The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-23
WHEAT MARKET SLUGGISH
PRICES LOWER, BIT CONDITIONS
NOT ATTRACTIVE TO BUYERS.
Corn Quiet and Prices Steady-Oats
Active and Strong-Range
of Futures.

CHICAGO, May 22.-Wheat worked down
TO new level to-day, but there was not
enough activity in any of the markets to
make the lower prices attractive and, al
though wheat was general depressing in
fUence, corn steadied prices. July wheat
closed &c lower. July corn sc lower and
July oats 1s04c higher. Provisions closed
21zd5c to 5Q7lkc higher.
Weather of the same favorable charac-
ter for all crops has prevailed almost
uniSterruptedly since the opening of spring
dominated the wheat market at the open
ing. Cables were lower, the early export
demand was slow and conditions began to
favor seeding in the Northwest Receipts
were still light, but there was argument
to the effect that last years big movement
was result of sweeping bins clean all over
the country in anticipation of last years
big crop and this years receipts would nat
urally total much less Further. the small
receipt bull argument has been a losing
one for nine days-that is ever since July
touched 761zc For this reason longs had
plenty of stuff for sale. As result July
started out weak and at once grew weak
en-, opening kGAc lower at 74Ba74c, and
dropping to 1880. Reports from the fields
dition, but heading low in some cases.
After the early decline the pit ruled very
dull. Stop-loss orders had come out free
ly at lac. Late, as Kansas reported poor
prospects in spite of the recent generous
rains and cash houses told of a very
good business at lower figures, the short
crowd covered and prices rallied some
what. July closed weak, Ac lower at 74c.
Local receipts were 10 cars; Minneapolis
and Duluth reported los cars making a
total for the three points of 12S cars, against
10 last week and 2}6 a year ago Primary
receipts were 215,000 bu, compared to 29O 600
bu last year. Seaboard clearances in
wheat and flour equaled only 265,000 blu.
Late the seaboard reported IS loads taken
for export.
Corn trade was uninteresting save that
prices held very steady all day, buoyed up
by small receipts All other conditions
favored lower prices. Country offerings
were larger, seaboard clearances We're
small and crop prospects were fine. There
was very little demand and trade hung idly
but holders were but little inclined to let go
of their stuff. Cables were Indifferent.
Commission houses sold sparingy and
prices eased with wheat, but in the main
the market was well held. July sold as low
as 617sc and closed trife easy. 1sc lower
at 62Q621sc. Receipts were 81 cars.
Oats ruled fairly active and strong. There
was some good May buying by the big bull
interest, and although there was an early
easy tendency, the crowd was uneasy over
| the possibilities of a squeeze in the cur
rent option. Cash business was good as
there some news of damage to the
growing plant. July sold early at 367sc but
reacted and closed firm, 1sqAc up at 375sc.
! Receipts were smaller at lis cars.
| Provisions were irregular and somewhat
active. Early the market was strong i'm the
! face of a weak hog market and the de-
| clines in grains. Offerings fairly lib
eral, but when the pit began to weaken
! packers came to the support and took ev-
erything in sight. Shorts covered, cash
meats had good trade and prices rallied
well. July pork closed 5Q711c up at s17.171z@
| Ills, July lard 213q5c higher at $lO.171zQ
| 1920 and July ribs sc up at $9.621209.65.
Estimated receipts for tomorrow: Wheat
/ 20 cars; corn, so cars; oats, 40 cars; hogs,
! 10000 head.