The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-10
SMALL GAINS In GRAINS
RELATIVELY GOO STRENGTH On
THE STATISTICAL SITUATION.
Trade Is Waiting, However, on To-
Days Government Crop Report
Provisions Generally Strong.

CHICAGO, May 9.-Grain trading was
very quiet to-day. waiting for the govern
ment report on the crop situation, which
is expected tomorrow. In spite of the
slowness OF the market a very firm under
tone prevailed and July wheat closed 1sc
higher, corn Ad&sc higher and oats sc up.
Provisions were again Independently strong
and closed Tkql71zc advanced.
At the outset wheat showed a fairly firm
tone on the colder weather Northwest and
drynesS Southwest. with reports of still
further retarded spring wheat sowing be
cause of moisture, and crop damage re-
Forts from Kansas. Yesterdays cash stu
alton was still bullishly effective and
handlers of cash stuff reported a c%ontinu-
ance of the demand aroused during the re-
cent decline. There was some expectation
that the government report would lower
the figures of the previous month. but the
recollection that prices generally break on
the government report, together with the
fact that conditions in winter wheat have
materially improved since the government
observations were made, retarded any good
advance on this factor. Offerings were
light and receipts were small. The de-
mand was only fair, but it was sufficient to
hold up the market. A fair export business
was done at the seaboard, IS loads being
reported. The Michigan State crop report
showed a condition of 81 against SO last
month. Minneapolis and Duluth reported
that stocks would show a decrease OF l,Wc,-
600 blu. on these influences July, which
opened unchanged to 1sc higher at $3.50
4&c, sold up TO 75c, fuctuated narrowly
and closed firm, 1sc up, at 74Ac. Local re
ceipts were 81 cars, two of contract; Min
neapolis and Duluth received 153 cars, a
total of a3, against 292 last week and Z5
a year ago. Primary receipts were 24S,OW
bu, compared with 347 600 bu last year. Ar
gentine shipments were $4,000 bu, against
1,Ol2,000 bu last week.
Although corn trade was slow, much of
the time in sympathy with the waiting
wheat market, the tone ruled strong under
the prevailing bullish sentiment. The open
ing was higher on the wheat advance and
colder weather, but the continued small re-
ceiptS, declining stocks and the good cash
demand governed the pit. As usual of late,
the crowd quickly followed the lead of the
leading bull house. Small scalpers sold, as
did commission houses early, and caused
a dip. but when the bulls began to buy
September, whereas for several days they
September closed with a gain of sc at 6Osc,
and July, after selling at 617sc. closed Adsc
up at 619sc. Receipts were only 76 cars.
Oats experienced a strong and fairly act
i've market most of the session. The
leading bull professional in May options
was in the pit buying fairly, as also were
several big commission houses corn
strength caused part of the upturn, but re-
ceipts and offerings were small, shipping
sales were large and the cash premiums
influenced the market: July closed strong
at its top figure, sc higher, at 36&c. Re-
ceipts were 155 cars.
There was some fair liquidation for prof
its in hog products. but it was not sufti-
Gent to retard a good advance. Prices were
higher all day and the tone ruled strong
On higher prices at the yards, good pack
ers' support and outside buying. July
,Norlr aloroI 1-1Ln hfOhnr Of en- dOI lad
loo up at $1O.32ha and ribs NC higher at
S9.72R.
Estimated receipts for tomorrow: Wheat.
&C cars; corn, 80; oats, $50; hogs, 1900 head.
Leading futures ranged as follows: