The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-30
WHEAT AND CORN DOWN
DEPRESSED BY FARMERS RUSHING
STUFF TO MARKET.
weather Too Fine to Back Up Bull
Arguments-Range of Flu
lures i'm Chicago.


grains who figured confidently on a rally
in prices after yesterdays serious slump
came TO grief again to-day. For a time
they took hold OF a few early bull argu-
ments and upheld the pits. bat made-to-
order weather and indications that the
farmer was rushing his old holdings TO
market pushed all prices down to a new
level. July wheat closed sc lower July
corn sc depressed and July oats XQ2sc
down. Provisions closed 2lbc lower to 21sc
higher. Most of the influence in the wheat
pit favored sellers, yet support from a
strong quarter and the comparative firm
ness of the foreign markets kept prices
fairly firm for the first hour. Cables
showed a little decline, but were not bear
ish. Advices did state, however, that there
was pressure Of spot wheat on the English
market a great quantity of stuff due to
arrive off coast and fine weather abroad.
Buying by big house that suggested sat-
isfaction with the price brought in a num-
Der of tailers and helped prices. For a
time corn helped wheat, but 1t soon became
apparent that the bears had the situation
in hand again. The weather in the winter
country was warm, with rains, and in the
Northwest clear and warmer. Bears laid
great stress on this argument and were
thriving on fine crop prospects. Receipts
were increasing. In the way of novelty
a car of Texas new wheat was shipped in.
and on its harvesting the Southwest sold.
No additional export business came to the
relief, and everything slumped. July
opened 1sqAc to a shade lower, at 72ssc TO
7224c, and dipped to nc, closing weak and
twenty-one cars, one of contract grade;
Minneapolis and Duluth reported 2O3 cars,
making total for the three points Of pa
cars, against 123 last week. A year ago
the day was a holiday. Primary receipts
were 314,O0O bushels. Seaboard clearanceS
In wheat and flour equaled $4,000 bushels.
Every one with interests in corn was
alert at the opening to see what stand the
farmers would take on the Chicago bids
sent out last night These bids, of course,
were reduced under those which brought
out the big acceptanceS yesterday, but still
the country let go between 100000 and 40O,-
600 bushels. Gables, however, showed in
difference to our slump yesterday, and the
big bull crowd supported fairly well for
time. This kept July firm early TO its yes
terday's closing price. Then came the ad-
vice that the receipts tomorrow would be
295 cars. This looked TO the traders very
much as though the farmers were rushing
their stuff to market. Trade turned very
bearish bears sold short, and when the
small support of the Wall-street crowd was
taken away prices dropped 1c. Good crop
reports keep coming to market and weather
reports are as good as can be desired. The
cash demand was only fair. July opened
shade higher to A1ssc lower, at CSC to 62ssc,
Slumped to &c and closed weakest of the
options, &c under, at 621sq62Ac. Receipts
were excessive at 226 cars.
The only feature to the trade in oats was
the nervousness accompanying the May
deal. Several small trades in this option
caused fluctuations of 1c. Otherwise the
market was dull and unimportant. Many
shorts are settling with the operator who
cornered that delivery. 1t is now thought
the deal is and that no excitement
will witness its close on Saturday. Crop
advices for the growing oats state that
they in better condition than any of
the grains. July new sold off from 371sc
on the weakness in the other pits to 365sc
and closed weak and Ac to &c down, at
367sc. Receipts were liberal at 229 cars.
The strike of the teamsters of the big
Chicago packing houses began to have a
bearish effect on provisions to-day. At the
opening prices were strong on a run of
hogs-13,000 head under the estimate.
Packers manipulated the pit for higher
prices and then unoaded lard and ribs on
the crowd. This, together with the grain
weakness and the strike. lost the pit all
it's early gains and brought net recessions
in some options. July pork closed 2kc
down, at s17.05; July lard a shade lower at
S1O15 and July ribs 21zc UP, at $9.65.
Estimated receipts for to-morrow-Wheat,
20 cars; corn, 295; oats 1875; hogs, 10000 head.
Tomorrow being Decoration day and
legal holiday there will be no business on
the Board of Trade.
ell