The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-25
WHEAT CONTINUES LOWER
WORLDS SUPPLY DECREASED LESS
THAN WAS ESTIMATED.
At the Close the July Option showed
Loss of .-sc-Weather Was Bear
ish, ToO-Corn Down 5-Sc.

CHICAGO May 24-An Unexpectedly
small decrease in the worlds visible supply
caused weakness IN wheat to-day. weather
conditions also were bearish. At the close
July wheat was off 7s01c. Corn is down
&c. Oats show a loss of SsGlzc.' Pro
visions are unchanged to Tlzc lower. :
With practically nothing of oulhsh
character as support. the wheat market
opened with an inclination toward lower
prices The effect of the bearish private
crop report of yesterday was still po-
tent influence the majority of pit traders
being supposed TO sell Opening quotations
on July were unchanged to 1sc lower at
S7i4GSssc
Excellent weather throughout the greater
part of the country continued to improve
the condition of the growing crop ana
helped to bring out additional selling or
ders. The May delivery was especially
heavy and the weakness of that option had
tendency to depress the deferred futures.
A general expectation of increasing pri-
mary receipts was another element against
which the bull leaders had TO contend. In
measure the expectations of enlarged re-
ceipts were realized by returns from Kan
sas City. where 10000 bushels were re-
ceived and only $4,000 bushels shipped.
During the last part OF the session bear
ish sentiment was emphasized by Brad
streets visible supply statement, which
showed a decrease in the worlds available
stocks of only 6i5.0 900 bushels against de-
crease of nearly 100000 bushels year ago;
The weekly government report Indicated
marked Improvement in crop conditions. As
a result of the numerous bear factors
there much realizing late in the day.
h. oil f11n nnQ IN
somewhat firmer, due TO reports of an i'm
proved export demand. but prices made
| only small recovery. After selling down
to S64c July closed at S63sQS612c May
ranged between 94&4c and Csc, closing at
| 95l4c.
Clearances of wheat and -four were equal
to 1850 blu. Primary receipts were 2sl. sos
! ago. Minneapolis, Duluth and Chicago re-
ported receipts of 100 cars. against 81 cars
| last week and 233 cars year ago.
/ A weak undertone was manifested in corn.
| the principal bear factor being favorable
weather conditions. The declining tendency
| of wheat was a further aggravation OF the
! heaviness of feeling. Under the impression
| that the country movement would soon
! show a decided increase, the majority OF
| traders were inclined TO the bear side OF
| the market The selling was under the
! leadership of a large commission house
| The demand came mainly from shorts. July
| opened shade lower TO shade higher, al
4sIs Gl4sssc, sold down TO 4719c, and closed al
| 475sGl47&4c. Local receipts, 3l2 cars, with AZ
| of contract grade.
| Weakness of wheat and corn led to con-
| siderable selling of oats There was consid-
| Ell BILE profit taking in May and July by
leading longs. Good weather and predic-
tons of increased receipts were against the
market The close was near the lowest
| point of the day. July declined to 3lasC
/ and closed at 3Is.c. Local receipts, 224 cars
! Provisions were easier in sympathy will
| the lower grain markets. There was some
| buying of ribs early by packers but soor
| ac har 10 satisfied
became quiet and listless. July pork closed
| With loss of 711c, at S11. July lard anC
! ribs were each unchanged at Sc. 3212 and Sc. ~
respectively.
Estimated receipts tomorrow: Wheat.
| cars; corn, 210 cars; oats 80 cars; hogs
| 3O.0V0 head.