The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-14
SOARING DAY IN CORN
THAT CEREAL ADDS NEARLY TWO
CENTS TO ITS PRICE.
Wheat and Oats Also Are FractiOnally
Higher-ProvisiOns Strong. with
an Advancing Tendency.

CHICAGO. April 12.-Corn bulls had a
tight rein the grain market to-day and
easily sent prices soaring. Everything in
the corr situation was bullish and with
good show Of strength in wheat trade be-
came active. Closing prices To- May wheat
were 9sd1zc higher. corn 17sc advanced and
oats sc up Provisions closed 7lsdl0c TO
12lkc higher
Interest in corn easily outran all else OF
a speculative nature. The gradual advance
of the past week seemed TO have been pre-
pairing the country for decisive action in
this market. The depleted stocks in the
Southwestern marts had given St. Louis
and Kansas City good argument for an ad-
vancing market, and to-day when the cable
lists showed strong and the Southwest was
still stronger and was bidding eagerly for
the relatively cheaper article in this mar
ket prices responded with vigor. To aug
ment the growing bullish sentiment re-
ceipts continued light. The early easing
feeling in wheat retarded an immediate
bullish response in corn. and May opened
1sc higher to unchanged at 5994 q595sc- Then
came the report of 100000 bushels of No.
corn sold to go South at only nc under
May, and advices of renewed bulling in
the Southwest. Shorts soon got scared.
and although many covered, they all had
q bad day of it, The common belief among
traders was that stocks at St. Louis and
Kansas City had been reduced TO such an
extent that those places must supply their
actual demands in Chicago. Scarcity OF
offerings accelerated the upturn. nearly all
the bull crowd keeping a tight grip on their
holdings for further profits. The market
W. nd ar
though because of the disposition not to
sell trade was not very large. May spurted
with a broad advance, and though the day
was short session. it was no trouble TO
put &c on May. That option sold at 6lS4c
and closed very strong and Use up, at 6l12c.
Receipts were only siXty-three cars.
Wheat was inclined TO lag early because
of precipitation in the winter belt Gables
were strong and receipts were light, but
May opened AaSsc to 1sMAc lower at f2%sc
TO 7212c. Reports received from the South
west however stated that wheat was not
improving with the rains, the subSon being
SO dry that such moisture as had been sup
piled since spring had disappeared without
affcrding the necessary relief 10 vegetation.
The bulliShly inclined at once seized on
these reports, and, with the remarkable
strength in corn, pushed prices up lie from
low mark. Acceptances abroad over night
were moderately good. The Southwestern
points were showing good strength and
shorts here covered freely. There was also
a good deal of buying for long accounts.
An estimate that the winter crop would be
only three-fourths of that a year ago,
which was made by trustworthy author
ity, was given credence by many and was
potent factor in the upturn. May wheat
advanced early to 73ssc. but dipped oc-
casionally on profit-taking. The close was
firm, May %d1zc up at 731sc. Local receipts
were twenty-eight cars, none OF contract
grade; Minneapolis and Duluth reported
15S, a total of 1S6 cars. against 252 last week
and 275 year ago. Primary receipts were
263. 600 bushels, compred with 10000 bushels
last year. Seaboard clearanceS in wheat
and flour equaled 574 900 bushels. The sea-
board reported twenty loads taken for ex-
port.
Oats dimly reflected the strength in corn.
Trade was only small, but there was a fair
demand in sympathy with the general up
turn. May was bought freely by shorts,
who had miSgivingS because OF the corn
advance. Bull traders still continued 10
leave this option alone much as possible.
but there was fair demand for the further
deliveries and only a little for sale. May
sold between 41%4c and 4214c and closed firm.
sc higher. at 42c. Receipts were l59 cars.
A growing bullish situation in the hog
market started provisions higher again.
There were only 10000 hogs here to-day and
estimates for next week were decreasing.
Hog-packing was reduced by almost half.
Grain strength added 10 the bullish infiu-
ences and a strong close resulted. May
d1Oc up at $9.75Qs.77A. and ribs 1Oc higher
at $90715
Estimated receipts for Monday: Wheat.
so cars; corn, 90; oats, 145; hogs. 5000
head.
the Board of Trade to-day made the new
grade of oats standard oats" deliverable
on contracts for July and further deliveries
after this date.
Leading futures on Saturday ranged as