The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-20
NERVOUS GRAIN TRADERS
ALL THEIR SENTIMENT Is BASED ON
WEATHER CONDITIONS.
Both winter and Spring Wheat Said
10 BE In D~aDger-COrn Higher, Oats
Provisions Down.

CHICAGO, April 19.-Fears in the minds
of grain spectators over the weather con-
ditions produced another nervous market
to-day on the Board Of Trade. Bullish SEN
timent predominated. though trade was not
brisk. and at the close May wheat had
gained %d7sc and corn kd14c. May oats
stood unchanged. Provisions closed un-
changed TO 9c lower.
Wheat was ruled by the weather. The
people who sold late yesterday on the ru-
mors of rains bought in hurriedly at the
opening, when dryness was reported again.
and caused a sharp advance. The small
Northwestern and primary receipts also
caused some alarm to shorts and induced
good buying at times. Traders were firm
in the belief that the whole future of wheat
prices hinges on the moisture that may or
may not come to the relief of the winter
crop in the next ten days. For some days
the dry weather has been discussed, and as
days go by without the needed rain the
situation grows more critical and complex.
Southwestern news is generally bullish. Not
only is the winter crop full of dangerous
possibilities, but the story is now pretty
generally circulated that there Will be a
very serious shrinkage in the area Of spring
wheat in the three states.
Cash wheat IS growing scare here and In
the interior. and this consideration caused
holders 10 stand firm to-day. No shipping
business was done here to-day and the ex-
port demand at the seaboard was called
Door. These conditions worked against the
early upturn- but exceptionally large clear
ances of wheat and -four, 77S, 900 blu, togeth-
err with the big bullish factors, brought a
good rally. May opened hgAc to 1fq3so
advanced, at 74t2c to 1850, and soon sold at
74%c. a dip to 74Ac followed on profit taxi
ing, but the situation was strong and May
closed A@1sc up, at 749sc- Local receipts
were forty cars, none of contract Brade'
Minneapolis and Duluth reported IVS. q To-
tai of l43, against 1S6 last week and SOi q
year ago. Primary receipts were lSS,OS ou,
compared with $4,000 last year. Australian
shipments were 24S,000 bu for the week,
against $4,000 the corresponding week a
year ago. Signs point TO a marked de-
crease in the visible supply next week.
Corn trade was only fairly active In
spots. The opening was h4asc higher In
sympathy with the wheat advance, put
the demand was not brisk enough to sus-
tain the better prices and selling was zee
with the local crowd. After the opening
bulge the market became a Scalplng az
fair and prices eased to last nights clos
ing figures. Statistics were still oullsh'
however. and the price Of feed became
something of q bullish factor. Cash offer
ings West continued small, and receipts
were 70 cars here. There was some talk
OF a better movement, but conservative
traders persisted In the opinion that there
could be no liberal receipts here. Gables
were Indifferent and the sample trade was
dull. May sold at 62tsc, eased on TO 6zc
and closed firm, hGAc up. at 62hqe2Ac.
Weather was the factor in the oats mar
ket. Drought and the higher prices posi-
bic for feed Influenced good buying early.
July and September both had good upturns
and held much Of their strength. May
opened at $3.50 and closed unchanged at
43c. Receipts were 13 cars.
Weakness ruled in provisions, with pork
much lower, ribs inclined to follow pork.
and lard fairly steady on packers sup
port. Liquidation and weakness of the hog
market, in spite Of a small run OF hogs,
caused the declines. 1t was reported that
the weakness OF hogs was due to manipula-
ton by packers. The grain strength was
a feeble Offset. May pork closed zoe lower
at $3.50, May lard unchanged at $9.7 and
May ribs T4d1Oc down at S9.121a.
Estimated receipts for Monday: Wheat,
40 cars; corn, 100 cars; oats, 100 cars; hogs,
5000 head.