The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-21
MAY WHEAT BREAKS &c.
GENERAL DESIRE TO CLOSE UP MAY
TRADE CAUSES DECLINE.
In sympathy July Sold on 4 Csc
Corn Again subject to Armour Sell
ing of Nay-Other Markets.

CHICAGO April 20.-General desire TO
close up all deals in May wheat caused
a decline Of 2szc to-day in The price of May
option. July, in sympathy. sold off lSsc.
Closing prices were almost the lowest OF
the day. Corn closed at loss of nc Oats
are off &c Provisions finished at about
yesterdays final figures.
Moisture in the shape of rain or snow
from the Rocky mountains to the Ohio
river satisfied a long-fe.t want in a con-
sidersbl portion of territory affected and
cast a shade of weakness over opening
trading in wheat Damage reports from
Ohio came i'm early in the day, however.
and held the market temporarily in check.
The opening was sc lower 10 sc higher.
at S59sc to S57sc. Influenced by the Ohio
news a number OF pit traders covered short
sales The demand forced July up to SEC
Sentiment, nevertheless, soon became de-
cidedly bearish on the improved crop pros
poets in the Southwest. especially Kansas,
where heavy rains have fallen in hitherto
drought-stricken district. General lquida-
ton of May wheat set in and the market
suddenly became weak.
MAY SALES DOWN TO soc.
From 911kc May declined to sec. carrying
along in the downward course the more
distant deliveries. There was some good
buying of July. but not enough to offset
the selling caused by the slump in May.
The prevailing opinion seemed to be that
the liquidation of May practically ended
operations in that option. The market con-
tnued weak the remainder of the session,
the cause chiefly being lack of influential
support. After touching S53sc July closed
at S47sGs5c, net loss of &qSc May
Clearances of wheat and flour were equal
TO 401, 400 bu. Primary receipts were 1885,
500 bu. compared with sol. 800 bu year ago:
Minneapolis, Duluth and Chicago reported
receipts Of 135 cars against a cars last
week and 119 cars year ago.
ARMOUR SELLS CORN.
The feature in trading in corn was heavy
liquidation of the May delivery by the
leading holder. The situation was almost
a duplicate of yesterdays conditions. the
exception being that prices failed to show
as sharp a decline The action Of the big
Ions induced general realizing by smaller
traders, resulting In May selling under the
July price.
Covering by shorts caused some recovery
from the low point, but the close was weak.
July opened lsGhc lower to shade higher.
at 1850 10 1850, sold between 4SssQiS&4c
and 1850, and closed at 4Ss4c. May ranged
between 4S3sc and 1890, ard closed at 4S%c,
a net loss of 1c for the day. Local re-
ceipts were 80 cars, with p of contract
grade.
OATS MARKET WEAKENS.
Oats were firm early In the day under the
influence of an improved cash business and
extremely light receipts. On the break in
wheat and corn the market was subjected
TO considerable realizing sales. The sup
port was not forthcoming and in conse-
quence the market weakened. The close
was near the bottom. July opened Bq14c
to &c higher. at 37ssG371zc to S71sc. sold
between $500 and 571aG375sc, and closed at
&c May closed at 37Ac. Local receipts
46
PROVISIONS CLOSED STEADY.
Higher prices for hogs brought out good
scattered demand for provisions during the
early part of the session. Offerings were
light, and in consequence the m. -ket ruled
firm Later in the day, however, the ex-
| IRENE weakness IN wheat and corn caused
| liberal selling by pit traders, resulting in
| an easier tone. The close was about
steady with July pork down 5d112c, at
| S1217Ih. July lard closed unchanged, at
| S66,1h Ribs were up shade. at $6.411s.