The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-20
GRAINS ARE VERY dull
PRICE MOVEMENTS ARE SLIGHT AND
TEND DOWNWARD.
weather Conditions an Effective Bear
ish rgument-PrOvisfons Also
Close at Declines.

CHICAGO. May 19.-Speculation in grains
was lacking in spirit to-day and resolved
itself into a dull-weather market. Ideal
conditions prevailed in most of the winter
wheat country and in the corn and oats
region. Prices declined generally, but a
late improvement in export business
brought a slight reaction. and July wheat
closed only 14c down, corn 1sqhc lower
and oats sc lower. Provisions closed a
shade TO 10c down.
Once more the outside interest kept out
of the wheat market and thus brought gen.
eral apathy among the traders. All the
English markets were closed because of
holidays Consequently there were no
cables to figure on. In addition TO the
bearish feeling that would naturally re
suit from this dullness, weather reports
showed good rains all over the winter
country and warm weather to help growth.
Northwestern points reported more food
ing rains in the spring country, but the
bullish influence of these advices was OFF,
set by the expectation that the fine weather
conditions in the winter-wheat country
would more than make up the difference
in late spring seedlings. Country offerings
We're increasing, st. Louis getting about
100000 blu, mostly from Kansas. There was
a general bearish feeling prevalent, but
the trade changed its views on the relative
merits of the July and September options.
September showed 21kc under July on Sat
urday, and the difference was narrowed
TO 1c to-day by several big houses covering
September short accounts. July opened a
shade lower to shade higher at 74S4 a
H1sc, and on a small selling pressure de-
clined TO 74Ac. Considering the idleness
of the foreign markets, remarkably
strong demand then arose. Local receipts
were twenty-four cars, two of contract
grade. Minneapolis and Duluth reported
25S cars total of 2s2, against 26i last week
and 1853 a year ago. Primary receipts were
900 blu, compared with 100000 bu last
year. Seaboard clearanceS in wheat and
flour eqLaled $4,000 blu. Breadstuffs on
passage increased $4,000 blu. Worlds ship
menJs were 9,904,000 blu, against Z, 200 last
week
Corn ruled rather weak on the ideal
weather conditions. Country offerings were
freer. The increased receipts al this point
predicted last week cid not materialze,
but the prospects of a better movement
deferred the outsider from specializing
and resulted in a dull trade and general
decline. Had il not been for some fair
support by the leading bull manipulators
the weather conditions would probably
have brought a very weak market. Export
business was practically at a standstill, as
il has been ever since corn worked above
SOC. The sentiment was bearish, but bust
ness was so listless that closing changes
were only fractional. July sold at 6lssc,
dipped to 60ssc and closed 1s4Ac down, al
611sQ6l14c. Receipts were siXty-eight cars
Oats ruled dull and easy. Crop reports
were favorable but the cash demand was
good and prevented prices suffering much
July f1uctuated only 3sc and closed easy,
1sc lower, at 96ssc. Receipts were 100 cars
Provisions felt the weakening influence
of outside liquidation and an absence OF a
good support. Hog prices at the yards
were higher. but declines were registered
in all products. July pork closed 10c down,
at SIPS, lard 507Iac lower, at Sl0.25, and
ribs a shade under at s9671as49.70.
Estimated receipts for tomorrow: Wheat
60 cars; corn, 10; oats, go; hogs, 2l,0ot
! head.