Omaha daily bee., 1902-05-12
COMMERCIAL AND FINANCIA l
Plentiful Bullish News Aids Adv!l3)
Quiet Grain Market,
DROPPING OFF IN PROVISION VALUES
Yesterdny's strength in Hog Products
Disappears, but cereal Prices Gain
Though Crowd fingers for
government crop Report.

CHICAGO. May lo.-Marked absence Of
any selling pressure IN grains ana a. con-
tinued decrease in stocks on hand oia
much toward pulling the very quet grain
markets today. Trade was still waiting for
the government report. July wheat ,ctoseu
Sale higher, July corn isc up ana July
&c iower
What showed good strength all session.
UnseasCnaoiy cold Weaiher n@oro onm
with rains IN. sections and SHOWS reporteI
in the Red River valley, firm cables, small
receipts and prospects OF a tair decline IN
the government crop report started prices
HIGHER at the opening. Shorts covered
freely. but the principal FACTOR was inc
absence Of selling pressure, Whlch shpWSu
a marked change In the sentiment OF the
pit. Commission houses bought TO some
extent, but I'm the main the PIT was very
which had been delayed There was a fair
cash business and shipping trade and July
opened at 1sG 70 ls4itc hlgnef at 80 70
scarcity in the northwest that interior
millers were buying stuff to take. back TO
their mills. All told. the tone Of the pit
was more bulish, largely because Of the
weather, which is much too wet for further
spring seeding. Late liquidation took off
M1kc higher. at 751s075Ac. Receipts, IA
cars, 3 contract; Minneapolis and Duluth
reported lg9 cars. a total ISst f SST i ths t Wasf
and 2S3 a year ago. Primary receipts We're
293, 900 bu.. compared with 34lrOl0 last year.
Eeaboard ClearanCes equalled $4,000 bu.
Corn was frmer to start with and made
a further gain during the course of it's
rather dull trading The very favorable
growing weather Of the last week had
changed, much to the fears of the shorts.
The chief reason for the frmness, how
ever, was the ever present scarcity Of
corn, Notwithstanding the growth of pas
turage and the consequent curtailment of
the demand for dry feed. The cash de-
mand was good and was a mainstay to
prices against the quiet speculation. The
bull combination still bought stuff and led
the 'tailers" to buy. But in general the
story OF the market is that of a feature
less day. July sold up to 624c, but liqui-
dalton took off some Of the gain late in the
session and July closed barely firm, lsc
up, at G1&c. Receipts, 81 cars.
a good cash demand and "A scarcity Of
offerings developed d better and a fair
trade in bats. There was noticeable abb
sence of selling pressure that marked the
other pits. Shippers and commission houses
bought literally. The wet, cold weather
helped the bullish sentiment along. ulY
sold up to 37Ac and closed firm, AC up, at
BIC. Receipts were $50 cars.
Provisions lost much of the strength
that marked yesterdays strong market,
Locals liquidated literally and the outside
sold to some extent. Packers however,
were supporting prices and worked hard
against declines. Pork and lard were
higher early, but closed weaker. July pork
closed 121ac down at $3.50. July lard 71ac
lower at S1025 and July ribs l0c down at
$9.62h.
Estimated receipts Monday: Wheat, IS
cars; corn, 80 cars; oats, 100 cars; hogs,
81, 900 head. hogs for next week,
145, 900 head.
The leading futures ranged as follows: