The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-24
WHEATTURNS DOWN. ARD
WHEN THE MARKET CLOSED JULY
OPTION SHOWED LOSS OF I-2C.
Bearish Advices from Northwest and
southwest Were Depressing In
luenccs-Oats Lower.

CHICAGO, May 23.-Bearish crop advices
from the Northwest and Southwest. in adj
dition to liberal shipments from Russia,
caused weakness in wheat to-day. Com
pared with Saturdays final figures July
shows a loss of nc Corn is unchanged.
Oats are shade lower. Provisions are up
211c to 121zc.
For a brief period at the start the wheat
market had firm undertone The firm
ness was due mainly to extremely small
local receipts. only two cars being inspect
ed into store here to-day. Initial sales on
July were unchanged to &c higher at SI1sq
ssLc.
Ideal weather conditions and very heaVy
shipments from Russia asserted influence
however. before the session had made much
progress and on scattered selling the mar
ket became easier. Weakness of the May
delivery affected the deferred futures ana
was a prominent bear influence. Great
improvements were claimed in the condl-
ton of the winter crop. One report from
Kansas City was especially optimistic the
assertion being made that threshing VIII
be begun in Kansas within thirty days
The report declared that early wheat from
that section would be rushed to Chicago
in preference TO gulf ports.
The market became quite weak curing
the latter part of the session. part OF the
weakness being due TO selling by those
who Saturday bought on the reported cash
sales at Minneapolis. Bearish crop aG-
vices from the Northwest had much 10 90
with the increased depression pervading
the pit near the close. The market nnlsneu
weak near the bottom. July being at S1Ssc'
after touching S71sGSTAc. May ranged De-
tween s75sc and 9Siac and closed at sS1ac
Clearances of wheat and -four were equai
to 127 800 blu. The amount on passage IN
creased 32S,0O0 bu. while the visible supply
were 200 blu. compared with 435,6e9 Du a
year ago. Minneapolis, Duluth and en-
cago reported receipts of 235 cars, against
129 cars last week and 313 cars a year ago.
In view of the number of bear factors
manifested throughout the session, the corn
market held up remarkably we'll The prin-
| cipal weakening influences were the ex-
tremely favorable weather for the growing
| crop, the large receipts estimated for to-
morrow and the demoralized condition OF
the cash market. The supporting feature
| of the situation was a persistent demand
| from a big commission house. The marker
| closed at about Saturdays hnal ngures.
July opened 1sc to &c lower at 4shc 70
! 4s1sd 4SI.c sold between 47a4c and 4S1aq
| 4sssc closing at 4S14Q4sssc. Local receipts
were 175 cars. II of contract grade.
Excellent weather and predictions CT lib
eral receipts tomorrow had a depressing
influence on the oats market, bearish
| sentiment being manifested Throughout the
| entire session. Weakness in other grains
| also tended TO bring out sales from scat
| tered sources After opening &c 10 &c
| lower at $3.50, July ranged between 3sc
and 3sA@3sasc. closing at Sslsq3sAc
| Local receipts were IS cars.
| Provisions were easier early in the day
| as a result of heavy receipts OF hogs and
| lower prices at the yards. The demand fol
| all products. however was quite active
| and offerings were readily absorbed, result
| ing in a fair advance Packers were credit
| ed with moderate purchases. July pork
| closed with gain of 1212c at NlO711 l-arC
| and ribs were each up 212c to sc at s6.321.
and $40. respectively. Estimated receipt:
| for tomorrow:
Wheat. is cars; corn. 312 cars; oats. 2l'
| cars; hogs, 900 head.