The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-04-15
WHEAT FELL 11-8C
Prices Broke on Reports of Need
ed Rain i'm Kansas.
Steady Decline i'm the Leading Cereal
with Corn Unchanged and Provi-
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 1isc 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 a few reactions. Corn
closed unchanged but provisions finished
higher all around.
The drought in the wheat pit which
caused the bears to swallow such copious
draughts of short wheat yesterday,
broken. Kansas got general rains, appar-
emily covering the entire State, but the
whole area of the Missouri valley reported
a generous downpour. That, without any
thing else. sufficient to obliterate the
bullish feeling which was conspicuous
yesterday afternoon. The European drought
canard also received it's quietus 1t was
raining in England, and there was low
barometer over the continent, indicating a
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 a 1c break at the open
ing. May wheat, which closed yesterday
dI ol1sc, opened lO-udy Will sellers dl lIOil
6O5sc down to 6Ossc, and no buyers at over
6O12c. In a half hour from the opening it
had declined to 59$4c, and it did not show
any signs of recovery until il had reached
the latter price. Along with the bearish in
fuence of the rains were market advices
from Liverpool reporting absolute indiffer-
ence to yesterdays advance here. A
letter received from Liverpool said that
the milers were getting Russian and Ar
gentine wheat so low that they could make
flour cheaper than even the very low rates
quoted from this side. The only offset TO
the foregoing was the news from CalifOr
MIA. August Brosseau, a well-known mem
Der of the Board of Trade, who has been
travelling through that State for six weeks,
| friend this morning: 1.-The drought here
| is very serious and in northern California
some effect in staying the early decline.
| The price reacted from 59a4c to 60Ac. The
| trade in the pit, compared with the pre-
vious days business, was light, and the
| overworked brokers had time to take
much needed rest. The closing price for
| May was 60hG60Ac.
| 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, and there were no selling or
| ders of sufficient amount The drought in
| California has already produced the effect
| of creating an inquiry for corn in Ne
| May corn opened here at 3S2sc. 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 lsc lower,
at $3.50, sold off to SIC, up to 321ac and 32ss C
| bid, where 1t 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 1900 expected. The week 5
| receipts were 1864, compared with &c.,
| 06S for the similar time year ago. Pack
| ing to date this season amounts to 565 900
head, compared with 254,45O for the CORE
| spending period last year. May pork
started with gain of 10c, improved 12lsc
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. .1219c higher than yesterday. Ribs
| closed .0712c higher
Estimated receipts for Monday are:
| Wheat. As cars; corn, 200 cars; oats, 40
| cars; hogs, &c, 900. lake business was dull
at &c for corn, and load Of oats was
| taken to Buffalo at 1Ac. Leading futures
| ranged as follows:f