Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1922-06-01
GRAIN VALUES
CLOSE LOWER
Favorable Crop Weather Re-
ports Cause Heavy Selling.

CHICAGO, June 1.--Grain prices de-
clined in late dealings on the Chicago
Board of Trade today.
The market showed a tendency to drop
throughout the day on heavy selling by
local interests.
Reports Of favorable crop weather in
fuenced the decline.
Some export buying appeared on the
drop, tending to steady prices.
Provisions We're lower.
July wheat opened at S1.19, up 12c, and
closed unchanged September wheat
NC.
July corn opened at 624c, up NC, and
closed off &c. September corn opened
at GJ5sc up NC and closed off 1ac
July oats opened at 3S12c, up sc. and
closed off &c September oats opened at
4O1sc, off 1sc and closed off Ac.
fBy Thomson & Mckinnon.)
June l.
Wheat--Weather conditions and crop
news were in the ascendancy today. In
! the early market, favorable weather and
news from the Northwest offset hrmness
in Liverpool but later In the day claims
of possible damage in the far South
west turned the market firm. Two of the
! best crop authorities show normal con-
ditions in spring wheat and further I'M
proyement in the winter wheat. The in
! dicated yield Of the moment. both spring
| and winter, suggests fifty to one hundred
million more than actually harvested last
year 1t is to be noted, however. that one
, of those authorities mentions the pos
Stbility Of more than usual damage by
red rust. There Is no great activity IN
the export trade but change to the
F., extent that United states hard winters
are being taken has occurred. Choice
| milling wheat is firm in all markets
although there is no marked improve
ment in flour trade. There are private
cables reported from the seahoard claim
ing serious Drought In Europe. These
Seem to be confirmed ty the published
official estimates Of crop conditions In
France and Germany. 1t has been ac-
cepted that the European area Is less
than last year and II 1t now develops
that the condition on this reduced
acreage Is not as good as last year, IL
follows that the European demand will
be In excess Of what we have been
experiencing. The important period In
the completion Of our crop Is just at hand
and there are few private reports OF
an uufavorabIe nature coming to the
surface. We feel that the market has
! been und erthe influence Of excellent crop
news FOR such length OF time that II
Is IN position 70 be quite sensitive to
any confirmation OF n possible shortening
Of the present Indicated yield.
Corn and pGts-~priyate aut horitics ex :
pect considerable reduction in the
acreage OF oats with the present outlook
Of yield considerably below recent years
Planting Of corn is not yet colnplef ed
but there has been good germination OF
what has been planted There is nothing
In the crop situation. in the cash de
mand, TO suggest any important price
advance, nonethelesS, the markets like
wheat, have probably fully discounted
the various reasons for lower prices We
therefore, DISLIKE the Idea OF expecting Il
declining tendency.
frovisions-An increase In the receipts
Of hogs is expected to continue for a
time. Because OF this. sentiment fayors
| lower prices fer products. However the
market is held iii cheek by a common
idea that accommodations Of lard are in
strong hands.