The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-04
BEAR DAY In CEREALS
SELLING PRESSURE IS TOO A
FOR WHEAT AND CORN.
Fractional Losses Are the Result
Oats Are Unchanged-Hog Prod
ucts show Sharp Declines.

CHICAGO, April 3.-It was another bear
day on the Board of Trade to-day. Wheat
had plenty OF good bullish news, but the
sentiment prevailed that yesterdays bulge
was more than conditions warranted, and
late bearish crop news sent prices down.
ward until May wheat closed &c lower,
corn %QAc down and oats unchanged. Pro-
visions also had a setback and closed 10q
271zc lower.
Trade in wheat dragged much of the time,
and only once showed any snap. Foreign
markets were slightly up, but disappointed
the bulls in their ~unresponsive character.
The sun also came out TO brighten the
views of the bear traders. Much of the
early crop news was bearish and showed
it's effect on opening prices. Opposed to
these factors were the very good cash de-
mand by millers, something like 100000
bushels Of No. / northern being sold, and
reports of probably reduced stocks at Du-
luth and Minneapolis. There was a semi
official report that the shortage in Okla
hOma n Kansas would be 100000 TO So
100000 bushels because of the crop dam
age. May started Ac TO hc lower, at 71Ac
TO 1sc, and worked up to .12lsc on the bull
news, but there was no force to the mar
ket. Offerings were liberal, outside mar
kets dragged badly and then came the re-
port Of a statistical concern that, allowing
about three-quarterS OF last years pro-
duction for Kansas and Ohio, the six prin-
cipal winter wheat States would raise as
much wheat as last year. In an already
weak wheat market this had a slumping
effect and May slid down to a weak close,
&c lower, at 11sc. Local receipts were
forty cars, none OF contract grade; Mime
apOliS and Duluth reported 1874, a total OF
pa. against 80 last week and 365 a year
ago. Primary receipts were only &9, 600
bushels. compared with $4,000 a year ago.
Seaboard c~learances in wheat and flour
equaled 757.0O bushels. The seaboarc re-
ported eighty loads taken for export.
There were now tactics In the corn pit
to-day that set the crowd guessing again.
Prices started out at small declines be-
cause of the Indifference of the foreign ca
bles. Suddenly the prominent bull crowd
that has been active in July options be-
gan to sell of that delivery and bought
100000 bushels Of September. This pushed
the late future up and the crowd began
to tail in. The nearer deliveries suffered
i'm consequence, and, unlike wheat, showed
no tendency to recover. When the offerings
of September proved in excess of the de-
mand that delivery eased off again and
wheat exerted a weakening effect. Weather
was reported favorable for the crop. Aside
from the one incident in September the
corn market was slack, with a tendency
toward the selling side. May sold between
6O12d603sc and 59%c and closed weak and
%dAc lower, at 59Aq59Bc. Receipts were
1i cars.
oats showed independent strength for a
time to-day on buying of May that led to
the belief that a movement in the cash
cereal was at hand. The market, however,
was very dull, and aside from the May
strength, which was dissipated by the late
weakness i'm wheat and corn, there was no
feature. May sold at 431sc and closed steady
and unchanged at 424sc. Receipts were lOl
cars. Seeding and starting of plant growth
was reported progressing well.
Provisions were very weak and the de-
cline looked very much like continued
manipulation at the hands of the pack
ers. The hog market was weaker and the
small decrease in lard stocks induced sell
ing of that product. Pork. however, was
the bone of contention, and packers and
other longs took profits and threw stuff
over so quickly that many shorts who had
recently run to cover did not have a chance
to put out again the property they had
bought under pressure. May pork closed
2712c lower. at SIC. As; lard zoe down, at $500,
and ribs loo off, at sS.S7hz.
Estimated receipts for to-morrow-Wheat,
% cars: corn, 50; oats, rs; hogs, 10000 head.
Leading futures ranged as follows: