The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-19
GRAIN TRADE is NERVOUS
WEATHER MAP THE DOMINANT FAC
TOR IN THE WHEAT PIT.
Its Influence Reflected on Corn and
Oats, III Cereals Closing Lower
Provisions Also Are Down.

CHICAGO, April 1S.-Grain speculation
was nervous and of a see-saw nature to-
day. Traders realized that rain must come
soon to the relief of the winter crop. and
local opinion and prices swung upon this
pivot. Every breath Of rumor suggesting
moisture affected prices. In the end the
crowd turned bearish. and May wheat
closed %d&c lower, corn sc down and oats
hc lower. Provisions closed 21zc to 1212c
depressed.
There was not such a volume of bust
ness in the wheat pit as for several days
past. The crowd was in a guessing frame
of mind and feared possible rain news
might cause a break at any moment. There
was any quantity of bullish news. but un-
der the prevailing sentiment much was
lost sight Of and the trade seemed deaf to
anything but rain possibilities. The condi-
ton, as one expert put it, is one of dry
ness from Pennsylvania to Texas and
north to the North Dakota line. The trade
understands we'll what can happen if rains
do not fall. The extreme of dryness centers
in Kansas. No rain, save an occasional
shower. has fallen in twenty-four hours.
and the forecast was for clear, dry weather
in general. Kansas City reported high
''HND $500 o05e $1,000
One statistician put up a claim OF 5 TO 10
points injury in Kansas since April 1.
Argentine advices state that the outlook
was bullish, the government helping the
provinces buy seed wheat. At the opening
there was a short-lived squirt. May prices
starting B92sc up, at 74sc to 747sc. Cables
were only steady, and, under the influence
of the prevailing nervousness of the pit,
| nrioaG u-ara Sonpyhat prrafic in their nuC-
tuatiOns. There were frequent dips and as
frequent rallies, though the latter were
weaker each time. Gradually the bears
prevailed. There was a rumor or RAIN
falls West. and profit taking and some short
selling pressed until May closed weak, 3s0
&c lower, at 73&Q737sc. Local receipts were
thirty-eight cars, none of contract grade.
Minneapolis and Duluth reported ninety
eight, a total of 1876. against 1877 last week
and SO6 a year ago, Primary receipts were
197, 900 bu, compared with 39l 900 last year.
Argentine shipments for the week were
1872, 600 bu, against 1,076,000 the week before.
Seaboard clearances in wheat and flour
equaled AL, 900 blu.
Trade in corn was inclined toward the
waiting attitude. Business was moderately
active at times, but the uncertainty of the
course of the wheat market was a bar TO
marked sympathetic action. There was a
disposition TO wait for some one to take
the lead. Reported Improvement in country
offerings was a drag on the bulls, and a
break at st. Louis early in the session was
reflected by a dip here. The weather is
| not mQcn OF a FACTOR IN corn, save as II
affects wheat. oats, hay, etc. Anything
which tends to shorten coarse feed is felt
by the corn trade, and reports of hay crop
damage resulted i'm a hurried upturn in
corn at the opening. May started AQ1ec
higher, at 623sG623sc, but at once broke.
Rallies followed wheat somewhat, but the
market showed bearish tendencies. Oats
contributed strength at times. The late
wheat weakness brought May corn 10 a
weak close. CSC down, at 62c. Receipts were
sixty-six cars.
Oats had "a fairly sharp trade. Business
was big i'm general and prices fuctuated
rapidly. The strength in other grains and
the fear that the dry weather would be
more dangerous TO oats than 10 any other
grain pressed prices up at the opening.
Receiving and commission houses bought
literally, and the market seemed TO take
on independent strength. Later conSidera-
BILE selling pressure came out and the bull
ish aspect of the pit underwent a change.
Wheat and corn weakness were only mod
crate factors in the setback. May sold be-
tween 44c and 43c, closing weaker, nc down,
at the latter price. Receipts were l26 cars.
Provisions looked like a manipulated
market to-day. Though trade was quiet.
prices early were strong on the grain
strength. The hog market was only steady
and may have contributed TO the growing
weakness, but prices were pressed by the
local bears. Packers supported but little.
May pork closed 1211c lower. at SIG. so, lard
2l2c down, at 1915, and ribs 2hQ5c lower, at
$9.20Q9 .22hz.
Estimated receipts to-morrow-Wheat, 40
cars; corn, so; oats, AS; hogs, 1900 head.
Leading futures ranged as follows: