The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-26
BREAK In WHEAT PRICES
HEAVY REALIZING CAUSED 4 SHARP
DROP ON THE CHICAGO BOARD.
July Closed 1 lie Below Saturdays
Final Figures. Corn About lie Low
er ard Oats on n Shade.

CHICAGO April 25.-A sharp break oc-
CURED in wheat prices to-day. due 20 heavy
realizing sales. brought out TO some ex
tent by weakness in the pit. Final fig
ures on July wheat showed a loss from
Saturdays closing quotations of lAc. July
corn is off SAKE. Oats are down shade.
Provisions closed about unchanged.
In spite of an abundance of grain
throughout the principal sections of the
winter wheat country there was good de-
mand for wheat at the start from commits
sion houses and shorts. Apparently little
attention was paid to the lower Liver
pool cables and TO large increase in the
amount of wheat on passage. The opening
was steady, with the July option lsc lower
to sc higher. at S314GS3Ikc With only light
offerings the market soon became strong,
July advancing 10 SIC within the hrst half
hour. sThe higher prices brought out
number OF realizing sales and a slight
reaction followed. Toward the middle OF
the session the market again became strong
under influence OF numerous damage re-
ports from the Southwest. Emphasizing
the effect of the bullish advices, commls-
sion houses with st. Louis connections
were urgent buyers of wheat. Another
cause OF the active demand from ST. Louis
traders was large transactions IN caSh
wheat in that market, the strength IN the
cash situation there being a material aid
IN forcing up speculative prices here. FROM
$3.50 July advanced to Sil4uSi3sc. Late
in the day, however, the buying orders
from the outside became scarce. Many OF
the early purchasers turned sellers, Sup
port seemed entirely lacking, and the re-
suit was a quick break in prices. A slump
in corn added to the decentralization. Dur
ing the last half-hOur the market was ex-
tremely weak and closing prices were prdc-
tically at the lowest point of the day. final
quotations on July being S21sc. May sold
between S524qSsc and closed at Soc Clear
ances of wheat and flour were equal to
90l4 bu. The amount on passage increased
100000 bu and the visible supply showed
a decrease of l7300 bu Primary receipts
were 2lI.40o bu. compared with 4os.S pu a
go reported receipts OF l54 cars, against
27l last week and 326 year ago.
Strength in wheat and excessive rains
throughout the West caused a firm tone in
corn during the early part OF the day.
The best demand came from recent short
sellers. On the advance it seemed pressure
by local longs was brought TO bear on the
May delivery, which resulted in severe
decline. The more distant futures were
affected by the weakness in May, but the
i'm May was said to be due 10 holders run
ming away from the prospects OF paying
for their lines on the first OF May The
market closed with prices near the POTION
July opened at Ac to 11c higher at 4Sc TO
4S14c ranged between 41sc and 4S9sc, and
closed at 47Aq479sc. May sold between
i53sc and 4s4c, closing at i6c Local re-
grade.
Commission houses and shorts were fair
purchasers Of oats early In me session
the inducements TO buying being an i'm
provement in the cash business and un-
favorab bic weather for seeding. AS result
of this demand the market ruled strong
for the first hour. On the break In corn
there was liberal selling of oats by pit
traders the market becoming easier AT
the close prices were about at the low
point of the day. After opening'2sc to 5saAc
higher, at 361s636Hc 10 3611c July sold of
to 35ssc and closed at 3os4c. Local re-
ceipts were 81 cars.
The opening in provisions vas a little
easier on liberal receipts of hogs and lower
prices at the yards. A brisk demand for
lard soon developed and the market be-
came strong with prices higher throughout
the list. There little Offering until
the late break in grain. The weakness In
those markets. however, had a depressing
erect on hog products, but there was no
important selling. The close was steady,
with July pork down 212c to sc at s12.209
u 221sc July lard and ribs were un-
changed, closing at $3.50 and s6.571a, respec-
tiVelv.