The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-20
MAY WHEAT TOUCHES ST
CHIEF CAUSE OF THE ADVANCE WAS
COVERING BY SHORTS.
July Closed Use to lie Higher than
Wednesdays Final Price-Corn Is
1-Sc to lie Higher-Oats Advance.

CHICAGO. May ia scramble by short
sellers TO get out OF the market to-day
sent the price of May wheat to the dollar
mark. an advance OF sac. The closing price
for May was 99c July wheat closed 7sQ1c
up and September 1ac higher. Corn is un-
changed to 1s@Ac higher. oats are up sc
to 140%sc. Provisions closed 10al5c of.
The rapid disappearance of cash wheat
in local elevators and the near approach
of the final delivery day served to start
general demand for May With the rush for
that option, the ideas of holders of July and
September Suffered accordingly. Starting
with gain OF l4c to Ease. at $3.50, July ad-
vanced steadily to S912c. with one setback
with sufficient weight 10 carry the price
under the opening
A disposition ON the part of pit traders to
play for Il break after the early advances
carried July back TO S7$4c and September
TO $3.50. The large owners OF the deferred
options. however. held aloof, and the clamor
for May showed the popular views as to
the present scarcity and prospective sup
ply of the grain.
The net result was gain of Il to Ease In
July, at $50 0SS1sc. and of ssniac in Septem-
Der. at $40, the latter having sold up to
S23sc at it's best Outside of better crop
outlook and decline in some OF the for
eign markets the bulk of the news was
bullish. a decrease of 100000 bu in the Wis
ible supply was predicted, and primary re-
ceipts were light, being only 112.S25 blu.
against 224,5S6 bu a year ago. Minneapolis
and Duluth reported only 81 cars, which,
with two cars here. neither grading, made
90 cars for the three points, compared with
20 cars last week and l39 cars year ago.
Corn shorts were disposed to cover, al
though business was not on large scale
The decided firmness in wheat kept buying
in favor, Notwithstanding comparatively
large stocks, and the market ruled STEADY,
The weather helped the tone, frequent rains
having delayed planting operations. Final
trades showed a Sain of 1s@Ac in July, at
| 4Slsd4S14c, after range of 475sc to 4Sl2c.
September touched 47&c and closed I'M
| changed at 473sc. a shade above the bottom.
F, Local receipts were 46 cars.
Oats were strong, and July and September
| were helped by May, which was very much
| in demand by nervous shorts, who looked
| fearfully upon the decreasing contract
stocks and the small movement. July
| closed 1zm9sc higher, at 3S5sd3Ss4c, having
! sold as high as 3S7sG39c. September. &c
higher. at 3O%4c. 1sc under the top. Local re-
ceipts were IS cars.
The big speculative short lines in pro-
Visions which have been the support of
values for weeks. were not in evidence to-
| day, and prices suffered. There was liberal
selling credited to packers, but trade on the
whole was light, with only little outside in
terest in the market apparent. July and
/ September pork were down 20622c, at S11.156
| lbs. with July lard off 121aG15c. at 1915,
| September showing but a share less loss.
/ at s6521b July ribs closed 10c lower, AT
| Sc. s066. i21z, and September 1212c lower, at
| S6.571A.