The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-13
GRAINS ON THE UP GRADE
OATS LEAD THE PITS IN POINT OF
TRADE ACTIVITY.
Advances Range from 1-sc in Corn 60
lie in 0ats-Provisions Closed
at Mixed Changes.

CHICAGO, June Publish sentiment put
grain prices up to-day. Trade was of little
Importance save in oats, where there was
good activity. The scarce news, however,
was of slightly bullish turn and at the
close July wheat was Aq3sc up. corn sc
higher and oats 1ac higher. Provisions were
pushed down in most products and closed
from nc higher TO 10c lower.
Wheat opened bullish with little news
on which to argue strength. Gables were in
different, but receipts were small, there
was more wet weather in several localities
in the West and there was continued talk
of reducing stocks. Cash demand. however.
amounted to very little. The crowd felt
bullish and this worried the short interest,
and July, after opening Ac TO sc up at nc
to 721sc. advanced to 721kc. There still
some excitement in Minneapolis and prices
there advanced. Later the Liverpool cables
reported an advance in English futures on
bad weather, and French markets also were
higher. The market was not destined TO be
broad, for on the advance the leading ele-
vator interest that has been bulling July
and selling September turned tactics. CIV
ing strength to the further deliveries and
depressing July. The crowd tailed after
and July weakened somewhat. The close
was rather firm, July Ad9sc up at 72Q72lsc.
Local receipts were fifteen cars, one of con-
tract grade; Minneapolis and Duluth re-
ported l64 cars, total of ITO, against 296
last week and 446 a year ago. Primary re-
ceipts were 10000 blu, compared with 492 900
last year. Seaboard clearances in wheat and
-four equaled 277,OO0 bu. The seaboard re-
ported 20 loads taken for export.
Trade
neglected this pit. but the strength in wheat
and the small acceptanceS Offset the favor
able weather. so that much support by the
big bulls was not necessary. The local
crowd favored buying deferred futures.
Prices advanced at the opening, but when
wheat lost some of it's strength corn eased
on and July closed steady, hc higher, at
6Sl4c. Much of the early strength was based
on the argument that although receipts
were hperaI at SlZ cars the percentage OF
contract grade was small. Crop reports are
not particularly bearish, specially those
from Iowa and Illinois.
Oats had the exciting pit of the floor.
Shorts covered briskly early, there was
strong demand from commission houses,
and as there was little pressure to sell,
July new jumped from $3.50 at the opening
to 4Ossc. Receipts were very light at So
cars with very little stuff contract grade.
The cash demand was steady. Profit taking
on the advance was plentiful and eased the
demand so that much of the advance was
lost. There was, however, marked independ-
ence In the pit, and July new closed firm
12c UP at 3934
1t suited the packers interest to-day to
push provision prices down. Hogs at the
yards were weaker and the natural condi-
lions favored break, but after little dip
at the opening, the packers took up the
offerings and again advanced prices. There
were few shorts in ribs who covered and
caused an upturn, but after that was over
the packers found the pit so dull that they
could not unload pork lard on any one
save at lower prices. July pork slumped TO
$H-5712, and closed 10c down at $3.50; lard
closed sc lower at 5000. and ribs TIC up at
$lO.45, after selling at 5000.
Estimated receipts for Tomorrow: Wheat,
~ cars: corn, $50 cars; oats, los cars; hogs,
2S, 900 head.