The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-27
NEWS FAVORS The BULLS
GRAIN PRICES MOVE STEADILY TO
A HIGHER PLANE.
Trading Is Shifted to July Options,
Which show Good Gains-PrOvf-
siOns Also Are Higher.

CHICAGO April 26.-Wheat experienced
a normal reaction from yesterdays bad
slump and with numerous bullish factors
behind it lent of its strength to other
grains. Trade was not heavy, but July
wheat closed sc higher, corn, Ac, higher
oats. 14d%c higher Provisions gained
1212c TO 171zc.
Deficiency of moisture in Kansas and al
most freezing temperature in many parts
of the wheat belt were enough to start
wheat upwards at a good pace at the
opening of trade. To augment the strength
cables were firmer than had been expected
and receipts, both primary and Northwest
ern, were small. Inasmuch as the short
age in receipts has been apparent for some
time and comparisons have been made
against a short crop year. the bears be-
came discouraged again and shorts covered
freely. Excepting rains, every arguInehs
was in favor of the bulls. Traders were OF
opinion that it takes something more than
a rain or two to make a harvest. After the
initial upward impulse trade was quiet LOT
a time, prices fiuctuating weakly Con-
corning Kansas Bradstreet had a speclal
report, saying a three-fourthS yield at the
best, and 80 per cent. probable, was 10 De
expected. Weather forecasts had PAD
effect Frosts were predicted in many or
the Western States, and III just the places
where warmth is most necessary. Then
came the report of seaboard clearances or
$4,000 Extraordinarily large-and of
fair outlook for export business with
France. Prices worked up, trade became
more active and the greater part OF yes
terdays loss was regaIneu. July opened
12c TO 14c higher at 754q757sc TO l512dI59sc,
advanced to 1850 and closed hrm, &c up,
at 761sd16l4c Local receipts were IS cars,
none of contract grade; Minneapolis and
Duluth reported 153, total of 1S6, against
143 last week and $40 year ago. Australian
shipments only $4,000 bu, against
$4,000 last year. Primary receipts were
2l5 600 bu compared with AS, 600 last year.
Brokers in corn reported the hghtest
trade in that pit for Saturday In many
weeks. One explanation was the bad wire
service, on account OF the storm, which al
most shut off outside trade Another cause
was the hard jolt spectators received
yesterday and which they had hardly got
over, to-day. What argument there was
favored the bulls. Wheat strength and
firm cables aided in an early upturn, but
prices haggled very narrowly most of the
session. Speculative offerings were light
and there was little selling pressure. The
cash demand was good and the Southwest
was very bullish. st. Louis reported good
cash sales and more desired than could
be obtained. In general corn was without
feature save it's strength. July sold be-
tween 64d641sc and 6S1zc, and closed firm,
&c up, at 63&4c. Receipts were "a cars.
After firm opening in oats, in sympathy
with strength in the other pits, there was
a momentary selling pressure due to the
recent heavy rains and their effects on the
sown oats. When this pressure was re-
moved there was some response to a light
demand and prices advanced. July new
standard) sold between 371zc and 375sc and
37l4c, closed firm, AGSsc up at 37ssQ371zc.
Receipts were 136 cars.
Trade in provisions was largely local, be-
cause of poor wire service. At the start
the grain improvement and a steady hog
market induced buying, which (even as
hog prices weakened) continued TO i'm
prove. There was a momentary disposition
to sell on the hog situation, but a very
good packers support developed a strong
market. Pork was in best demand, but lard
also wanted. Trade in general was
dull. July pork closed 1712c higher at S17.05:
lard, 12l2c up at $10.0715, and ribs 121zc
higher at s9.4715.
Estimated receipts for Mondoy: Wheat,
25 cars; corn, 125 cars; oats, 200 cars; hogs,
IS 600 head.
frrtr