The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-07
BEARISH NEWS IGNORED
ALL GRAINS FINISH THE DAY AT
COON ADVANCES.
Corn Gains More than n Cent. Wheat
and Oats FractiOnaIIy-Provisions
Arc Weak and Lower.

CHICAGO. May 6.-Al grains reacted to-
day from yesterdays weak position. and.
although bulls were not overconhdent and
felt their way cautiously. the close of the
session showed July wheat sc higher, corn
1q1hc advanced and oats Ac up. Pro-
visions were sold freely and closed 21kQ5o
TO SC lower.
Trade in wheat was largely the kind of
an affair that might be expected after the
considerable slump on the burial OF the
drought scare. The natural inclination
was to figure on reaction and when cables
showed no response to our slump, but
rather improved. and receipts showed a
marked falling off. prices opened some
what higher. The big influence. however.
was a new weather scare in the news of
delayed spring seeding in the Northwest
because OF the excessive rains. The ground
Northwest is reported in ver!table ponds.
with the rain still falling. The bulls seized
on this argument to emphasize the prob
ability Of a great decrease in the spring
wheat acreage. Northwestern receipts
were very small and the outside markets
showed good strength. Additional bullish
incentives were Bradstreet's report OF a
heavy decrease in the worlds available
supply and the decrease OF 100000 bu in
the European visible. The cash situation
here improved when prices broke yesterday.
and local sample men reported eight loads
taken here for direct shipment TO Europe.
These factors influenced holders of wheat
10 retain their ownings. There was prac-
tically no pressure to sell stuff at any time.
either for short accounts or for liquidation.
Trade in general, however, was rather quiet
and without prominent features. Bulls
were cautious. July started 1sdAc TO a
shade up at 75bc 10 75c. advanced TO 1854
@75Ac. and closed firm, sc higher. at
lSha75Sc. Local receipts were 81 cars. five
of contract grade: Minneapolis and Duluth
reported only 81. a total of but Isl cars.
against 2S last week and PA a wear AGO
Primary receipts were 171,0O0 bu. compared
with 10000 last year. SeabOard clearances
in wheat and flour eQualed 52S 5000 bu. The
seaboard reported L loads taken for ex-
port.
Corn showed marked strength in the face
OF bearish news. Firmer cables started the
early upturn and wheat strength added 10
the pit situation. There was no dispositior
10 sell, even when IL was reported that
the country was Offering corn more Hher-
ally. Receipts were good and the weather
In the corn belt was almost ideal. Reports
came in from some parts OF Kansas that
corn there would have TO be replanted. but
elsewhere everything seemed favorable.
AA%N $500 $500 e al ed HAAn
and shipping business and the position OF
the leading bull house. For some time
there has been talk OF a bull movement i'm
July options and this talk was revived lust
before the recent break. Rumors Of deals
I'm this pit have been interpreted as buuish
tips and when the leading house took in
stuff literally to-day the crowd tailed in
and bulled prices. One cause OF an All
sence OF selling pressure was that yester-
days break shook out most OF the available
stuff and deferred any response 10 to-dav's
bearish news. July sold from 67s TO a
strong close. lQlsc up, at 6l7sc. Receipts
were 200 cars.
Good business i'm cash oats and sympathy
with the advance IN corn and wheat re-
suited In only a fair trade in futures and
a barely hrmer position. Crop reports were
favorable and some May stun was sold
a. slightly lower prices. giving the impress
sion that the leading May operator was
trying 10 let go some of his holdings. Trade
was slow. July huctuated narrowly and
closed &c higher at 3SAe. Receipts were
296 cars.
Provisions ruled weak. The hog situation
at &c yards was weaker and Influenced the
pit and outsiders sold literally. Trade was
not active, but in spite or packers support