The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-22
FEYERISH DAY in GRAIN
WEATHER CONDITIONS BROUGHT AN
EARLY RISE IN WHEAT.
Same Factor Caused Late IIing-COrn
and Oats Closed Lower-Provisions
Weak at Decline.

CHICAGO, April 21.-Weather reports
ruled the grain pits again to-day. Hot
winds in the wheat country started grains
with a smart upturn, but predictions of
relief by showers worked against the bulls
and May wheat closed only shade higher.
corn hQsc lower and oats &c down. Pro-
visions closed 1Oc to 1712c depressed.
Trade in wheat had a nervous strain. At
the opening there was a rush toward the
weather map. and when only a few scanty
showers were shown TO have fallen since
Saturday there was an opening bullsh
squirt. Yet most of the professionals hesi-
tated about plunging in on the bull side for
fear that some small shower might be
ms gnifed in the minds of the bears into
big rain and break of several cents en-
sue Considering the fact that the entire
wheat belt was dry, even dryer than before,
the early trade was tame. May opened sc
to &c higher. at 75c TO 7424c Then came
predictions that the hot and unreasonable
blasts in the West would have some small
relief by showers, and selling set in. Gossip
had it also that the Wall-street crowd was
selling heavily in order to keep prices down
and create an impression the Stock Ex-
change that the wheat crop was In no dam
ger. May slid to 74hd7r4c before a de-
crease in the visible supply came TO the re-
lief of the bulls and started covering.
Weather reports, as OF late, were conflict
ing and favored both sides Of the market
This kept the talent guessing and held bust
ness down. May late In the day had rally
and closed steady and a shade UP AT 1850
74%c. Local receipts were twenty-eight
cars three Of contract grade; Minneapolis
and Duluth reported 200 cars, total Of 2S7.
against PSI last week and $50 a year ago.
Primary receipts were 295 900 bushels, COM
pared with $4,000 last year. Seaboard clear
ances in wheat and -four eoualed $50, 600
bushels. Worlds shipments We're 10000
bushels. against $3.50 600 last week and s.2S6,
COO a year ago. Breadstuffs on passage in
creased 1000 bushels.
Corn trade was small and had no promi-
nent features. The market was inclined 10
| follow wheat, and prices advanced at the
the prospects of an easier wheat market
] induced selling. Cables were Unexpectedly
| firm, but soon lost their influence May
corn opened 40@sc to a shade up, at 6215c to
| e2Ac, and sold off to 6l2c Later there
was some covering wheat rallied and
some of the loss was regained. Near the
end selling ascribed to the Southwest
! brought an easy close. May AM$sc lower, al
| e17kc. Receipts were 106 cars.
! There was a fair-sZed furry in oats al
| the opening, based on the fear OF damag
was a good commission house demand. buI
later selling by receivers eased prices con-
| siderably. When the hopes that the drought
stories would create a strong demand were
not realized there was a further rush 20
unload, and the market suffered. May sold
| from 433tc down to 425sc and closed easy
and &c down, at 427sc. Receipts were 14I
| cars.
Provisions suffered a further decline and
/ closed weaker than for many days. Hogs
/ arrived in larger numbers than estimated
/ 11y-r
/ to this bearish factor was the fear that
/ newspaper comment of excessively high
| prices for meat would retard consumption
Selling in all products was liberal both by
| packers and the scalplng trade. May pork
| closed 171zc lower at $l642iz; lard lOc down.
/ at 50 g. and ribs 15c lower, at SS97lz.
/ Estimated receipts for tO-morrOw-Wheat
as cars: corn. 40: oats, 235; hogs, 1900 head
| Leading futures ranged as follows: