The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-29
BEAR DAY in CEREALS
HEAVY ACCEPTANCES OF BIDS
CAUSE SLUMP IN CORN.
other Grains Influenced Sympathet-
icaIly and by the Good Weather.
Provisions Are Fairly Steady.

CHICAGO, May 2S.-The bears had their
turn at the grain markets to-day. General
conditions were moderately bearish, but
as on yesterday it was the action in the
corn pit that turned the tables and all
grains on the list were forced to a weak
ness greater than yesterday was strong.
The whole situation hinged on the liberal
acceptances of Chicago bids by country
holders of corn. These were so much
greater than had been anticipated that
prices broke badly in corn and other
grains suffered alphabetically. July
wheat closed 114d12sc lower. corn 11AG19sc
down and oats 1lAc lower. Provisions closed
unchanged to a sha de lower.
Weakness ruled in corn from the open
ing. The sharp advance here yesterday
influenced cash houses to advance their
bids in the country. and the farmers
jumped at the higher prices eagerly. Be-
fore noon advices indicated 100000 bu
sold to Chicago. In the pit the cash houses
that bought this stuff at once sold against
it and forced prices down below the low
price before yesterdays bulge. Other ad-
vices were bearish and were influences
in the depression. Cables were unrespon-
sive, crop reports were good and good
weather was reported in the corn belt.
Early in the session the big bull houses
unloaded with some profit after the sue
cessful manipulation of yesterday. AS
prices plunged downward there was fair
cash business, but it did not serve to
steady the market much. The weakness
showed no signs of abatement, and July,
which yesterday was worth 64S4c, and
which opened today at 64d63Ac, closed
lower. ReCelDtS
were los cars, but because of the free &C
ceptances the movement is expected to in
crease.
Wheat showed some early weakness on
the foreign weakness, which was based on
the favorable government weather report
here. The Southwest was bearish on crop
prospects and sold freely. There were very
few short accounts open and consequent
ly, as prices declined, there was little TO
arrest the weakness There was a heavy
selling trade, although few commission
houses bought. The weather was good
everywhere for crops. The cold weather
scare was found to amount to nothing so
far. Although the GOODNESS was not
help to a forcing growth, yet it had done
no damage. AS corn turned very weak,
wheat was depressed still further and the
weakness it developed seemed to be
thoroughly saddled on the market that
even late reports of 60 loads sold at the
seaboard for export, and four loads worked
here direct, failed more than to steady
the slump a trihe over the bottom figures.
July opened AQ3sc up at 737s47324c, slumped
to 725s@7224c and closed weak. 1AG15sc
down, at 722G727sc. Local receipts were
10 cars. six of contract grade: Minneapolis
and Duluth reported $50 cars, total of l46,
against 105 last week and 215 a year ago.
Primary receipts were 231 600 blu, compared
with 260000 blu year ago. Seaboard clear
ances in wheat and -four equaled $4,000 blu.
There was little of interest in oats. The
weakness of other grains and exception
ally good crop reports induced selling and
brought small recessions. The May DEAL"
which has been the bugaboo of this pit and
which has restricted trade in ii for some
time, VIII be out of the way on Saturday,
after which the traders expect interest in
the pit Traders concede that there will
be considerable settling by shorts with
the May bull leader, without deliveries.
July closed nc down, rather weak, at 371s
@37Ac. Receipts were only 136 cars.
Provisions were dull after showing fair
strength early in the day The hog situ-
alton was firm and early buying was fair.
The grain weakness, however, caused liqui-
dation and a loss of the early gains. Pack
ers did not support the market late in the
day. July pork closed at $17171z, lard a
shade lower at s10.15q1O171A and ribs un-
changed at $9.621s.
Estimated receipts for tomorrow: Wheat,
20 cars; corn, $50 cars: oats, 205 cars: hogs,
IS, 900 head.
loading f1f,1reS ranged follows.