The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-21

DELIVERY ADVANCED 1-2C YES
TERDAY, THEN BROKE 3-sC.
At the Close May Was Unchanged
from Thursday's Prices-Corn lie
Higher-Other Markets.

! CHICAGO. May 20.-An advance of 21zc in
the price of May wheat was followed by a
sharp break of 4ssc to-day. The erratic ac-
tions of the May option resulted from spec
uative maneuvers attending the scarcity of
wheat for present use. Closing figures on
May were unchanged from yesterdays final
quotations. July closed at loss of 407sc.
Corn is up kdl4c Oats are down 1sqAc
and provisions s1sc to PFC.
Under the influence of congestion in the
May delivery the wheat market opened firm
in the face of excellent weather conditions.
Smallest local receipts on record-five cars
with little prospects of any increase in ar
rivals. caused an active demand from shorts
for the May option. Initial sales of May
showed a gain of nc to &c. at 99lac to s1.Ol.
July opened isc lower to sc higher at Sal2
0S7s4c.
There was little May wheat on the mar
ket. Shorts in their anxiety TO cover bid
the price of May up to s1.O112 within the
first ten minutes. Naturally other options
felt the effect. July advanced to SS14c early
! in the day. The market was extremely err
ratio, the entire session being dominated by
the fluctuations of the May delivery.
During the latter part of the day future
deliveries were subjected to a considerable
selling pressure a result of favorable
| crop reports. A st. Louis trade journal, in
its weekly summary, claimed that further
Improvement in condition of winter wheat
was reported from all sections and that in
dications pointed TO large yields in Kansas,
| Nebraska and Missouri. The selling move
ment increased on sharp decline in May.
Under liberal profit taking that delivery
sold off to 971sc. a loss of 42sc from the high
| point The weakness was felt throughout
the entire list. July declining In sympathy
| to S6ssc. On the break shorts became active
| bidders, forcing the price up to 99c, where
] the market closed. Future deliveries. how
ever, failed to rally. July closing at s6s4d
S67sc. a net loss of %67sc for the day.
| Clearances of wheat and flour were equal
to 1850 bu. Braastreet's exports of wheat
and -four for the week were equal to 1.226.OOC
bu. Primary receipts were 147,7cO bu, COM
pared with $4,000 bu year ago. Minneapo-
lis. Duluth and Chicago reported receipts OF
| 81 cars. against rs cars last week and 14l
! cars n year ago.
AS result of a small movement and OF
| the strength in wheat the corn market was
| strong early in the day. Shorts were active
| bidders during the first half of the session,
| but offerings were comparatively light
| Later the selling became quite general and
| prices recedee sharply Favorable weather
| prospects of an increased movement in I'LL
| nois and the break in wheat were the late
| bear factors The market closed firm or
| renewed covering by shorts. July opened a
| shade to 1sn4c lower at 4Sel4Slsc. advanced
| to 491sc, sold off to 4Sc and closed at 4S3sc
| Local receipts were seventy cars, with eight
| of contract grade
| The feature of trading in oats the
| early strength and subsequent weakness OF
| the May delivery. The fast disappearance
| OF local stocks of standard cats was the
| cause of the initial strength, while the
| break in ether grains accounted for the de-
| cline. Favorable weather conditions had "a
| depressing influence on the future deliv-
| cries. May ranged between 1850 and 43c
| closing at &c July opened a shade to lsC
| lower at 3S1R03Sssc sold between 3S2sG3S1sC
! and 39c and closed at 3St2c. Local receir Is
| were seventy-nine cars
| Provisions were firm early under the in
l fluence of strength in grains. The market
| weakened, however. during the latter par
| of the session as result of liberal receipts
| of hogs throughout the West. Packers
| were the principal sellers and the demand
| came from scattered sources July porl
| closed with a loss of 121ac at s11.021z; July
lard was down 21zc at s6S2h. Ribs were of
| sc at S6311a
| Estimated receipts to-morrow-Wheat. !;
| cars; corn. 1O7; oats. 126; hogs, 1900 head.
|