The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-17
CORN LEADS The MARKET
ADDS A CENT TO ITS PRICE DURING
A STRONG SESSION.
FractiOnaI1y Up-Oats Lower. Pro-
visions at Mixed Changes.

CHICAGO, June 16.-COrn was the jack
screw TO the speculative pits to-day. Bull
manipulators got under the coarser grain
and by lifting IL raised wheat slightly, in
spite of generally bearish conditions. At
the close July corn was lc higher. wheat
1s@Ac higher and oats 14dSsc lower. Pro-
visions rallied from sharp slump TO a
close 2l5c lower TO loo higher.
Corn was momentarily weak at the open
ing, in sympathy with wheat and on the
clearing weather and some early short
selling. The trade was soon dominated
however, by the idea that the big bull
party had not abated any of its previous
intention to boost prices. When there was
a fair show toward recovery from the
opening depression there was a movement
on the part of shorts IN July that indi-
Gated they thought ii best TO suffer losses
now rather than later. An attempt to
cover big line as the prices advanced
scared all the little fellows, in the face of
bearish statistics. July, which opened as
low as 63c. kept steadily advancing
Around 64c there was liberal unloading of
longs who had bought near 6Oc But this
stayed the upward movement but slightly
manipulation was more important than
anything else. This is expected to be the
case for some lime. Under these circum-
stances the pit experienced fair activity.
July closed strong at its high point 1c up,
at 64Ssc. Receipts were 1853 cars but con-
tract stun was small. Exports from the
seaooard were nothing, against $40, 600 bu
last year.
Wheat was relieved from dull monotony
oy the action In corn. Early liquidation
on the clearing weather weakened this pit
but trade hung fire and haggled idly for
some time. Gables were better, indicating
cold weather in France. Statistics were
generally bullish, but crop prospects were
very good. When corn began showing its
strength wheat developed it's short-lived
activity. July. after opening kGAc lower.
at 12s91%c,. and dipping to 717sc. rallied
TO a firm close, 1sdAc up, at 72c. Very lit
tie cash business was reported. Local re-
ceipts were nineteen cars, four of con-
tract grade Minneapolis and Duluth re-
ported 4f3 cars, a total of 462, against eos
last week and 470 a year ago. Primary re-
celpts were 6O60OO bu, compared with 6S2 900
last year Seaboard clearances in wheat
and flour equaled $4,000 bu Worlds ship
ments were 100000. against 8, 400 600 last
week. and breadstuffs on passage de-
creased 3.O5s,0OO
Oats were dull and featureess. The fair
weather prospects and the probability of
large crops offset the steady cash demand.
Liberal receipts at 146 cars also had a
slightly bearish effect These Influences
together with the opening sIumps in wheat
and corn, caused a break in this pit and
July new sold early at S9l4c The rally in
corn brought a slight recovery but July
closed weak, hGasc lower, at 391hG39%c
Trade in provisions was small and dull
although prices in pork huctuated widely.
a run of $4,000 head of hogs at the yards
depressed the hog market and influenced
free liquidation in provisions Packers
soon came to the support however, and
boosted prices sharply There was some
talk that the big fellows" were not en-
tirely in harmony to-day. July pork sold
at $40 early and closed 10c up, at S17.621h
Lard closed unchanged at 5000, and ribs
212c lower, at s10371
Estimated receipts for tomorrow:
Wheat, 40 cars; corn, $40; oats, 207; hogs,
5000 head.