The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-13
CEREALS VERY BULLISH
STATISTICS ARE ALL IN FAVOR OF
PRICES.
Good Gains at the Close. Though
Provisions at Mixed Changes.

CHICAGO. May 12-Active covering of
short accounts on very bullish statistics
jumped prices upward in the grain pits to-
day and relieved the otherwise monotonous
quiet that usually prevails on the Board of
Trade while spectators wait for the gov
eminent crop report. A continued absence
of a selling pressure also helped prices and
July wheat closed sc higher. corn sc up
and oats kd4c higher. Provisions fuctu-
ated erratically and closed a shade lower
to l21kc higher.
At the outset whea trade was a dull,
though a slightly hrmer affair, pending the
government report of the crop condition
and acreage on May /. Gables were firm
and the worlds shipments and the ION
passage" decreases were bullish. Some
small buying was done for an hour and
then conditions became such that buying
set in in good fashion and the bulls pushed
prices up actively. Stocks of wheat were
reported much decreased. Exports were
very heavy, seaboard c~learances in wheat
and -four equaIing L27O,OoO bushels. This
started shorts 10 covering freely, especially
leading st. Louis houses. For the third
consecutive day there was an absence or
selling pressure and prices advanced falrly.
Contrary TO the usual action waiting the
government report, trade frightened and
grew active. A report current in the pit
that the forthcoming report would indicate
a condition of I.3 per cent. as against 1874
on April / gained considerable credence.
Added to these factors were discouraglng
reports of chinch bugs, insufficient rains
and extensive plowwing up OF wheat fields ii16
bullish and showed July TO 161sc after
opening q shade to hc up at 75A976$sc.
Commission houses and big traders VINO
bought early liquidated at the high price
and the tone eased off a little. The close,
however, was still strong, July sc up at
7s&Q751sc. Local receipts were u cars;
Minneapolis and Duluth reported 20, a
total of 264, against 35 last week and 354 a
year age. Primary receipts were S6O,VU
bushels, compared with $4,000 last year.
Worlds shipments were $4,000 bushels. On
passage breadstuffs decreased Sc, 900 bushels.
Corn traders paid little attention to sta
~tistics, which, if anything, were rather
bearish, and bulled the pit all session. Buy
ing by the big bull interest and short COW
ering were the incentives. AS for several
days past there was again no noticeable
selling pressure. The sentiment was bear
ish all around and was helped by firmer
cables and the better tone in wheat. A
number of heavy buying orders for the st.
Louis account early stamPeoed the local
crowd, who soon turned 10 competing with
that market for the very small offerings.
There were some cool and ory weather ad-
vices, but otherwise news was largely of
routine character. After the buying craze
had pushed July ccrn from 61Ac to &c there
was some late profit taking n the mar
ket lost part of its strength. July. how
ever, closed firm, 5sc up, at 62$sc. Receipts
were ninety-ive cars.
Oats were inclined to dullness, although
they made fair advances on the strength in
corn and wheat. There was a fair demand
from st. Louis and the English houses, and
the marked reduction in stocks gave the
market a bullish aspect. Shippers were
takin, some stuff ard about the only sell
ing was by scalpers. Chinch bugs were re-
ported in the central States. July opened
unchanged at &c, sold 10 371ac and closed
firm, &c UP, at S7A437Ae. Receipts were
126 cars.
Considerable profit taking, after prices
had been manipulated to the highest level
for the year, took off much of the gain
made in provisions to-day. Hog receipts
over the West were large and prices were
from &c to 10c lower. But in the face of
this bearish argument brokers for packers
pushed July pork up to S17.60. other prod
ucts on the list advanced in sympathy and
then a good deal of stuff was thrown over
board. Prices receded sharply, but the tone
still held firm. July pork closed 121zc up. at
$17.421R; lard a shade down., at SIC. 221zM
1925, and ribs unchanged, at $9.621z.
Estimated receipts for tO-morrow-Wheat,
so cars; corn, 12o; oats, 240; hogs, 1000 head.
Leading futures ranged as follows: