The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-04-29
WHEAT PANIC ABROAD
EUROPEANS FEAR SUPPLY WILL NOT
LAST UP TO NEW CROP.
Exciting Time in Chicago Market
Early in the SessiOn-PrOvisiOns
Suffered Declines

CHICAGO, April 2s-Infuenced by ra-
tional advances at English grain centers,
wheat to-day sold SAC above yesterdays
prices. but heavy realizing from beginning
to end of the session caused o reaction in all
quotations, and the closing was relatively
as weak as the opening was strong. July
wheat closed $3.50 higher, May lac high
err; corn and oats gained 15dAc. Provisions
suffered declines of 712Q15c on packers sell
ing.
Traders in wheat had an exciting time
during the first hour to-day on account or
the violent advance at Liverpool, but there
was an evident indisposition on the part OF
many to allow excitement abroad TO I'M
hinge their own judgment at home. quite
general impression prevailed among traders
that foreigners were becoming hysterical
over the supposition that Spain may inter-
fere with the export movement OF American
products. But another portion of the trade
interprets the wild advance abroad to the
sudden discovery by foreigners that there
is not enough wheat and flour available
anywhere to keep them supplied until the
next harvest. The reasonings of these two
factions caused the market to fluc-
tuate violently until about the middle of the
session, when the bears appeared to be on
May at Liverpool and smaller rises at Paris
and Antwerp We're said to be the result of
American covering, but exporters sold sew
eral cargoes of No. 1 Northern to Liver
pool at s144 ard private cablegrams said
English mllers were bidding excitedly for
wheat. Chicago received 139 cars to-day,
against. four last year. Minneapolis and
Duluth reported 1888 cars compared with 800
year ago Atlantic ports cleared 68S,0O0
bushels of wheat and -four. July. which
started 219G314c higher at 9712Q9Sc declined
rapidly to 96c, rallying quickly to 97lsc. This
range was covered several times. When
July was selling around ESQ., near the close,
private cablegram from Argentine report
ed an increase in the estimated wheat yield
of that country to forty million bushels.
95c, the low point of the day, but a quick
rally to 951ac followed. July closed at the
last named figure net gain Of ?s@s4c. May
sold between $1.21 and $1.2l, closing nc net
higher, at Sl.S212.
Corn started strong, with Liverpool,
which closed 1Q11Ad higher. General realiz-
ing offset the mass of bullsh influences,
and after advancing 11sc the market weak
ened and closed at the bottom. Crop news
about 1,250,00O bushels were made for direct
export and Western shipments. The taking
in the hedges on this account caused mo-
amounted to 63S.3OO bushels. July opened
A@11sc higher, at S514@S5&c, declining to
at the end da net gain gain Of &c a,os
of 100000 bushels. Covering of this line
closed May at the top, net gain of 5sc.
Local receipts were 306 cars July opened
asc higher, at 259sc, and closed &c net high
err at 2519c.
Provisions started fairly strong, but de-
clined and closed at the bottom on free sell
ing by packers. Foreigners appeared indif-
ferent and small declines abroad were re-
ported. Liberal hog receipts are having a
bearish effect, and packers are more active
than for some time past. July pork ranged
81. 25@11S0, closing 15c net lower, at $11.32.
July lard sold from $565 to $5.77, closing
from $5.47 to $5.65, closing at $547Q5.5O. net
loss of nc.
Estimated receipts for to-morrow-Wheat,
is cars; corn. $50 cars; oats, 400 cars; hogs,
20. 900 head.
leading futures ranged as follows: