The Indianapolis journal., 1902-04-28
NEWS FAVORS THE BULLS
GRAIN PRICES MOVE STEADILY To
A HIGHER PLANE.
Trading Is shifted To July Options
Which show Good Gains-Provi-
sions Also Are Higher.

CHICAGO. April 26.-Wheat experienced
a normal reaction from yesterdays BAD
slump and with numerous bullish factors
behind it lent of its strength TO other
grains. Trade was not heavy. but July
wheat closed sc higher, corn, i4c higher
oats, A6ssc higher. Provisions gained
12i2c to 17l2c.
Deficiency of moisture in Kansas and al
most freezing temperature in many parts
of the wheat belt were enough TO start
wheat upwards at a good pace at the
opening OF trade. To augment the strength
cables were flrmer than had been expected
and receipts, both primary and Northwest
ern, were small Inasmuch as the short
age in receipts has been apparent for some
time and comparisons have been made
against a short crop year. the bears De-
came discouraged again and shorts covered
freely Excepting rains. every argument
was in favor Of the bulls. Traders were OF
opinion that it takes something more than
a rain or two TO make a harvest. After the
initial upward impulse trade was quiet for
a time, prices fluctuating weakly. Con-
cerning Kansas Bradstreet had special
report, saying a three-fourths yield at the
expected. Weather forecasts had bad
effect. Frosts were predicted in many of
the Western States, and in just the places
where warmth is most necessary. Then
came the report of seaooard ciearances OF
$4,000 bu-eXceptiOnally large-and OF
fair outlook for export business Win
France. Prices worked up, trade became
more active and the greater part or yes
terday's loss was regaineu. July opened
1sc to &c higher at 75&4qi0tsc 10 f512d d'o9sc,
4 firm
at 76lk676Ac. Local receipts were 50 cars,
none of contract grade; Minneapolis ana
Duluth reported 153, total of lS6, against
l43 last week and 3i9 year ago. Australian
shipments were only $4,000 bu. against
SO 900 last year. Primary receipts were
2l5 coo bu compared with $4,000 last year
Brokers in corn reported the hehtest
trade in that pit for Saturday In many
weeks One explanation was the bad wire
service. on account Of the storm, which al
most shut off outside trade. Another cause
was the hard jolt spectators received
yesterday and which they had hardly got
over to-day. What argument there was
favored the bulls. Wheat strength and
firm cables aided in an early upturn, but
prices haggled very narrowly most Of the
session. Speculative offerings were light
and there was little selling pressure. The
cash demand was good and the southwest
was very bulish. St. Louis reported good
cash sales and more desired than could
be obtained. In general corn was without
feature save its strength. July sold be-
&c up at 63&4c. Receipts were "a cars
After firm opening in oats. In sympathy
with strength I'm the other pits, there was
a mOmentary selling pressure due to the
recent heavy rains and their effects on the
sown oats. When this pressure was re-
moved there was some response to a light
demand and prices advanced. July new
Standard sold between size and 37ssc and
37Lc closed firm. AM2sc up at 37$sd3TI5c.
Receipts were 136 cars.
Trade in provisions was largely local, be-
cause of poor wire service. At the start
the grain improvement and a steady hog
market induced buying, which (even as
hog prices weakened) continued to i'm
prove. There was a momentary disposition
to sell on the hog situation, but a very
good packers support developed a stronP
market. Pork was in best demand, but lard
also was wanted. Trade in general was
dull. July pork closed 17izc higher at $17.05:
lard 121kc up al $10.0711, and ribs, 121kc
higher at $9.471z.
Estimated receipts for Mondoy: Wheat.
% cars: corn, 125 cars: oats, 2l5 cars; hogs
| So 900 head.
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