The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-26
ACTIVE AT THE CLOSE
GRAINS TAKE A Squirt AND CLOSE
SOMEWHAT HIGHER
Government Report OF Last Years
Crop the Early Bearish Influence
Provisions a Little Up.

CHICAGO, May A-The grain markets
were thrown out of gear to-day by the pub
LEGATION of the government report OF last
years yield. The report was construed as
bearish for time especially since foreign
markets were depressed by IT, In the end.
however. an excellent export demand
helped traders 10 view the revised figures
most dispassionately, and July wheat
closed shade higher. corn ssc up and oats
a shade advanced. Provisions closed 5q7lsc
higher.
Wheat suffered materially at the opening.
Cables were weak. the government report
showed an increase of 7O,O09, 900 bushels in
last years crop over the former figures.
trade was light and the crowd was over
bold on beautiful weather talk. Kansas
points reported that harvest would begin
in ten days and that the conditions in many
places were fine, with prospects of thirty
five TO forty bushels to the acre. Estimates
of this years winter crop exceeded 400. Goo
coo bushels. Under these influences and
the bearish effect the government report
had on the curb last night opening prices
were depressed. July started 4Gssc to ia
sc lower, at &c TO 7es.c, and hung between
these figures DULY for some time. Gradual
ly traders began to argue among them
selves and 10 digest the report of the De-
partment OF Agriculture more thoroughly
In the end they came to the belief that
since the report was simply a revision to
conform TO the estimates of the Census
Bureau there was no need to be frightened
over it. Even if it showed the crop
74S, 460 600 bushels estimates of eonsump-
ton based on the same figures showed that
there has been absorbed something more
than all last years production. After the
market had weakened on stop loss orders
coming out at 73c the shorts and leading
bulls started in to do a fair business
Sentiment changed completely when good
export and cash demand developed and
prices rallied. The Northwestern receipts.
which have been running small for some
time, were again curtailed, but advices
were to the effect that car famine North
west was preventing an otherwise liberal
movement. July worked uD 10 73$G73I2c
and closed firm and a shade up at 13ssc.
| Local receipts were seven cars, none of
contract grade; Minneapolis and Duluth
reported lbs cars. a total of 132. against l12
last week and 260 a year ago. Primary re-
! ceiptS were $4,000 bushels, compared with
495, 600 a year ago. Seaboard clearances In
wheat and flour eQualed $4,000 bushels.
New York reported sixty-two loads taken
| for export.
! Corn was affected similarly to wheat by
the government report. There was break
! of l2c on the arbitrary increase of $4,000
acres in the area and 164, 600 600 bu in the
| clined to the view that consumption had
been proportionately greater Traders
eventually rejected bearish gossip and fig
ures Of crop that was past and gone and
/ bull sentiment was injected into the pit.
! The trade was never strongly active and
receipts were larger and country sales
| freer though still far from large. Gables
/ were lower and crop prospects good, with
| the exception Of dry subsois In some dis
! tricts. Nevertheless. good strength devel-
| oped and July rallied sharply to 62ssc, after
! opening as low as Csc. July closed strong,
! sc up, at 6214c. Receipts were ninetyfour
/ cars.
! Oats were dull and uninteresting. The
early tone was weak under the influence of
the other grains. Receipts were increased
| somewhat and crop prospects continued TO
| be favorable. After the early weakness a
! fair support developed and prices rallied.
! July advanced from 3644c to 37asG371zc and
closed steady, shade up, at 3Issc. Re-
ceipts were 1S2 cars.
! Provisions recovered some from yester-
DAYS decline. The run of hogs at the
Yards was smaller than had been esti-
| mated vet prices were lower. In spite of
this and the grain weakness prices opened
only slightly easier and on the development
] of a good packers support advances were
| made July pork closed 5G71kc higher, at
| sl7O715; lard 5G711c up, at $10.l71&GI10 90 and
ribs sc higher. at s9.62ls.
Estimated receipts for Monday: Wheat
Is cars; corn, 95; oats. 215; hogs, 81, 600 head;
hogs for the week. 10000.
fptr a fOl1OUc.