerings were liberal and
prices declined easily. Late in the day,
when the pit was dull, there was a light
rally on the corn strength, but the close
was 10c lower for July pork at $l6971zc;
21ac down for lard at $10.l0d101 21z, and ~
GIlOc lower for ribs at 50. 5212d9.55.
Estimated receipts for tomorrow: Wheat,
90 cars; corn, 100; oats, 500; hogs, $1,000
head.