The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-06-06
BEARISH TONE In GRAINS
1T Is PERSISTENT IN WHEAT AND
CAUSES 4 SMALL Loss.
Corn and Oats Overcome the Incubus
and Close Advances-Provi-
xiOns Weak and Lower.

CHICAGO, June 5.-Grain speculation was
fairly active to-day. but of an erratic
nature. For a time it seemed that the
bearish campaign of the last week had
come TO an end and that help was coming
from the weather conditions which, in
stead of being fine, were too wet South
west for the early harvests. Wheat had
a good advance, but lost it all. The wet
weather. however. die help corn. In the
end July wheat lost sc, corn gained &c
and oats gained sc. Provisions closed 2izQ
&c to 1211Gl5c lower.
AS a result of the excessive rains South
west over a large portion of the winter
wheat country commission houses had good
buying orders in wheat at the opening.
There was still out a goodsized short in
terest and both the leading elevator in
terest and the bull crowd supported
the pit. These influences were too much
for the unresponsive cables fair deliveries
and bearish statistical journal reports. Ex
port business was poor and shipping sales
were nil. With shorts covering freely at
the start July made opening sales at
shade lower TO 1sQAc higher at 1sq121sc,
and after some wavering touched 72&sc.
The wet weather was working against inn
provement in the spring country, but, de-
spite this influence and that OF a good show
of corn strength, the early buyers of wheat
were satisfied with small profits. There
seemed to be no faith on the bull side after
the early bulge and general liquidation
brought sharp slump for July down to
nAQnSsc. There was a partial recovery
toward the end of the session, but July
closed weak. Sc down, at 71146715sc. Re
ports from Minneapolis say that mills there
viii close soon Local receipts were II
cars, of contract grade; Minneapolis and
Duluth reported 2S4 cars, a total of Z96
against 224 last week and 39S a year ago.
Primary receipts were 3SS,o00 Blu, compared
with $4,000 blu last week. SeabOard clear
ances in wheat and flour equale6 429, 900 bu
The seaboard reported Is loads taken for
export.
Corn spectators were inclined to a bear
ish view of the market, but prices acted
against them. Considerable strength was
shown most of the session, although much
of the advance was lost when wheat broke
To-day the puzzle in this pit was the jump
taken by December of nearly l cent. Yes
terday the feature was the switching from
July to September OF the big bull leaders
At 44c or under December options seemed
very cheap and the price unnatural In the
light of bullish operations in other delIv-
cries. This inducement to buy and
December shot up TO 4i34c. July sold up to
Late in the day the fluctuations were mar
row. September was offered most freely
July closed firm, &c up, at 62ls162kc. Re-
cCipts were 222 cars.
Activity anu influential buying marked
the trading IN oats. July new standard
was espo cially in demand The cash stu
alton seems to improve daily. in three days
sales of over 1,OJ,0U0 bu being made. This
influenced strength in all options There
some influence from other grains but
the close was strong. July opened firm and
advanced 10 CSC. closing strong. &c up at
3S7sc. Receipts were 10 cars.
Provisions ruled weak. There was a
mark q change in front by the packers who
have been buying of late and when they
appeared sellers pricts broke An easy
hog market also was a hearish incentive
July pork closed 12ik615c down at Sl7.o
i'-2&1s, lard 21zGt5c lower a Sl0.20QIO. 22l5,
ar ibis &c lower ct sl001,-
,-stiInattG receipts for tomorrow Wheat
10 cas-; corn, 255 cars; oats, - cars; hogs.
900 head.