The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-27
GRAIN SENTIMENT MIXED
JULY WHEAT CLOSED LOWER. SEP
TENDER FIRM AND HIGHER.
Corn I'd in Both Options-Gain of More
than Two Cents in July Oats-Pro-
visions Also Advance.

CHICAGO, June 26.-Grain speculation
experienced something of a severe twist
from the bear to the bull side to-day. All
markets started out weak and were de-
pressed into a position where they could
be raided easily. The raid came under the
direction of the big corn bulls and prices
switched about violently. The tone became
much mixed. although the bulls were in the
majority. At the close July wheat was sc
lower, September 2sG1kc higher. July corn
sc up, September sc higher and July oats
2Ac higher. Provisions closed unchanged
to 71zc higher.
Wheat had a number of bearish infu-
ences early, in liberal Northwestern re-
ceipts. new wheat coming into the market
and a favorable weather map for harvest
ing. Added to this was the absence of
trading for the rest of the week in the
English markets. Both liquidation and
short selling brought an early weakness in
the leading grain, although September held
up better than July. Both options started
out 1sd14c lower, July at 7312c to 1880. and
getting down to 73c, and September selling
as low as 71$c. After the bears had got
fairly in the trading, led by some selling
by elevator interests in September, the big
corn bulls bought over 1000 600 bu of Sep
TENDER. Then came word of rain in the
Southwest and of grasshoppers in North
Dakota and disappointing threshing re-
turns from Ohio and Indiana July quickly,
sold to 1880 and September to 7212G72ssc.
liquidation again brought a change late
in the day, July closing weak, sc lower, at
73Ac, and September firm, sale higher. at
T21sG72Ao. Traders credit the present mixed
condition of the wheat pit to manipulation.
Local receipts were eighteen cars. three Of
contract grade. Minneapolis and Duluth
reported 945 cars, a total of 1863, against pa
last week and 3S4 a year ago. Primary re-
ceipts were 10000 bu, compared with 100000
bu last year. Seaboard clearances in wheat
and flour equaled 275,000 blu. The seaboard
reported fifteen loads taken for export.
Corn had an active, heavy trade, with the
greater interest centering in September
There was liberal buying of this option by
the bulls after an early break and prices
in the way of news. Receipts were small,
but Were in excess OF last years. July
options were depressed early by offerings
by the bulls and then shorts were forced
TO cover by reason of an advance in price
TO CSC. the high figure of the option. Much
doubt is expressed as 10 who the big short
in corn is. IL is supposed that leading
provision dealer is the opponent of the big
bulls. July sold from CSC TO size up to 69c
and back to a firm close, sc up, at SS5sc.
September sold at $3.50, advanced TO 61lsc
on influential buying and closed strong, sc
up, at 607s661c. Receipts were III cars.
Oats were the strongest of the grains to-
day. The cash demand was excellent with
sales as high as 521Rc for No. 3 white. Con-
tract stocks were almost cleaned up to-day
and almost nobody had stuff for sale.
Shorts, though few in number, covered, but
in order to secure anything they had to bid
high. July sold from 417sG42c to 447sc and
closed very strong, 2Ac higher, at 44$sc. Re-
ceipts were 1l6 cars.
Provisions dipped early on a weak hog
market and free liquidation By outsiders.
Packers, however, soon came TO the sup
port of the declining market and twisted
prices back to firm close. Late in the day
no attention was paid to the depression in
prices at the stockyards. September pork
sold at $1S.3712 and closed 712c up, at SIS So;
lard closed unchanged at s10.60110.6211 and
ribs 21aG5c higher, at $l0.65.
Estimated receipts for to-morrow-Wheat.
80 cars; corn, 40; oats, 40; hogs, $4,000
head.