The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-02-04
MORE BULLISH OPINIONS
PREVAIL IN REGARD TO THE MAR
KETs o CEREALS.
Result Is a Strong Upturn i'm Prices,
Led by the Corn Pit-PrOvisions
Also Are Some Higher.

CHICAGO, Feb. 3.-Cold weather and
growing bullish sentiment resulted in bet
ter prices in all pits on the Board Of Trade
to-day. May wheat closed with a net gain
Of %Qhc, corn 1q11sc and oats %Qhc.
Provisions closed 5qT15c to 10c higher.
Aside from the early weekly statistics
the news Of the wheat pit was bullish.
Northwestern and local receipts were
small; Northwestern elevator stocks were
decreased, there was a fair demand and
cables were slightly up to start. though
their early advance was lost. The cold
weather and storms threatened a slower
movement and increased feeding. The
coarse grains, especially corn, were strong,
and reflected a good deal of their power to
wheat. The monthly report from Washing
ton gave a poor showing for the condition
OF the winter crop. Shorts became nervous
and set to covering. May, which opened a
shade lower to a shade higher. at 7Sc to
1850. advanced. The visible supply was re-
ported decreased and May advanced to
7S&c. Toward the end of the session real
izing eased the tone slightly. The ruling
feeling, however, was firm throughout the
day and May closed firm, sake up, at
1sAc. Local receipts were IS cars. two of
contract grade; Minneapolis and Duluth re-
ported $40, a total of 3S9, against 32 last
week and 1917 for two days last year.
Primary receipts were 467 900 bu, against l.
1855 100 for the two days a year ago. Worlds
shipments were S,2S4,O 900 bu compared with
7.2S3.000 last week and $4,000 a year ago.
The on-passage statement showed an in
crease of 2,552.000 bu. Seaboard ~clearances,
in wheat and flour. equaled 1000 bu.
Reports that the cold weather would con-
tinue for some time infused considerable
strength into corn and set bears to guessing
as to the wisdom Of their attitude TOWARD
the market. Cables were firm and receipts
small. An early investment demand began
to spring up and shorts lost heart and
covered freely. There was little corn for
sale early and May, after opening 162sc
higher, sold up 1Ac to 641sc. The visible
supply bulletin read unchanged I'm corn
the first time in the history of the board
In such a connection: Cash business was
restricted by light offerings. Southwestern
markets were bullish. Altogether corn
showed a strong feeling. Late in the day
the advanced prices brought some realiz-
ing and Il consequent easier feeling. May
closed strong. 1a1hc up at 637sq64c. Re
ceipts were only G. cars.
Traders In oats kept near shore. They
feel that when something does happen
again in oats it will be decided and they
are not anxious to be caught again as they
were caught last week. Consequently the
OoNS ma e wac sinai, luOuSn IL lOllOWeO
corn and showed some strength. May
opened well up but fluctuations were over
a narrow range. The close for May was
firm, sake higher at 44%c. Receipts were
only 81 cars.
A better cash trade than has existed in
provisions for some time, together with the
grain strength. helped prices. The open
ing was lower. on increases in stocks. but
pork had a good demand and advanced
other products. May pork closed 10c up al
Sl5.S712; lard. 5G71zc higher al S9.45, and
ribs, sane " at SS.45.
Estimated receipts for tomorrow: Wheat
30 cars; corn. u cars; oats, 50 cars; hogs
1900 head.