The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-07-17
CORN SURPRISINGLY FIRM
THE JULY OPTION CLOSES AT AN AD-
VANCE OF AN EIGHTH.
other Grains Unchanged to "A Small
at n Shade Up to +. 1-2c Down.


commonplace to-day when compared with
yesterdays tumultuous fluctuations. Many
conditions were bearish, and early in the
day 1t was expected that July corn would
take a further drop. This, however, did
not occur, and the very absence of weak
ness caused much comment. In the end the
firmness Of corn gave rise to the opinion
that the July corner might not be thing
Of the past after all. AT the close July corn
was isc up, September unchanged, Septem-
Der wheat Aqssc lower and oats AGssc
higher. Provisions closed shade higher to
nc lower.
Actual trading in corn to-day was Of the
usual type. Cables were lower and con-
tract corn to the extent of over 100000 bu
was put on the market. The weather con-
tinued favorable for the bears, but all these
conditions did not break the market ap-
probably. There was not much doing in
July after the opening, although the Gates
crowd both bought and sold that option
and bought September. Uncertainty ruled
In this pit. 1t was a patent fact that wis
dom had been shown in the decision of the
Gates-New York steel clique not 10 take
the mountain of corn that is being rushed
in here 10 take advantage of SIC prices. 1t
was openly stated that big elevator inter-
ests had settled with the bull party at soc
to SIC for the July corn that was sold short
under &c. The question that remained un-
answered, however, was whether more
than one-third of the big short line, esti-
mated at as high as 100000 bu, had been
/ covered by the unfortunate bears. The
! Gates party officially announced that they
had given up their support of July, but
actual purchases by them at 66c to-day re-
flute this statement. Gossip had 1t that the
| DuIiS might still be able to give a twist TO
| the market the last few days of the month.
| Lower prices are expected to curtail the
| movement Of contract corn towards this
! market, but this curtailment in turn is
! feared by the bears, who are still holding
| their short lines out expecting to retrieve
J their losses. July opened irregular. &c low
| er TO 12c up, at 6312c to Soc, on the influence
| of the talked-of broken corner September
/ opened shade lower to shade higher, at
59l5c TO $3.50, dipped to $3.50 and rallied to
! 60Ac on support by the bull crowd, which
was supposed to be sold too heavily of this
/ month as hedge against cash receipts and
! deliveries. Business was not large and
prices dipped late on liquidation July
closed rather firm. 1sc up, at $3.50. Septem-
Der closed steady and unchanged at 59lI0
| $3.50. Receipts were 453 cars, AS of con-
tract Private elevators turned out III
cars and $4,000 blu.
Hot weather northwest and local showers.
together with the unexpected show. of
steadiness in corn, put gimp into wheat
at the opening. September opened &c TO
J sc up at 72Ac. after having dipped to 71&c.
! The cause of much of the early frmness
was the buying of nearly 1000, 900 bu by the
! leading elevator concerns. This offset the
| local bearish sentiment and kept the price
! from sagging until just before the close.
Then the skies frightened, the fear of the
hot weather in the, milky. spring wheat
I passed away and the weakness of the
/ foreign markets began to have an effect.
! Receipts were liberal and showed signs of
/ increasing from now on. Trade was only
| moderately heavy and selling by commits
sion houses was free. AS the session ended,
| brokers for the early purchasing elevator
| concern let go large quantities and the
| price broke. September closed weak, A0I3sc
! lower at 71%611bc, having sold as low as
! 71hd13sc. Local receipts were 125 cars. only
| two of contract grade, but nearly all new
! stuff. Minneapolis and Duluth reported 215
| cars, total of $40, against 259 last week
and $50 a year ago Primary receipts were
$4,000 blu compared with 1.116.O00 bushels.
Seaboard clearanceS in wheat and flour
! equaed $1,000 bu.
Oats frmed up well at the start partly
| because of fear of wet weather and reports
of lodging in Iowa, Indiana and Illinois.
Shorts who saw they had overdone the
| selling yesterday covered freely and higher
prices resulted at once. Receipts were
| small and the cash demand held up re-
markedly well. Receiving houses were
| good buyers, as were some commission
| houses. Trade was only on a fair scale
and the selling was scattered for the local
! account. September sold from 313sc to 32L c,
and closed firm, AG9sc up at 3i%c. Re
ceipts were only Sc cars.
Provision business was dull Prices were
hurt by liquidation, especially in lard but
the hog situation was firm and was con-
sidered too strong for short selling. Sep
TENDER pork closed a shade higher at SIS Co.
lard 715c lower at sl1.15, and ribs unchanged
at S10.S5.
Estimate receipts for Tomorrow: Wheat
145 cars; corn, 45O; oats, 20; hogs, 27,OOt
head.