The Indianapolis journal., 1894-04-08
REACTION IN WHEAT
Follows Report of Better Pros
poets for the Coming Crop.
Loss of 1-4c on the Day i'm the Leading
Cereal, with Decline i'm Corn
Provisions Trifie Firmer.

CHICAGO. April Tt was a weather
market in wheat, with variegated crop
reports thrown in. The majority of the
crop reports receiyed to-day made quite
light of crop damage and the trade gave
ear TO that version of the story. The feel
ing was heavy, and while trade was light,
there was less timidity shown by short
sellers At the close May wheat showed
oss of about 1Ac. The spread between May
and July is now 1Ac. Corn was weak and
left off with a loss for the day of sc. Oats
were firm for near deliveries and weak for
the more deferred. Provisions were in the
main quite firm.
After the close of the regular session of
the board yesterday, wheat on the curb was
very weak, but sentiment had turned again
to the bull side before trading was resumed.
May sold privately yesterday as low as
$3.50, but the trading at the opening in the
pit was at GiAc, with some little as high
as Size The market kept steady at 644c
for a time but there was some nervous
ness on the part of the longs as the SELL
appeared to be acting with much con-
fidence There were light rains in north
eastern Kansas, with an indication of those
spreading and majority of the crop re-
ports which came in were inclined to
minimize IDe amount OF the damage done
by the freeze Foreign news was not en-
couraging, inasmuch as the great recent
strength of the market here had only
caused about Id advance at Liverpool
From Frankfort, KY. the reports were that
the damage was being greatly magnifed,
and a dispatch from a farmer who works
an extensive area near Louisville was that
there was no damage of any extent Mis-
SOuri wired hat was
and that the wheat prospects were fine.
Other reports from many widely scattered
localltleS were in a similar strain, and the
market ruled weak In consequence An at
tempt tenn to sell 100000 bushels by George Bald
win resulted in drop from 6414c to $3.50
In less than two minutes. AS soon as the
last ten thousand bushels Of the lot referred
to were sold, and the crowd saw there was
no more 70 follow, the price dropped again
to 631sc. After that and up to the close,
business was dull but the tendency con-
tnued to be toward a lower level There
was another drop which carried the price
off to 6i1sc, followed by 6412c, followed by
reaction to 63$sc, and the latest transactions
were at that pric-. There were more SELL
ers than buyers at that as the bell tapped.
Corn opened 1sGAc lower than it
closed yesterday and in the course of the
day declined 12c more, and closed at loss
of 3sc. Receipts were not heavy to-day and
still lighter are expected for Monday. Trade
in the pit was light, without any promi-
nent transactions on either side of the mar
ket.
While only a limited amount of business
was transacted in oats the market remained
firm. The cause of this strength is probably
due to the effect of the crop reports which
have brought in a great many buying Or
ders May closed at an advance of 1sc over
yesterdays latest quotation.
Trading in provisions without spirit
and of moderate volume. Prices were firm
at the opening, but were followed by a
period of weakness induced by free offer
ings of lard by Catlin, White and Others
On an attempt to buy at the slight decline
occasioned by the selling of lard the mar
ket ruled firmer and prices advanced be-
yond yesterdays closing prices and rested
with a slight advance. Compared with last
night May lard is .O21zc higher and May
ribs .07lac higher.
Estimated receipts for Monday are:
Wheat. 90 cars; corn. 195 cars; oats, 120
cars; hogs $1,000 head. Leading futures