The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-20
GOOD UPTURN IN GRAINS
WEAKNESS AT THE OPENING OVER
COME BY MANY INFLUENCES.
Both Corn and Wheat Show Good In
dividual Strength-Oats Are Lower,
but Provisions Are Firm.

CHICAGO, Sept. spectators
had a quick change of faith to-day. Gen.
eral early conditions, especially foreign
wheat advices. were bearish. Prices
momentarily weakened, but on a strong
Northwestern situation In wheat and sharp
Eastern buying in corn. with greatly re-
duced estimates Of corn stocks, prices
turned rapidly upward for good gains. The
local selling sentiment vanished and at the
close September wheat was 1%c higher,
December 3sQhc up; December corn hQasc
higher and oats hc lower. January pro-
visions closed unchanged to 2hc higher.
At the outset wheat was subjected to
pressure. Cables were weak, the Russian
crop was estimated the largest in ten
years, the weather was favorable and
Northwestern receipts were improved.
Local traders at once turned bearish and an
early weak corn market could give no
supporting influence. What little rain
there was reported, which interfered with
threshing and the spring movement, was
favorable to the winter blowing. Speedily
influences more potent Than foreign bear
ish advices were felt. Northwestern houses
began buying in rapidly. Minneapolis re-
ported lbs cars diverted from that market
to country milling points in one day.
Shorts were buyers of December as prices
began to advance and then came a brisk
turn In September. Corn later had dull
factors of its own and in turn helped wheat.
A good export business developed with
eighteen loads worked here. ten at Duluth
activity livened the market, outside bust
ness developed and everything closed
higher. September sold from an opening
= e ~ e "a --l
l%c up at 1870. December opened hqAc
to a shade lower, at 6S1sc to 6SMc and closed
firm, AQhc up at 6ssc. Local receipts
were a7 cars, only one of contract grade.
Minneapolis and Duluth reported SSS cars,
a total of LOSE. against SS7 last week and
1,276 cars for two days a year ago. Sea-
board clearances in wheat and -four
equaled $4,000 blu. Primary receipts were
$4,000 bu. against 1.S2s,OO o two days last
year. Argentina shipped nothing to Europe
last week. and since jan. 1 shipments from
that country have fallen off 100000 blu
under last year.
Corn slipped off at the start on absence
of frosts in the corn belt to-day. Gables
also were lower and receipts were large.
To-day's arrivals equaled 364 cars, ninety
six of contract grade. and the estimate for
tomorrow was heavy at $50 cars. Argen-
tina shipped heavily, 1,616,OO0 blu. A quick
reaction resulted d,n on covering 90 Sellers have
sentiment readily changed when the crowd
began to consider that tomorrow probably
would show contract stocks down to $50, 0C
blu. Bad weather was predicted and at the
early low prices there was a sharp demand
from Eastern houses. Prices advanced
well but did not hold all the gain. Septem-
Der sold from 5S1ac to 59%c and closed firm,
1Rc up, at sec. December sold from 43kc to
44hc and closed firm, hQ9sc higher, al
43HsG44c.
Oats held fairly steady and somewha,
| quiet. The strength In wheat and corn was
of material help and worked against offer
ings that resulted from better grading. Re-
ceipts were small at 156 cars, eighteen OF
| contract grade. Private elevators turned
out ffy-three cars of standard grade. The
situation was easy at the start on some
selling by elevator people, such as weak.
ened the market yesterday. Price luctua.
tons, however, were very narrow. Decem.
Der sold between 30ssc and 3Ossc and CLOSED
&c down, at 311c.
Provisions were only fairly active a,
times. There was occasional good demand
for nearby stuff, especially in October
ribs, which gained 27hc. Packers were
supposed to be taking in January stun
After an easy opening on lower hog price,
offerings were light and small gains wer.
recorded. January pork closed PIC ND. a
SIS. lard unchanged, at S.471k. and ribs 21s,
higher, at $50.
m receipts for to-morrow-Wheat
1855 cars; corn, $50; oats, 25; hogs. 100
head.