The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-21
CEREALS MUCH STRONGER
EARLY WEAKNESS IN THE GRAIN
PITS QUICKLY OVERCOME.
Good Fractional Advances in Corn,
Wheat and Oats, Corn Leading
Provisions Are Lower.

CHICAGO. May 2O.-Corn took the lead
in grain speculation late to-day and relieved
the session from the dull, hot-weather
monotone that has prevailed for several
days At the opening of the markets
weather reports were so favorable that the
crowd was still inclined to the recent bear
ish view. But a good bulge came when it
was apparent that the much talked OF in
creases in corn receipts were not TO mater
ialize at once. Other grains worked up in
sympathy and July wheat closed &c up.
corn, $4q7sc higher. and oats. 12e higher.
Provisions lacked tone and closed 21zq5c 10
712c lower.
Corn ruled strong the greater part of the
day although early the absence of business
in Liverpool because of holidays and the
excellent growing weather started business
very dull. There was a small dip at the
opening. on the good crop prospects and re-
ports of freer country offerings. These freer
offerings soon closed, however. and when
the estimated receipts for tomorrow were
posted at 40 cars the crowd that had been
selling short on the prediction that receipts
would soon run between 200 and 800 cars
daily got badly frightened and covered
The leading bull house. that has been ac-
credited with recent manipulation of both
July and September options also came into
the market TO push prices up a little. Late
in the day st. Louis came in TO buy and
enhanced values somewhat. There was some
small selling by commission houses on the
early bearish sentiment. Stocks were re-
dUced and country holders refused to accept
advanced bids. The general feeling of trad
ers late in the session was that the big
manipulators had the crowd well short and
could pinch it badly if they so desired. July
corn sold from 6lhc UP TO 621sc and closed
strong, Aq7sc higher, at &c. Receipts were
81 cars.
Wheat was inclined to dullness all day,
but showed fair strength at times. The ex-
ceptionally good growing weather in the
winter wheat States, absence of Liverpool
cables and reports of more liberal country
offerings started the crowd somewhat bear
ish. Bull news, however, was in better ar
ray. Receipts were small, there were very
heavy rains in the Northwest, which con-
tinued to retard spring seeding. and the
visible supply was decreased more than was
expected. Reports from the Red river val
ley stated that there was but 30 per cent.
of last years spring acreage seeded. In the
SAeoO was uu4i. July Optltu q Silduc
lower at 741zc. but. aided by corn, mounted
to 75c. Liquidation took off some of the
gain and July closed only firm, Ac up, at
74%q747sc Some of the strength was due
to more encouraging talk of prospects of
foreign demand. Local receipts were 5S
cars, three of contract grade; Minneapolis
and Duluth reported So a total of 13S cars.
against l23 last week and 40 a wear ago
Primary receipts were 600 bu, compared
with 245OOO last year. Seaboard clearances
IL wheat and flour equaled AL 600 blu. The
seaboard reported % loads taken for ex-
port.
An easier cash market and reports of
good crop prospects induced an early easy
feeling in oats. The corn strength how
ever, together with some active purchases
by the leading May bulls. sent prices up
smartly and gave the pit some fair activity.
The big professionals played short early,
but soon had to change their tactics. The
general tone was very firm. July sold from
S61sQ36Ac to 37I4c and closed firm 12c up
at $3.50. Receipts were 226 cars.
Provisions were dull and unattractive to
the trade. The early hog market was weak
and induced opening weakness in all prod
ucts. Grain strength, with advices that the
general runs of hogs at the big Western
markets were much smaller than last year,
frmed values for time. Late, however
there was a lack of support, and liberal
offerings brought recessions. July pork
closed nc lower at Sl71712; lard 71sc under
at $lOl715, and ribs 212d5c down at s.. 90.
Estimated receipts for tomorrow: Wheat,
20 cars; corn, 80; oats, 100; hogs, $500
head.
LEADING fr,fu-eS ranoad &c foIlou-S.