The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-03
CORN SHORTS SQUEEZED
PRICE Up TWO CENTS AT ONE TIME,
REACTING SLIGHTLY.
Wheat and Oats Materially Helped by
the Coarse Grain StrenEth-Pro-
visions Also Higher.

CHICAGO, June 2-Bulls in corn were
very spunky to-day. Under very discourage
ing circumstances they bought heavily and
turned a weak market strong. Wheat was
helped some by the frmness of coarse
grains and recovered from early losses.
At the close July wheat gained a shade,
corn gained 1d1lsc and oats were hc UP.
Provisions closed sc to 715c410c higher.
Everything at the start worked against
better corn prices. Wheat was weak, the
short session at Liverpool resulted in lower
cables. the country sent in 52S cars of corn
and promised $50 for tomorrow, and the
crowd was bearish. A dull market pre-
vented much early business and July
started CSC to sc down at Gle to 6OAc and
lowered around the low prices for a time.
Bears. who had the market all their own
way for three successive days. plucked up
courage and began selling still further
short, when suddenly the big bull house
that is supposed to have control of July
stuff started in 10 the support. Prices
steadied from the decline and soon the
shorts began TO cover The support was
increased, offerings dried UP, everybody
wanted to buy and the pit became a scene
Of semi-panic. July corn jumped &c TO
62%c and shorts were badly pinched. To-
ward the close there an easier feel
Ing and at the close July was 1q11sc up at
62ssQ6213c. Country acceptances were re-
ported very small and helped in the bull
movement. Kansas City was a depressing
influence, being 2iec down on July and &c
down on September. Good crop reports
kept many OF the smaller bulls from buy
ing.
Wheat was helped materially by the
strength in corn. AS in the corn pit, con-
ditions in wheat were very bearish early in
the day. The general sentiment favored
he
been good declines for three days. Yet ca
bles were weak, the Southwest sold on Its
weather everywhere after heavy rains, COM
mission houses were sellers and the crowd
naturally followed suit. September soon
began to pluck up strength on buying by
spreaders who sold July. A fairly steady
trade kept prices up after the early Dip but
II was free covering by shorts late In the
day on the corn situation and liberal sea-
board clearances that turned the price up.
July opened ssq1sc to 1zQSsc down, at 7lSsc
to 711c, rallied to 7214c and closed firm and
a shade UP at 721sc. Local receipts were
Minneapolis and Duluth reported 34S cars,
total of 376, against ga last week and $50
| a year ago. Worlds shipments were 7.7l2-
coo bushels. against 1852, 900 last week and
| $4,000 last year. Breadstuffs on passage
decreased 1.20S. 900 bushels. Seaboard clear
ances in wheat and -four equaled 923 600
| bushels Primary receipts were 443, 900
bushels against $4,000 last year.
Oats shared in the general depression
at the opening. Crop reports were very
| promising, oats were moving to market
| better, the May bull scare was out of the
| way and commission houses sold here and
| there Trade light all day owing to
the restriction by heavy receipts. The corn
strength helped prices late, and July. which
/ had sold Soc. advanced to SIC and closed
firm and 1sc up, at 36sac. Receipts were S52
| cars.
Trade in provisions restricted and
| without much interest. Opening prices
| were lower on free movement of hogs.
/ Hog prices, which were weak early, gradu-
| ally strengthened, and good support by
| packers and the grain strength the pro-
! vision list firmed up and closed with July
pork 71zc higher, at S17171z; lard sc up, at
/ $1O.25, and ribs 712Q1Oc higher, at $9.S21a.
Estimated receipts for to-morrow-Wheat.
80 cars; corn, $40; oats 245; hogs, 81 200 head.
| Leading futures ranged as follows: