The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-13
SOARING DAY in CORN
THAI CEREAL ADDS NEARLY TWO
CENTS To IT'S PRICE.
Wheat and Oats Also Are FrnctiOnaIIy
NEUTRALITY-SUSPICIOUS. strong, with
an Advancing Tendency.

CHICAGO. April 12-Corn bulls had
tight rein on the grain market to-day and
easily sent prices soaring. Everything in
the corn situation was bullish, and with
good show of strength in wheat trade be-
came active. Closing prices for May wheat
were 3s012c higher. corn Use advanced and
oats @sc up. Provisions closed 712d1Oc to
12lzc higher
Interest in corn easily outran ell 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
sc higher to unchanged at 9240595sc. Then
came the report of 10000 bushels of No. 3
corn sold to go South at only 1hc under
May, and advices of renewed bulling in
the Southwest. Shorts soon got scared
and although many covered, they all had
a 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 accelerate the upturn nearly all
the pull crowd keeping a tight grip on their
holdings for further profits. The market
was very nervous and active at times,
though because of the disposition not 10
sell trade was not very large May spurted
with a broad advance, and though the day
was a short session, IL was no trouble 10
put &c on. May. That option sold at 6l%c
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. Cables
were strong and receipts were light, but
May opened AG%c to 1sGAc lower at Use
to 7212c. Reports received from the South
west, however. stated that wheat was not
improving with the rains, the Subsoll being
so dry that such moisture as had been sup
piled since spring had disappeared without
affording the necessary relief to vegetation.
The bullishly inclined at once seized on
these reports and. with the remarkable
strength in corn, pushed prices up 1c 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 year ago,
which was made by trustworthy author
ity, was given credence by many and was a
potent factor in the upturn. May wheat
advanced early to 1880, but dipped oc-
casionally on profit-takng. The close was
firm, May %d12c 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 90 a year ago. Primary receipts were
263. 600 bushels, cOmpred with $4,000 bushels
/ last year. SeabOard clearanceS in wheat
and flour equaled sd 600 bushels. The sea-
board reported twenty loads taken for eX-
port.
oats dimIy 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 msgivings because of the corn
advance. Bull traders still continued TO
leave this option alone as much as possible,
bot there was fair demand for the further
deliveries and only little for sale. May
. sold between 1850 and 42l4c and closed firm,
I &c higher at 42c. Receipts were 159 cars.
\ 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 TO the bullish intiu-
ences and a strong close resulted. May
pork closed 12lLc higher at S16.7712; lard ~
a1Oc UP at S9.75Q9.7712. and ribs 1Oc higher
at $90712
Estimated receipts for Monday: Wheat.
so cars; corn, 60; oats, 145; hogs, 10000
head.
BY ballot of 642 to 149 the members of
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
oil