The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-17
LOWER PRICES In GRAINS
WEATHER, STATISTICS AND CROP
PROSPECTS CAUSES.
Oats Barely an Exception to the Rule
Trading Is very DuII-Provi-
sions at Mixed hanges

CHICAGO. May 16.-Good crop prospects
ruled the quiet grain pits to-day. Trade
was almost entirely professional in char
acter, and, although wheat had a few bull
ish influences, lower prices were the gen.
eral rule. July wheat closed sc lower,
corn %Qsc lower and oats 1sdAc up. Pro-
visions closed 21kc up to nc depressed.
Early in the session wheat showed some
tendency toward a good bull movement.
Cables were higher or steady. regardless
of our losses yesterday. Receipts in the
Northwest were still very small. indicat-
ing, the bulls said. an actual and serious
depletion of stocks in farmers hands. IN
addition to this rain began falling again
in the Northwest, and advices from the
Red river valley told a very bullish story
of delayed spring seeding. Offerings at
the opening improvement were not suf-
fcient for the small demand, and prices
worked up to 754G757sc for July. after
opening a shade to b@Ac up, at 1850 to
75hq755sc. General harvest news. how
ever, was promising. The Northwest
curtailment of receipts was beginning to
lose some Of its bullish effect, and of much
Importance was the fact that exception
ally seasonable weather in most of the
NONANAy was hCCpihS IN OuNoAOSAS -
the market. AS a general rule a farmer
never sells stuff short, and the fact that
he is not buying has influenced many spec
ulators to the bear side on general crop
prospects. Further, the export demand
was inactive. Kansas millers made a re-
port of the condition of their state crop,
indicating a yield of 100000 bu-quite a
bearish advance over the recent scare of a
4. ~ ~ ~ - NIL al
factors in the end served to start some
fairly active selling. There was little sup
port, most of the crowd waiting for a
leader. July slumped sharply 1c, and closed
sc down, at 74BQ75c. Local receipts were
70 cars, 3 of contract grade; Minneapo-
lis and Duluth reported 80 cars, a total
of 109 cars, against 24 last week and I'll
a year ago. Primary receipts were l6S,OOO
blu, against 100000 last year. Argentine
shipments were GA, 900 bu, compared with
$4,000 a year ago. Seaboard clearances
i'm wheat and -four equaled 400. 900 blu. The
seaboard reported three loads taken for
export.
Corn showed weakness all day. 1t was
lower to start with, and from everywhere
came reports of favorable weather and
promise of a bumper yield of corn this sea-
son. The cash demand was slow and what
there was of il was being filled easily.
Freer offerings of cash stuff were reported
from interior points of Iowa and Illinois,
and receiving houses were moderate sellers
against purchases in the country. The bull
party made no apparent effort to support
the market and the demand came chiefly
from shorts with profits. Local receipts
showed so far but little inclination to in
crease. but tips from the country. insisted
that within a week the daily run here would
be 200 cars, where now it is generally below
sixty. Trade was much restricted but the
decline was steady. July sold down from
625sc to a weak close, AG7sc lower at 62A
Q627sc. Receipts were ffty-eight cars.
Oats were dull and made almost no APP
preciable change. There was no outside
business in the pit and the local scalpers
were waiting developments. There was a
general disposition not to sell short much
further until more decidedly bearish news
came to hand. The moist weather North
west deferred the bears from following the
action of the other pits. July sold at 367sc
and closed bQAc up at S65sQ36Ac. Receipts
were 100 cars.
Provisions ruled weaker and needed the
support that came meagerly from the crowd
heavily interested on the bull side. The
larger runs of hogs at most of the Western
packing centers, and the lower prices at
the yards, induced liberal selling. Trade
was rather quiet. July pork closed nc
lower at $17.35; lard, 5d711c down at SIC. 90,
and ribs 21ac up at 50. 7OG9. 72R.
Estimated receipts for tomorrow: Wheat,
80 cars; corn, 60; oats, 140; hogs, 10000
head.
leading f,furee ranoad &c folIouc.