The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-17
WHEAT SHOWS WEAKNESS
GROWING WEATHER IN KANSAS
BASIS OF MNCH SELLING OF JULY.
Corn Opened Firm and Continued
Strong for Time, hut Turned
Weak Later and Closed at a Loss.

CHICAGO. April is.-Acting as IL inoculated
with selling fever. wheat traders to-day took
growing weather in Kansas a pretext to force
decline. July wheat shows net loss of i2Qfsc.
Corn is down &c. Oats off lzassc. and pro-
visions TIC to 171zc
5earish mood from the start in wheat was
induced by lower cables and an official forecast
of showers and warmer temperature for Kansas
July opened unchanged TO 1sc lower at s67sc to
SIC. Offerings were quite liberal. and apparently
there little inclination to support the market
The desire to sell increased by the Kansas
State report. which made the conditions of win
ter wheat So per cent, compared with IS per
cent. reported from Washington Although
advices from Indiana. Michigan and Ohio were
insistent regarding the seriousness of crop dam
age in those States, traders seemed disinclined
TO pay heed. An impression appeared fixed that
prevailing prices more than discounted any dam
age to the crop as whole
GENERAL NEWS SCARCE.
There was little other news of character to
encourage the bulls, and. in consequence, long
wheat continued to come out during the entire
day. From size, July gradually declined to
Ss1sc The close was weak, with July at $3.50
SGlkc. May sold between 92c and 922.c and closed
Clearances of wheat and flour were equal to
2l2,6Oo bu Primary receipts were 2lZ,9Oo ou'
against 291.300 bu year ago. Minneapolis, Du-
luth and Chicago reported receipts OF 100 cars,
compared with 1873 last week and 40 cars
year ago.
CORN FIRM, THEN WEAK.
Cold weather throughout the West caused a fair
demand for corn at the opening. and in conse-
quence the market was comparatively firm con-
sdering the easier tone in wheat But senti-
ment changed. and prices started down.
ward Considerable July corn was for sale. and
il came out in such volume as TO suggest hquida-
tion of some heavy holder.
There also selling for short account IN
spired by predictions OF more favorable weather
for planting. The market showed - recuperatiVe
power, ruling weak the remainder of the day.
After opening &c TO 14c higher at 501sc to 5OAc.
July sold between 4912q49Ssc and 5OAU5Ossc and
closed at 494c. May ranged between 5l1zc and
5212c and closed at 5124c. Local receipts were
81 cars, with 80 of contract grade.
OATS FOLLOW CORN
Oats withstood the weakness OF other grains
for time but in the end succumbed to a per-
sistent selling by some of the heavy longs. The
market was firm early, due TO unfavorable
AS the session advanced weakness developed and
the close near the bottom. July opened a
shade TO 1sQAc higher at 3Slsc to 3S4c, sold be-
tween 372sc and 3SAc and closed at 3112c. Local
receipts were II cars.
PROVISIONS WEAK.
Provisions weak from the start, under
the influence of moderate selling by commission
houses and pit traders Weakness in grains
and lower prices for hogs was the main cause
of lquida ton. The best buying by shorts.
The market closed at the low point, with July
pork down 171ac at 1920. July lard was of
10c at SCI and ribs 71z410c at s6.4212.