The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-17
WHEAT MAKES Big GAIN
AT THE CLOSE THE JULY OPTION
SHOWED GAIN OF 1 rs CENTS.
Fear of Depletion of Stocks at Chicago
WAS BuIIish FactOr-Corn Was
strong and Advanced 3-4c.

CHICAGO May 16.-Belief. in almost total
depletion of contract stocks was the prin-
cipaI influence surrounding a strong wheat
market to-day. At the close July wheat
showed a gain of lac to lac. Corn is up
sc TO &c. oats are i4c TO 7sc higher. and
provisions 21zc to 1Oc.
Az the result OF prevalence of the idea
that local contract stocks are practically
exhausted sentiment in the wheat pit was
bullish from the start. The opening on
July was a shade lower TO ssGi9c higher.
at S3asmS41.c. There was an urgent demand
from shorts during the entire day. There
was also active buying to replenish long
lines. Offerings were comparatively light.
In order TO secure any considerable
amount of wheat 1T was necessary TO bid
up prices sharply.
A matter which attracted much atten-
ton from speculative traders was the
fancy prices paid here for cash wheat: a
sale Of 10000 bu Of No. / northern being
reported at l12c over the. May price. The
strength in the cash situation in outside
markets was additional bull factor.
semi-offlcial Russian crop report was quite
bullish the claim being made that UNI
favorable weather had greatly retarded the
growing plant.
The visible supply showed a greater de-
crease than had been expected-a decrease
of l.6550o0 blu. and this fact added TO the
strength The demand continued active
throughout the session, but offerings were
at time large. The market closed al
NEST at the top price of the day, final
figures on July being at S5&c, after sales
had been made at S57sc- May sold be-
tween 91Ac and $3.50, and closed at the
high point.
Clearances of wheat and -four were equal
TO 209.soo blu. The amount on passage de-
creased 10000. Primary receipts were
2lS.300 blu. against $50 900 bu year ago.
Minneapolis, Duluth and Chicago reported
receipts of 129 cars, compared with l5t cars
last week and 220 cars year ago.
An advanced tendency in line with the
strength in wheat experienced i'm the
corn market. Sentiment was further
Strengthened by small receipts, and some
what unfavorable weather Scarcity OF
offerings made the advance more easy
Buying was principally by shorts, the pit
crowd being inclined TO bearishness, In
view of the enormous acreage planted. A
strong feeling prevailed at the close. July
| opened lsmLc to LMAc higher, at 4112G41ssc
and advanced to 4s3sc and closed at As.
| Local receipts were sixty-three cars with
| five of contract grade.
| Oats shared I'm the strength of other
| Il aims, ruling firm throughout the day. A
| fair cash demand and small receipts were
| additional bull factors Trading was light
anG mostly of a scalping nature. After
| opening a shade lower TO a shade higher.
! at 3s14G3S2sc. July sold up to 3S%4q3s1sc.
| and closed at 3S5sc. Local receipts were
| eighty-six cars
Notwithstanding a decline of 1oc in the
prce OF hogs the provision market was
| quite firm. due mainly to the strength of
grains. Offerings were restricted and
| were eagerly taken by shorts. July pork
| closed with a gain of 10c. final figures be-
Ribs closed SC to 7lac higher. at Gas
Estimated receipts tomorrow: Wheat,
! IL cars; corn, 81 cars; oats, Ito cars; hogs,
| 1900 head.