The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-20
JULY WHEAT DECLINES &c
LIBERAL SALES WERE CAUSED BY
THE EXCELLENT WEATHER.
Principal Outside Trnde selling by
Northwest and Southwest-Corn
Declined 7-Sc-Other Markets.

CHICAGO. April 19.-Unanimity north
west and southwest that the weather is ex-
eellent brought out liberal sales of long
wheat here to-day. As a result July wheat
at the close showed a loss of an even cent.
July is down s4Q7sc. Oats are off sc
and provisions 2Iac TO nc.
Rain in Kansas, with an official forecast
OF TO follow. caused bearish senti-
ment among wheat traders at the opening.
In spite of firm cables the market was bare
ly steady, initial sales on July being UNI
changed at S624c. News from the North
west also was discouraging to the bulls, the
weather there being reported as greatly i'm
proved and that a good acreage is now al
most assured. Long wheat was offered
freely from the beginning. rat the majority
of traders were timid about buying, not
withstanding the fact that numerous crop
damage reports are still being received from
Indiana. Illinois. Missouri and Kansas
PRICES START DOWNWARD.
The lack of demand soon started prices
downward, and for the remainder of the
session a decidedly weak tone was mani
tested The market lacked any outside sup
port. Business from out OF town was chiefly
in the nature of selling orders from the
6l7,O bu in the worlds visible supply, as
shown by Bradstreets. a much smaller
amount than had been anticipated, con-
trlbuted weakness to the general situation.
After July had declined TO S512c there was
a little ostensible support snSht rally
resulted, but the market closed weak with
July at S5S4c. May ranged between 5lAc
ana 9zc and closed at 9112c.
ClearanceS of wheat and flour were equal
to 1850 bu. Primary receipts were 214,lOO
bu, compared with $4,000 bu year ago;
Minneapolis, Duluth and Chicago reported
receipts OF l6l cars, against lo4 cars last
week and l23 cars year ago
CORN CLOSES LOWER.
In the face of the declining tendency of
wheat the corn market exhibited consider
able firmness during the early part OF the
session, due largely to small receipts. Buy
ing by commission houses caused a mod
crate advance in July. The gain we'll
maintained until near the middle of the
day, when a leading long began to sell large
quantities of May.
Under these offerings the market broke
severely, the May delivery declining about
21ac and July over 1c. Weather was ia
vorable for farm work, and there was talk
of freer aCceptanceS of corn by the West,
especially Nebraska. One reason assigned
for the slump was that in order TO prevent
being sold any of these acceptances which
are likely To grade well the big bull de-
cided to break the price of the May option.
the market closed weak and near the low
point. July opened unchanged to &c higher
at 501sc to 5O4c, sold between 491sc and SOS
@501hc and closed at 1917 Q493sc. May closed
at 1890. after ranging between 1910 and
5Z1sc. Local receipts were 15S cars, with 40
OF contract grade.
OATS FOLLOW WHEAT AND CORN.
Pit traders and commission houses bought
oats early in the session on the strength in
the cash situations. Offerings were COM
paratively light, and in consequence fair
advance was made in all deliveries. The
break in wheat and corn induced consider
able realizing, resulting in weaker tone.
The close was almost at the bottom. July
opened unchanged at 375sc, sold between
3l1ku374c and Csc and closed at 374c. May
closed at 37$lc. Local receipts were q cars
PROVISIONS LOWER ALSO.
Provisions were strong early in the day
on excellent demand from prominent pack
ing interests, but the market yielded to the
extreme weakness in grains. The close was
easy, with July pork 5@712c lower at So. 221a
@1225. July lard was down 2i5Q5c at $6.6712
Ribs were off 212Q5c TO 5QIl2c at S6.4l12q65O