The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-28
Big BOOM in JULY CORN
FEAR OF A SQUEEZE AND HEAVY
BUYING BY BULLS CAUSE 1T.
sympathetic Effect on other Grains,
Which show Small Advances
Provisions Also Higher.

CHICAGO, May 27.-Corn prices went
climbing to-day and aided other grains in
a sympathetic upturn. Many conditions IA
vored better prices in all the pits. but it
was largely through the fear of the corn
shorts that the long-predicted squeeze was
coming that brought the advances. July
wheat closed 2sq12c higher, corn 12sq115c
up and oats Aa3sc advanced Provisions
closed 5q71zc to 1Oc higher.
After making good gains yesterday corn
easily took the lead again to-day in point
of both activity and gains. The tone
through the session was very strong, and
the buying that put prices up was of the
very best character. Nearly everything ia
vored the bulls. Cold weather started the
upturn, but decreased stocks, compare
lively small receipts, with still smaller to
come, higher cables and a good cash de-
mand were the added influences that fright
ened shorts into thinking their day OF
reckoning had come. Reports OF liberal
country acceptances, about 100000 bu, on
last nights bids, had no effect on the crowd.
AT times the pit was quiet because the
crowd showed no disposition to sell stuff.
Late in the day came the greatest activity,
when the big bull house began 10 augment
the demand of the commission houses by
bidding freely and at higher prices. This
started sharp furry, and shorts covered
the weather favored movement disturbed
the prophets, who have been predicting an
increase of sevral hundred cars here daily.
July corn opened 1sqAc TO sc up at 6SAq
6S@sd6S12c, jumped to 6434 and closed strong,
1Ssul12c up, at 6412c. A rumor was started
early in the pit to the effect that the lead
ing bull house, which is supposed to be
long 100000 bu, was calling 10 per cent.
margins. Stocks were decreased 900 bu
for the week. Receipts were 167 cars.
Wheat made further moderate advances
to-day. Corn strength as much as any
thing was the factor. General sentiment
was bullish, although there were some
bearish influences at work negatively 10
restrict trade. In the main the commission
houses are getting a little more business
from the country, and the pit consequently
showed a more fairly active condition.
Cables were slightly higher, but Influenced
only a steady opening. Crop prospects still
were very good The cash demand and the
premium for cash stuff over the nearer
options, together with the decreases in
stocks, were the principal bullish incentives
inherent to the pit, although corn gave the
best support. Traders were paying some
attention to reports of officials of the
Northern Pacific and the Great Northern
railways to the effect that the Northwest
has practically no wheat to offer and that
up to the present time these roads have
carried IS, 900 900 bushels of wheat more than
during 1901. Bradstreets visible supply
showed a large decrease and Influenced
some of the advance. July opened shade
lower to a shade higher at 1850 TO f34c,
sold to 74Ac and closed firm and ss412c up
at litSc. Local EeCelplS were - CARS, OlS
of contract grade; Minneapolis and Duluth
reported SO cars, total OF To- against LOS
last week and 3l5 a year ago. Primary re-
ceipts were 2540G0 bu, compared with 395,V0O
last year. Seaboard clearances in wheat
and flour equaled $4,000 blu. Local stocks
decreased $4,000 blu this week The sea-
board reported the export inquiry dead.
Trade in oats was slow save for sharp
upturn on a few transactions in May stuff.
The main strength that upheld pit prices
was that of the corn advance There was
hnra fr1G of ri
total contract amount now here being only
421. 900 bu. In view of the fact that there
are only four days more in which May
shorts can cover, and also considering that
the leading bull interests have been ship
ping out stocks as fast as possible, the
crowd was very nervous. May sold up
115c in a short time, but later options sim
ply showed fair advances. The fear OF
squeeze in the May deaI' kept many trad
out of the market July sold to S1Bc
and closed firm and Ac to sc higher at
377sG3774c. Receipts were liberal at 2S9
cars.
Provisions were very strong early on the
higher prices for hogs at the yards and on
the very small offerings. Sentiment was
very bullsh for time, and there was
good packers support back of the market
especially in lard. Commission houses did
some fair buying. Selling was mainly scat
tered for the outside account in the way of
liquidation Toward the close profit taking
tone was still strong. July pork closed 10c
up at $170719 lard sc to TIC higher at
Sl0171h, and ribs TIC TO 10c up at s.. 6212
Estimated receipts for tomorrow: Wheat
20 cars; corn, 80 cars; oats, 145 cars; hogs,
rs, 900.