The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-04-02
BREAK IN ALL CEREALS
CORN OVER A CENT LOWER ON THE
HEAVY LIQUIDATION.
Wheat Depressed by Corn Weakness
and Bearish News-Provisions High
er in All Lines of Hog

CHICAGO, April Inlay corn broke I'M
der the liquidation by longs to-day. and
closed 1G1lsc lower. Support being with
drawn, other grains weakened. May wheat.
naturally inclined to lower prices on the
bearish summary of the days news, closed
at a decline of 1%c, while May oats broke
2sGac. Provisions at the close were 71zQ10c
higher. There will be no session of the
board tomorrow because of the city cleo
ton.
The advancing tendency of the corn mar
ket, which has been shown in an aggressive
manner during the past few days. received
a sharp check, but broke only after a deS-
perate resistance. May opened with sellers
all the way from 441zc to 44c, the influences.
aside from the desire for profits, being ia
vorable weather. liberal receipts, including
a good proportion of contract corn. and in
different cables. Phillips bought literally.
and was trailed by country interests, as
usual. This support held the market all
forenoon against the liquidating pressure.
May reacted from 44c to 44l2c, and held
close under that figure till noon. Then
long corn was offered with still greater
freedom. The support weakened and May
dropped to 432sc. closing weak at 1u1isc
under Saturday at 43kc. Receipts were 2i5
cars, 81 of contract grade.
The withdrawal of the corn support,
which has been the mainstay of wheat
bulls for some time. had a serious effect
on that naturally bearish market. May
wheat opened sc to nc lower at 75S4c to 75ssc
ly bearish worlds statistics, liberal re-
ceipts, good weather and glowing reports
of crop conditions. Little long wheat came
out, but bears operated on a moderate
scale. Buying by a corn bull caused an
early rally TO 757sc. For a time the market
ruled ~stagnant. but steady. The visible in
crease. despite heavy exports and the still
greater influence of the corn break, at last
brought out long wheat and set the bear
forces to work with renewed enthusiasm.
Stop-loss orders We're reached on the de-
cline, and the combined pressure forced the
market during the afternoon TO 74Ac. Tho
close was weak, May 1$c lower at 743sc.
Local receipts were 50 cars, 4 OF contract
grade. Minneapolis and Duluth reported
$50 cars, against 61 last week and SEQ a
year ago. Primary receipts were S45, 600 bu,
compared with 74I 900 last year. Seaboard
clearances in wheat and -four were equal
to 5Sl 600 Blu. Worlds shipments last week
were S.575. 900 bu. against 7.650.eoo the pre-
vious week and 7.25S.0G0 a year ago.
Oats were active but occasionally. and in
opened bc to &c lower at 26Ac to 261kc. and
on heavy buying for the country account
rallied early to 27hc. Heavy selling. sup
posed to be for a liquidatins long. caused
a reaction TO 26ssc during the forenoon.
Later, in sympathy with the corn weak
ness, the selling became general and May
dropped to 255sc and closed ssdAc lower at
255sG254c. Receipts were 14 cars.
Provisions remained firm in the face Of
weakness in neighboring pits. Light hog
receipts, higher prices at the yards and
the continued good demand for the cash
article were. as usual. the sustaining fac
tors. May pork sold between $3.50 and
SIS. 62ih. and closed 1Oc over Saturday at
s15-6214; May lard between ss.25 and sS.s2ls.
closing 71kc higher at $3.50. and Nav ribs
between $50 and SS.27iI. with the close nc
up at $3.50.
Estimated receipts Tomorrow: Wheat,
125 cars; corn, 275 cars; oats, 355 cars; hogs,
%, 600 head.