The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-07
GRAIN PRICES HIGHER
WHEAT, CORN, OATS AND PROVI-
SION MARKETS STIMULATED.
Notwithstanding Report that Wheat
Crop Will Be Very Large
Range of Leading Futures.

CHICAGO. June 5.-Fears of a wet har-
vest in winter wheat very small sales of
corn by farmers, a sharp cash demand in
oats and call for pork to repack for old
stuff stimulated buying in all the specula-
tive pits on Change to-day. Trade was
largely limited TO the professionals, and
several crop reports had a dampening eff
feet on the spirit of the bulls. In the end.
however, July wheat gained Aq9sc, July
corn sc and July oats Sc. Provisions
closed 2AG5c to l7l2q2Oc higher.
Wheat got a firm start from the appear
ance of the weather map. The Southwest
had too much rain and the entire Western
wheat and corn country reported copious
showers. This caused talk of a wet har
vest, rust and other damage to crops. Ca
bles were weak following our decline yes
terday. but July opened a shade higher to
unchanged at 715sc to 7l1zQ15sc and sold to
&c. Shows report that the yield Of both
winter and spring crops would approx
mate 725. 1900 bu-or only 25,000,000 bu un-
der last years enormous production-was
like wet blanket. Bears sold, bulls
stopped buying for the time and July sunk
10 71sc This same report indicated an i'm
provement of points in the June condition
and stated that the spring wheat was in
almost perfect condition, save that the
acreage was 100000 less than last year.
Conditions inherent to the pit were almost
bearish, but they seemed to have little Ell
feet. Receipts were liberal, the cash de-
mand very poor, with prices shaded
here and at Duluth. The outsider was not IN
the pit. The wet weather talk. however,
with firmnesS in corn and oats, helpeO
wheat, and July reacted we'll after its dip.
closing firm AQssc up at 717sc. Local re-
ceipts were cars, none of contract grade;
Minneapolis and Duluth reported 256 cars,
making total for the three points OF ~
cars, against 407 last year. Primary re-
ceipts were 1874 900 bu compared with CAS-,
coo bu last year. Seaboard clearances In
wheat and -four equaled 2SS,0O0 bu. Argen-
tine shipments were 6H 900 bu, against S5z,-
Nv bu last week and 1O32,OoO bu year
ago. Export demand was almost dead.
Corn trade was good and bullish crop re-
ports stimulated good buying that brought
strong tone Early in the day July was
strong support by the big bull interests
and September was weakened by st. Louis
selling. Later the latter option came In Tor
support and prices advanced. The selling
was largely by locals and was scattered
Country offerings continue very light, FAR
mers Offering very little. Movement Is re-
tarded to some extent by the wet weather,
although to-morrow'S receipts are expect
ed to be $50 cars. The excellent support the
market received offset all DearlSn influences
and July sold up 10 63c and closed firm sc
up at 62Aq627sc. Receipts were 23l cars.
Snow reported 100000 acres planted in
corn this season. and the present promise
of the crop entirely satisfactorily.
Again oats the strongest OF the
grains. General buying of July new and
September new set in early. The latter OPP
ton was specially active. Advances of al
most 1c were made easily, and as on the
last few days the good cash demand was
| the influence. The shorts who thought SELL
ing o. the new crop was safe covered free
/ ly on fears of rain damage to the growing
plants. Receipts were again small, at 80
cars. All told the market was an active
one and was strong all day, being influ-
enced very little by the other grains. July
sold to 1850 and closed sc up at 39l4c.
Provisions were rather quiet, but ad-
vanced sharply after an opening that was
weak on the hog situation. There was fair
demand for repacking pork. and packers
manipulated for higher prices The close
was firm. July pork sold at $3.50 and
| closed 17kd20c up al $17.40; July lard 21ed5c
up at $685. and July ribs TIC higher at
| Sl0.15.
Estimated receipts for tomorrow:
| Wheat, 10 cars; corn, $50 cars; oats, 115
| cars; hogs, % 600 head.
F011O