The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-08
CEREALS ARE IRREGULAR
PRICES SEE-sAw CONSIDERABLY
UNDER CONFLICTING INFLUENCES.
Wheat Closes Advance and Corn
and Oats demonstrations
Also Are N Little Down.

CHICAGO, April 7-Grain spectators
had conflicting opinions regarding the out
come of the winter wheat crop. which,
when they attempted TO reconcile them
with the weekly statistics, produced some
thing of a Jagged market Prices rose and
fell with the changing sentiment, but in
the end. in spite of corn weakness, May
wheat showed gain Of Sc, corn closed
15c lower and oats &c down. Provisions
lost &c to l211c.
At the outset there were numerous bull
ish influences at work in the wheat pit.
Gables were steady and there had been
a big drop in the temperature The Kan
sas State crop report, however, was the
early bull factor. This estimate. which on
Saturday was reported at "a, was corrected
to-day TO a condition of only 20, as COM
pared to los a year ago. The report also
showed a loss of 400000in the acreage from
last year and a possible decrease in the
yield of 30,000OO0 bu. Other States had
been sending in lower estimates, and these
influenced an upturn in prices. Missouri
was reported at 30 against IS last year,
Ohio "A against So and Illinois CMarch hg-
ure) 20 against 70. Ondef these nhuehces
May wheat opened AQ2sc 10 11a9sc up at
INC to 1iRc. Shorts covered. there was
some good buying and prices held firm Tor
some time A Chicago paper printed an
in spite of the damages in the Southwest,
promised about the same crop as last year.
This factor, together with large weekly
shipments and a smaller decrease in the
visibly supply of 100000 bu less than had
been expected, wore away the edge of the
bullish enthusiasm and wheat began TO
weaken. Corn, which had some fair early
support also turned weak and helped push
wheat backward May wheat declined To
705s0I70S4c, but the bulls turned IN again
to the support. Shorts covered and there
xx-oS ~11 sc
higher, at 7114Q713sc. Receipts We're stu
small, the cash business and moderate and
seaboard acceptances were very light.
Elevator men were liberal sellers. Com
mission houses worked on both sides or
the market The crowd seemed disposed
to wait for the government report TO settle
their misgivings about crop conditions.
Local receipts were 80 cars, none of con-
tract grade; Minneapolis and Duluth re
ported 257, total of PSI against 40 last
week and 50i year ago. PRIMARY receipts
were 34e 600 bu compared with 591. 600 last
year. Seaboard clearances in wheat and
flour equaled 333, 900 Blu. Worlds shipments
were 1852 900 blu, against 6,632.0O0 last week
and $4,000 year ago: Breadstuns on
passage decreased only $4,000 bu.
Corn ruled weak again. At the opening
the wheat strength and the cold weather
induced liberal covering by the shorts, and
the pit crowd, anticipating a possible bull
turn, loaded UP pretty well with long stuff.
Later, when wheat eased, they tried TO
sell and found nobody wanted II at the
high prices. Scalpers were forced to sacri-
flee their holdings and prices took sud
den drop. The shipping demand was re-
ported very poor and helped in the depres-
sion. The Southwest sold early, and the
market lacked bull support. Cables were
steady and kept prices up for a time early,
and small country offerings had similar
influence The selling, however, was too
much for prices and May. after selling at
$3.50, sumped to $3.50 and closed weak,
Isc down, at 577sQ5Sc. Receipts were 90
cars.
There was little interest in oats. Prices
early were better with other grains, and
provision houses bought some May held
rather steady, though at one time, because
of the growing weakness in corn, IL eased
off from 43c to 4212c. Receipts were II cars.
Provisions fuctuated widely again on
manipulation The opening prices were
higher on the better hog market and the
grain strength. Liquidation soon set in,
however, and carried all prices downward.
Packers sold freely at times while scalpers
bought. The market was not very active
and corn weakness helped in the decline.
Iigh. weights in hogs was also an incent-
! i've May pork sold from $16.55 down 10
$l6.25, but rallied on covering TO an easy
close, sc lower at sl6.421a; lard closed l2i9c
down at $9.471k, and ribs 1211c lower at $S.75.
Estimated receipts for tomorrow: Wheat,
/ 70 cars; corn, 40 cars; oats, 135 cars; hogs,
! 81 900 head.
1N