The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-01-28
JULY WHEAT VERY ACTIVE
CROWD DESERTS THE MAY OPTION
AND 1T DECLINES.
Largest Dealings of the Day I'm the
Summer DeIivery-COmm ission
Houses Buy Corn~-Oats Firm.

CHICAGO. Jan 27.-Apparently in dread Of be
ing burned up in contact with May wheat, trad
ers to-day turned their attention to the July
delivery. AS a result May ruled weak. closing
at loss of nc from yesterdays final figures.
July was relatively firm. only a fractional loss
being registered the finish May corn and oats
practically unchanged. but provisions were
5q711c lower
The feature in trading in the wheat pit was
the unusual activity and comparative strength
of the July delivery. May exhibited considerable
nervousness and was easily influenced by any lit
tie trade either way. Quietness noticeable
at the start. there being few orders on the mar
ket
The opening dullness the result OF con-
viction in the minds of the pit crowd that so
for sale on May delivery, II was useless 10 at
tempt trading. Easier cables caused, a sight
loss initial sales. May being a shade TO 1sq14c
lower at S9s4aSs7sc.
LIGHT OFFERINGS CAUSE ADVANCE.
Light offerings with fair scattered demand
soon caused advance TO s0Ssc. There was
fairly good commission house selling the up
turn and the market reacted. The July
delivery. however, retained considerable Of the
early strength. the supposition being that it
less under the control Of the leading long opera
tor
The extreme cold weather throughout the winter
wheat belt brought a good demand for this
option, with outsiders buying freely. From SIS
to Sssgs2sc Liquidation Of May, however, az
fected the more distant months. and prices de-
weak and NC lower at ssssaSs1sc, after the price
had fallen TO Sshc. July was only shade lower
at s1AQs17sc.
$3.50 bushels. Primary receipts were SOl 600
bushels, compared with $500 bushels year
ago. Minneapolis, Duluth and Chicago reported
receipts of 222 against 43O cars last week and
BIS cars year ago
CORN IN GOOD DEMAND.
There good buying of corn early by lead
ing commission houses, due partly 10 the
strength in wheat and partly TO the strong tone
of cables. The demand from this source car
red prices higher and the advance was well
maintained until late in the day; when a re-
action occurred selling by local bears
Receipts were little larger than the estimate.
but the movement was not large. and the ship
ping demand confined good The close was
at 49l4li9&q49%c. sold up to 5Obc, reacting later
to 491zc The close at z911c Local receipts
were 223 cars, one of contract grade.
OATS FIRM.
Oats firm a great part Of the day
on commission house demand, but the late weak
ness in wheat caused reaction, and the close
was about steady. feature Of trading was
the scarcity OF offerings and the good shipping
demand. May opened &c higher at 42Ac, sold
between 42q4211c closing at 42isc. Local receipts
were IS
WEAKNESS IN PROVISIONS.
Liquidation by small holders and selling by
packers caused some weakness in provisions.
houses on the decline. which resulted in slight
rally The close easier with May pork TIC
lower at S13321z. May lard and ribs were each
5@i7Hc lower at S.4d1e and 6.T2lkQ6.75.
Estimated receipts tomorrow: Wheat, 80 cars:
corn. 155 cars; oats. 100 cars; hogs. 1900 head.
leading futures ranged as follows.