The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-03-27
HEAVY BULGE in CORN
CAMPAIGN AND HIGHER CABLES
CAUSE THE RISE.
Crop Damage Reports Help Wheat
Oats Strong i'm n Minor Way
Provisions Active and Higher.

C4ALC-ApOr @i0AAl -o-D0liAoL lAahARAA0
ton by spectators in all pits on the Board
of Trade. aided somewhat by damage re-
ports in winter wheat, influenced strong
and active markets. May wheat closed sc
higher, corn 114c advanced and oats &c up.
Provisions closed 711d1Oc to 2215c higher.
Corn strength easily ruled all grains, and
the corn pit led in activity. At the start
cables were higher as compared with lower
prices here yesterday. There was some
early selling on wheat influences, but soon
there started a bull movement in July corn
that caused a sharp upturn in all corn OPP
tons. There was some talk of a bull cam
paign to be worked in July corn, and con-
siderable Importance was attached to it.
Next in importance to this factor for the
corr advance, which was augmented by an
Improvement in the cash corn situation,
was the upturn in wheat resultant from
crop damage reports in the winter wheat
country. Local bulls started buying freely,
commission houses followed suit and shorts
covered nberally. There was also some eX-
port business reported, which had its bull
ish influence. The sentiment seemed to
change entirely and nearly every trader
wanted stuff. May corn opened 1sGLc to
Ac higher, at 5S1ec to 5ShQ5S5sc, eased TO
5S14Q5Sssc on weather reports and wheat
selling. then spurted 10 $3.50. Some of the
advance was lost, but it was solely due TO
the Willingness of early buyers to liquidate
for liberal profits. May closed strong and
1Ac higher. at 59l9q593sc. Receipts were
124 cars.
Aside from the corn influence wheat had
good reasons OF its own TO advance prices.
Opening conditions, such as cables and
small receipts, worked for fair early adj
vances, but the crop killer" once more
became an active factor. True, there were
bearish influences at work early In rain
reports and news of general spring wheat
seeding. But the general good weather
soon lost its effect when word was received
from the president OF the Kansas and Okla
homa Grain Dealers Association stating
that Kansas would harvest only so per cent.
and Oklahoma only 40 per cent. of a crop.
OF late crop damage reports have had lit
tie consideration at the hands of specula-
tors. Now, however, ii seems that traders
consider the growth of the plants so far
advance that where farmers report the
ground being plowed over again attention
advance, which was met by liberal
offerings. Then some of the big
men bought, corn exerted its
influence and shorts covered, sending prices
up. Some profit taking toward the close
caused a loss of some of the advance, but
throughout the session the tone was eX-
cellent. May started &c to Ac higher at
7213c to 72Ssc, eased to 72Ac and then worked
up quickly TO 73lsq732c. The close was
firm, May, sc higher. at 72Ac. Local re-
ceipts were 80 cars none of contract grade;
Minneapolis and Duluth reported 15S, a
total of 1SS. against 20 last week and 2S1
a year ago. Primary receipts were $4,000
Du, COHpdISu Will OaJ,VOO Du last year.
Seaboard clearances in wheat and flour
eQualed $1,000 bu. The export demand was
slack, the seaboard reporting only Ii loads
taken.
There was only a moderate trade in oats,
but the tone ruled firm with other grains.
CommissiO houses took some fair long
lines, though offerings were never on a
large scale. July and September were in
better demand than May. In the latter
month there was some early k on
an absence of demand. The latter months
| felt the strength of corn and wheat more
than May. Although favorable weather
for oats would be a bGarish argument, the
corn strength overbalanced and the short
side was not popular. The tone of the mar
ker was helped by the news that Kansas
City bids at the river were 1850 over Chi
Cages best bid on No. 3 white. May sold
as low as 42c, advanced TO 43Ac and closed
firm, Ac up, at 42Sc. Receipts were IS
cars.
Covering of large short lines of pork was
the principal bull factor in provisions. At
the outset the same strong feeling that
existed last week showed itself again; hogs
were commanding better prices at the
yards and there was a good speculative
demand for everything on the list. Of
ferings were very small and the continent
was reported bidding. Trade was heavier
than usual in all lines. Commission houses
bought freely for packers, and bulls took
advanced sharply, May pork gaining at
one time 372c. Profit taking later reduced
the gains. May pork closed 225c up at
$16.15; lard, 7hQ10c higher at 50. 70QS9. 7212,
and ribs 10c advanced at $S.S2h.
Estimated receipts for tomorrow:
Wheat, % cars; corn, 100; oats, 70; hogs,
10000 head.