The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-22
WHEAT CONTINUES HIGHER
OPERATIONS OF NORTHWEST HOLD
ERs THE BULLIsH FACTOR.
At the Close July Showed Gain of
I-Sc-Corn Closed 1-2c Lower
Heavy Selling of May Oats.

CHICAGO, May 2.-Enormous holdings
Of cash wheat in the Northwest caused
strength in speculative options here to-
day. July wheat closed with a gain of Ia
11sc- Corn is off 1zc. Oats are down 14c.
and provisions a shade to 712c.
Excellent growing weather and large
shipments had a depressing influence on
the wheat market at the opening, but the
uncertainty of the May delivery held the
bears in check and prevented any con-
siderable selling. Initial sales on July
showed a loss of shade to sc to &c to
S67sc to S624c May was unchanged at 99c.
In the absence of any great demand for
the May option the price of that delivery
eased off trife. declining to 9Ss4c.
AS the session advanced a number of
bullish factors came into prominence. A
foreign statistician in an estimate OF the
worlds shipments for the week showed d
large falling off, while, at the same time,
claiming a heavy decrease in the visible
supply. Later there was considerable pur-
chasing on belief that the local stocks of
contract wheat would show quite de-
crease on Monday.
The predominating influence, however.
was the reported sale of 900 bushels OF
cash wheat at Minneapolis to country
millers. There was an active demand here
from Northwest houses. The market
closed almost at the top prices, final figures
on July being at S77sc. after the price had
touched ssc. May closed at S9s4c, net
gain of &c.
Clearances of wheat and flour were equal
to 1880 blu. Primary receipts were $780,
$50 blu, compared with 357, 100 bu a year
ago. Minneapolis, Duluth and Chicago re-
ported receipts of 81 cars, against 81 cars
last week and lSS cars a year ago.
During the early part OF the session a
bearish sentiment was manifested in corn,
due to ideal weather conditions. Offerings,
however, were not large, and prices sus-
tanned only slight losses. Later in the day
the market became firmer in sympathy
with the strength of wheat A decreased
movement i'll the West indicating a partial
exhaustion of stocks was late bull fac
tor July opened lsql4c TO sc lower, at
4Sc to 4S1sQ4s14c, sold up to 4SlaQ4S3sc, and
closed at 4sAM4S$sc. Local receipts were
III cars, with seven of contract grade.
The feature of trading in oats was fur
| nished by the May delivery. Under the
leadership of a big holder. there was some
considerable weakness early in the day
Nearly all the loss was later regained on
covering by shorts. Deferred futures were
| adversely affected by favorable weather
| conditions. After opening 1sc to 1sQ14c
| lower. at 3SA43Sssc to 3S2sc, July ranged
between 3S1sQSSAc and 3s19c, closing al
! 3SAc. Local receipts were 132 cars.
Provisions were easier on outside liquida-
| ton and on selling by packers. Large re-
ceiptS of hogs and lower prices at the yards
were the principal selling motives. july
| pork closed with a loss of 712c at Sl0.95. LARD
was down 21aq5c at s6.271zQ6.30. Ribs were
off shade, closing at $635Q6. S11z.
Estimated receipts Monday: Wheat
cars; corn, 119; oats, 10; hogs, 1900 head.
1 ,oIf0x