The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-12
GRAINS ON AN UP GRADE
GOVERNMENT CROP REPORT THE
CAUSE OF GOOD ADVANCE.
Both Corn and Wheat Have Other EIe-
ments of StrenEth-Oats Holding
Steady-ProvisiOns Firmer.

CHICAGO. April 1L-Conhicting inter
pretations put on the government crop re-
port Of the condition of winter wheat on
April l set grain SPECTATORS to guessing
to-day and resulted in active and irregular
markets. In the end the bulls easily pre-
vailed and, aided by rapidly developing
bullish situation for corn in the Southwest.
everything ruled firm. May wheat closed
24dBc up. corn 15q5sc higher and oats
unchanged. Provisions closed a shade to sc
higher
Prices in wheat had a good upturn early
as a result of the crop report and strong
cables, the latter probably rejecting the
foreign Interpretation on the crop report.
Traders had expected bearish report yes
terday, but the curb action had prepared
them for an early bulge May started &c to
sc higher, al 723sq72c, but, as is customary
report days, the crowd sold and May
dipped to 717sc. Speculation was rife as to
just what way to take the report. The de-
partment set the April condition at 7S.7, as
compared with 917 a year ago, the lowest
condition. with three exceptions in fifteen
years. The best yield suggested by the re-
port was 415, 1000 bu. The department did
not revise its figures on the acreage from
the provisional estimate in December of
100000 acres. The department, however,
promised to revise the acreage on May l,
and. with the knowledge that Kansas has
plOwed up 1850, 900 acres and the probability
of at least half as much more in Texas
and Oklahoma, traders figured that prob
ably the acreage harvested this year woulG
exceed only by a small margin that of a
year ago. If the acreage is brought down
to last years level the yield suggested by
the report Will be only 365, 900 900 bu. This
evidently was something of the interpreta-
tiOn put on the report by the country After
the early selling by the trade, which fol-
lowed the custom of twenty years and
tried TO knock down the price, a real bull
market started. Outside markets had held
to the bulliSh opinion, cash wheat had
worked into better position and the crowd
that was carried short early hurried to
cover. Duluth reported a good demand for
both Duluth and Manitoba wheat for ex-
port, with twenty-five loads sold. The sea-
BOARD TOOK DlEe loads and Chicago worked
thirteen loads Corn developed independent
strength and helped in the upturn. The
professionals had come into the bull line,
and the result was a squirt Of May up to
13c. This figure Melted good profits to the
bulls, who have consistently bought since
low May prices, and consequently there
was free liquidation late that took off some
of the gain. Receipts continued very small
and made one of the factors i'm the advance
| There was greater interest in the market
|
wheat was firm, AQBc higher, at l29s9
12S4c. Local receipts were twelve cars,
none of contract grade. Mnnea polls and
Duluth reported 1s5, total of 1871, against
20 last week and 231 a year ago. Primary
receipts were 2S6,OOO bu. against $4,000 blu
last year. Seaboard clearances in wheat
and -four equaled $4,000 bu.
Early trade in corn was much the same
character as that in wheat. Prices were
higher on cables and the wheat strength,
but there was an easing off as wheat re-
/ i 10 iV0n rvna ef hoo fa Il
vance energetically, however. corn devsl-
oped a lot of bullish news of it's own. ST.
Louis and Kansas City were bulish and
were very strong. The latter point was
predicting a big bull movement on the
cash situation. Stocks everywhere seem
/ TO be rapidly vanishing. In the West they
1 are almost NIL and receipts do not supply
| the demand. There was a good cash de-
mand to-day. the outside set TO buying and
| at no time were offerings liberal. The large
/ interests that were in the market recently
began buying September freely, shorts COW
| cred and prices turned up again TO the
| Cos. May jumped from low mark at $3.50 c
and touched COO. Late profit-taking eased
| the market and May closed firm, Vase
| higher. at $3.50. Receipts were only forty
! eight cars.
oats differed from the other pits and were
/ a prize puzzle to traders May was offered
/ in liberal quantities. which lent an air OF
| mystery to the trading. Some speculat tors
/ thought the big holder was selling out;
/ others said ii was merely ''tailers" On the
/ lower prices receiving and commission
/ houses bought in and the market assumed
a better tone than for some time. There
/ was a little reaction before the close and
/ May, after having advanced from 4119c to
! 42Ac, closed unchanged and steady at 415sc
/ Receipts were seventy-eight cars
! Provisions were strong all day until just
| before the close, when profit-taking took
| off some of the gain. Grain strength and
buying for the outside account were the
factors in the early upturn. Scalpers sold
and shorts covered. The pit was not par
| ticularly active but showed a fair amount
| of energy. May pork closed &c higher al
1855: lard a shade higher at $9.6715, and
| ribs shade up at $S9I12.
Estimated receipts for tomorrow: Wheat
10 cars; corn, 20; oats, 100; hogs, 14OOC
| head