The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-04-17
STRONG CLOSE In WHEAT
ACTIVITY ON CHICAGO BOARD OF
TRADE, MAY CLOSING HIGHER.
Corn Closed mt Loss and Oats Ruled
Weak at Opening-Decline
I'm Pork.

CHICAGO. April 16.-Trading in wheat
was active to-day and there was a renewal
of buying by the leading longs" which re-
suited in a strong close, May being Bc
higher and July up &c. May closed &C
lower with oats off Ease. Provisions were
easy. the May products closing from 21kc
to 71kc lower.
A severe break occurred in wheat at the
opening. due to the improved weather con-
ditions and to the indifference with which
yesterdays advance here was received
abroad. Initial sales on May showed a de-
cline of 1ac to 1isc, at 7614c to 767sc, and July
was off Aqssc to 1zQssc, at 71Ac TO 7l1zc.
There was quite a general selling for a
time and the market was decidedly weak,
but later local traders turned buyers and a
better tone developed, influenced to a large
extent by small receipts and continued re-
ports of damage to the European crop. To-
ward noon the market became quiet and
prices eased off, May declining to 1850 and
July to 70bc. A sharp advance occurred
during the last hour on heavy buying by
the Armours, who are said to have added
nearly 100000 bu to their line, the most Of
to-day's purchases consisting of the July
delivery. A good export demand was also
an influential factor late in the day. After
selling up to 777sc May closed sc higher, at
77hc. July touched n7sc and closed &c
higher. at 711a@7lssc. Clearances of wheat
and flour were equal to 49, 400 blu. Primary
receipts were 236.200 bu, against 296,9OO bu a
year ago. Minneapolis and Duluth reported
receipts of Ill cars, which, with local re-
celpts or fourteen cars, none or contract
grade, made the total receipts for the three
points LIS cars. against 224 cars last week
and 5O7 cars year ago.
Weakness in wheat and unresponsive
cables. together with more favorable
weather. caused weakness in corn at the
opening. and, although the strength in
wheat later in the day was reflected in the
coarser grain, the May delivery was little
affected and ruled weak the greater part of
the session. July was in better demand
and was relatively firmer than the nearby
month. A prominent provision interest was
an active buyer Of July early. May closed
with a loss of &c, at 43Ac, after selling be-
tween 1890 and 44ssc. July closed &c lower,
at A1sc. Receipts were sixty-two cars, none
Of contract grade.
The improved weather and the weakness
In corn and wheat brought out liberal sell
ing orders in oats at the opening and the
market ruled weak. A better cash demand
and small receipts had a bullish tendency
on prices, however, and prevented any Sc
rious declines. May closed Aq3sc lower, at
3311c, after selling between 3S1sc and 33Stc.
Local receipts were eighty eight cars.
Provisions were quiet and the market
was trifle easier, with considerable sell
ing for foreign account. A decline Of from
&c to 10c in the price Of hogs was an early
most OF the buying. with some covering by
shorts May pork closed 2hc lower, at
HISS: May lard was of NC. at So. S21s. and
ribs were down sc. at $9.S211.
20 cars; corn, 90; oats. 80; hogs, 1900 head.
Leading futures ranged as follows: