The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-17
MAY WHEAT in DEMAND
GAINS SHOWN ON RAINY-wEATHER
REPORTS FROM ARGENTINA.
Provisions Were Weak, Owing to Lib
eral Receipts OF Hogs-Bearish
Feeling in Grain Received
Little

CHICAGO, Dec. 1s.-Fresh indications of a
curtailment in the Argentina exportable surplus
and an increased foreign demand were infuen-
tial in causing a net gain Of hc in May wheat
here to-day. Corn is sc higher. Oats are UP
AQSsc. Provisions were weak.
Comparatively firm cables and continued
rainy weather news from Argentina were the
main factors in bringing out a fair general de-
mand for May wheat early in the day. May
opened a shade lower to a shade higher at s07s9
Sic. advancing soon to S1hds1Ac. Northwest re-
ceipts. however. were nearly double those in the
preceding year and Southwestern receipts also
showed large gains. These features of the do
nestle situation were responsible for a selling
movement that carried May down to s0le@S05sc.
The crowd seemed to be bearishly inclined and
there was little support A leading long sold a
big line of July openly and it was rumored he
was selling May through brokers. Quite a lot
of long wheat came out on this weak spot, but
when the selling ceased a good demand from
commission houses and pit traders started a
rally.
The seaboard reported twenty-five boatloads
taken for export and this gave shorts their cue
and they covered freely late in the day. Closing
prices were at about the top figures.
May closed with a gain of NC at q
after touching size. Clearances Of wheat and
-four were equal to 462. 800 bu. Primary receipts
were sS5. 800 bu. compared with 562. 900 blu a year
ago. Minneapolis. Duluth and Chicago reported
receipts of sos cars. against $50 last week and
$40 a year ago.
Although the advancing tendency in corn re-
ceived a cheek from the early decline in wheat
it soon rallied from the depression and ruled
firm throughout the remainder of the day. Small
receipts and firm cables were partly responsible
for the firmness. The Iowa crop report was the
option. II showed a reduction of ST. 900 blu
in the present crop from that OF last year. There
was also a considerable Improvement in the cash
demand. the cash article showing a gain of a
full cent.
After opening a shade higher. at 42&c, May
sold between 43Ac and 43Ac. closing at $3.50
43Ac. Local receipts were II cars. none Of con-
tract grade.
A little demand from commission houses and
selling by scalpers were about the only features
in trading in oats. There was no evidence Of
any selling by the big longs. neither any further
accumulation by these interests.
Prices showed little change, May opening un-
changed at 36asc, ranging between 36lsq36ssc
and SIC. closing at 36kq37c. Local receipts were
IS cars.
Provisions were lower, as was expected in
view of the liberal receipts Of hogs, and a de-
cline of from 10c to 15c in prices at the yards.
Total receipts of hogs at Western markets fig
ured up 120. 600, compared with 70, 500 a year ago.
These figures stimulated a good deal of bear
ish sentiment in provisions. Buying by shorts
at a small decline. May pork closed 12izc lower
at sl1.62k. May lard and ribs were each of
7i56lOc. at Sc. 521sde.20
Estimated receipts for Tomorrow: Wheat, 70
cars. corn, lbs cars; oats, los cars; hogs. $4,000
head.