The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-08
TRADE ON THE WEATHER
WHEAT, CORN AND OATS DECLINE
IN CHICAGO.
Reports of Sunshine in the Northwest
Hurt Prices-ProvisiOns Dull,
but Well Sustained.

CHICAGO, May 1-Grain SPECTATORS
traded on the weather map again to-day
and pressed prices hard all around. July
wheat closed 1ssc lower. July corn 1Ac down
and July oats sc lower. Provisions closed
unchanged to &c higher.
There was a fair show Of strength 10
wheat at the outset on the influence of
yesterdays cash business and more rains
last night in the overwet Northwest. Trad
ers soon changed their stand, however, On
late reports of seasonable weather. The
weather map showed clear weather South
west and what was still more important
an end to the wet weather in the North
western spring country for the present.
Both these locations sent in liberal selling
orders on the weather news and their own
markets were weaker. This caused local
spectators TO lose sight of bullishly small
receipts. Kansas crop damage reports and
fairly firm cables. Longs deserted their
holdings and threw stuff overheard, but
inasmuch as many shorts covered their
account yesterday buyers were scarce ex-
cept at good declines. When the bears
understood this position they began to ham
mer the pit stiffly and prices broke rapidly.
Trade generally was not very heavy and the
market showed a dragging disposition most
of the time. July opened hGAc to a shade
up at 75Ac to 755sQ7524c. dropped to 74c and
closed weak, 1sGAc lower at 741sG744c. a
good export and cash business had little
effect on the market. Local receipts were
81 cars, three of contract grade; Mime
apolis and Duluth reported los cars, max
ing a total for the three points of 140 cars,
against 139 last week and 800 a year ago.
Primary receipts were 204,O 900 blu, compared
tc $4,000 bu last year. Seaboard clear
ances In wheat and flour equalled $4,000
blu. Chicago sold 20 loads for export.
Corn started with a good show OF strength
on firm cables and a fair cash situation.
The leading bull crowd also was buying
some July and selling September. The
strength, however, was snort lived, for
when wheat broke the bulls began to con-
sider the favorable crop reports and re-
duced their support. Bears jumped into the
market and sold short and broke prices
over a cent. Trade was not large and the
greater part of the session the market
dragged. July bull manipulation was still
talked OF, but inasmuch as the supposed
manipulators did not hold prices up many
lost faith in the bull situation. July sold
from 621zc down to 60ssc and closed weak,
nc lower at 6c3sc. Receipts were IS cars.
Oats were dull and suffered from the de-
preston in corn and wheat. Crop advices
were favorable and the cash situation still
good. There was little support on the de-
cline and July sold from 35%c TO a weak
close, sc down at 3sc. Receipts were 1,157
cars.
Provisions were dull and fuctuated mar
rowly. The weak hog situation at the yards
Offset the general disposition to buy when
the market opened. Ribs and lard were IN
good demand. especially by packers brock
ers. The weakening grain markets also
worked against the advance and the early
gains were not held well. July pork closed
unchanged at 1855; July lard a shade
higher at SOTO and July ribs sc up at
$9.52k.
Estimated receipts for tomorrow: Wheat.
q cars; corn. los cars; oats, 40 cars; hogs,
2S.OO head.