The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-16
WHEAT FELL | 1-8C
Prices Broke on Reports of Need
ed Rain i'm Kansas.
Steady Decline in the Leading Cereal
with Corn Unchanged and PrOyi-
siOns Slightly Higher.

CHICAGO, April 14-Rain in Kansas
broke both the drought and the wheat mar
ket. Compared with yesterdays closing
prices, the latter is 1kc lower. The large
export trade in wheat yesterday reported
from New York simmered down to about
thirty boatloads. Nothing in the way of
export business was done in wheat there
to-day, and the market declined steadily
all day, but with few reactions. Corn
closed unchanged. but provisions finished
higher all around.
The drought in the wheat pit which
caused the bears swallow such copious
draughts Of short wheat yesterday. was
broken. Kansas got general rains, appar-
entity covering the entire State, but the
whole area of the Missouri valley reported
a generous downpour. That, without any
thing else, was sufficient to obliterate the
bullish feeling which was so conspicuous
yesterday afternoon. The European drought
canard also received it's quietus. 1t was
raining in England, and there was a low
barometer over the continent, indicating
probability of general rain there. That left
to the bulls only the California drought to
hang their hopes on, and that was not
enough TO prevent 1c break at the open
ing. May wheat, which closed yesterday
at 612sc, opened to-day with sellers at from
6O7sc down TO 6O3sc, and no buyers at over
6O12c. In half hour from the opening it
had declined to 594c, and il did not show
any signs of recovery until it had reached
the latter price. Along with the bearish in
fluence of the rains were market adViceS
from Liverpool reporting absolute indiffer-
ence to yesterdays advance mere a
letter received from Liverpool said that
the millers were getting Russian and Ar
gentine wheat so low that they could make
Hour cheaper than even the very low rates
| quoted from this side The only offset to
| MIA. August Brosseau. a well-known men,
| Der OF the Board of Trade, who has been
| travelling through that State for six weeks,
| a friend this morning: THE drought here
| is very serious and in northern California
cattle are being given away" That had
| The price reacted from 59Ac to 60l4c. The
| trade In the pit: compared with the pre-
| vious days business, was light and the
| overworked brokers had time to take a
much needed rest. The closing price for
The corn market was dull, but prices
| were firm and were scarcely influenced by
the weakness of wheat. The LIVERPOOL
holding OFF, and there was said to be no
| Eastern demand. but holders here refused
to give way {,o and there were no selling or,
| California has already produced the effect
| of creating an inquiry for corn in Ne
| May corn opened here at 3Sssc. Receipts
| to-day were 15S cars.
| There was only a small business trans
| acted in oats The easier feeling was in
| sympathy with wheat, as there was not
enough doing to create any sign of an
independent feeling. May started &c lower,
| at 32$sc, sold off to &C. up to 321ac and 323sc
| bid where it closed. The provision mar
ket was strong. with sellers rather scarce.
| and for the most part confined to those
| who had a profit in previous purchases.
| the receipts of hogs were only 10000, as
| compared with 14,0O0 expected. The week 5
receipts were 1854, compared with 100.
| O6S for the similar time a year ago. Pack
| ing to date this season amounts to So, 600
head, compared with 254,450 for the CORE
started with a gain of 1Oc improved 12iRc
| more, but worked off again so that only
| &c profit remained over yesterdays closing
rate. July, however. rose 25c, and rested
| with 15c net gain. May lard was hard To
| buy. and closed at the top price of the
| day. .12l2c higher than yesterday. Ribs
| closed .O7l2c higher.
Estimated receipts for. Monday are:
| Wheat. rs cars; corn. geo cars; oats, lac
| cars; hogs. 26.OOo Lake business was dull
at 14c for corn, and a load of oats was
| taken to Buffalo at 1Ac Leading futures
| ranged as follows: