The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-05-06
LOSSES CAUSED BY RAIN
BREAK IN THE DROUGHT CAUSES
BREAK IN GRAIN PRICES.
Declines Range from 5-Sc in Corn to
1 1-Sc in Wheat-Provisions steady
at a Slight Recession.

CHICAGO, May 5.-Acting on the belief
that the drought rule in grains is over,
Spectators pressed the markets to-day.
and declines were registered in all pits. 1t
was clearly a day governed by the disap-
p%earance Of the dry-weather bogy, and at
the close July wheat showed a loss of Use.
corn %q%c and oats &c. Provisions closed
a shade to sc lower.
Bears started in to dominate wheat at the
sound OF the opening gong. Bearish news
was at hand in good array. Gables were
lower. receipts were improving, but the
greatest of all factors was the heavy rains
that had come to the relief of Kansas and
Nebraska. Private wires had reports of
crop damage, as usual. but the trade came
TO the speedy conviction that all was not
lost in the Southwest. Estimates of the
Kansas wheat Yield that had been as low
as 100000 bu 4 week ago were raised to-
day by conservative people to 5000, 900.
Moreover, statisticians were showing that,
with even that small yield, the Kansas crop
would be more than an average. Under
these influences some heavy lines of long
wheat, owned locally. went overheard, and
st. Louis and Kansas City sold heavily
both here and in their own weakening
markets. The only governing bullish factor
was fear of more rain in the oversoaked
spring-wheat country. July wheat opened
touched 1850 and then slumped to 1850
754c. There was a large short interest in
wheat, and on the decline many OF the
offerings were absorbed to cover accounts.
Prices for July rallied to 75c, but the close
was weak, 1lsc lower, at 747sQ75c. Local re-
ceipts were twenty-one cars. two of con-
tract grade. Minneapolis and Duluth re-
ported 294, a total of 3l5, against 25S last
week and AIS a year ago. Primary receipts
were 100000 bu, compared with 69S,OO last
year. SeabOard clearances in wheat and
flour equaled 6S4. 900 bu. Worlds shipments
were S,6OS, coo bu, against S,069,O0O a year
ago. Breadstuffs on passage increased TO-
600 bu. The seabOard reported twenty-nlne
loads taken for export.
Corn ruled weak on the influence OF rains
and the depression in wheat. The South
western markets were selling literally and
were weaker, Kansas City being &c off at
one time and at a discount under Chicago
prices. Long corn was dumped freely In
the pit, and traders everywhere argued
bearishly because of the good growing
weather. The rains have started farmers
TO giving up their corn stores more liberal
ly. Rumors were current that some deal
was on In this pit. but shorts continued to
sell to some extent. Gables were weaker
and influenced dips, and receipts were more
liberal. July corn started SsQ%c depressed
and slumped to GOisc, a loss OF 1850, There
was a rally 10 Gle on covering, but the close
was weak, July bsQ%c lower, at oOAQ
60sc. Receipts were 10 cars.
Rains had a weakening effect in oats,
and, under the influences Of the breaks in
other grains, this market declined steadily.
Trade was not large. Cash business was
improved, but offerings were increased
on the general good crop news. Receipts
were much larger than of late, at 232 cars.
July closed 4c lower, at 35l2c.
Steady hog prices at the yards held prices
of provisions from Slumping in the pit.
Product were inclined TO follow grains
i'm the downturn, and longs started in to
| liCnidatP. Packers gave some support,
buying literally of lard. The close was
about steady. July pork closed a shade
lower, at s17.10. lard PIC lower. at $lO.17f2
and ribs sc down, at s.. 50d9.52h.
so cars; corn. 2l0; oats, 2S5: hogs, 1900 head.
Leading futures ranged as follows: