The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-22
JULY WHEAT &c HIGHER
SMALL RECEIPTS AND DAMAGE RE
PORTS THE BULL FACTORS.
Armour Good Buyer of May Corn,
Then Market Flooded with Long
Corn-Close Steady-Oats Weak.

CHICAGO. April 2i.-Small receipts North
west and persistent reports of damage
Southwest caused firm close here to-day
in wheat. Compared with last night. July
wheat is ss@Hc higher Corn is up sc.
oats are off 1sdAc, provisions show a gain
of 71zd15c
Under the influence of decreased receipts
in the Northwest wheat opened firm. the
July delivery being shade to lsnAc high
or. at soc to S51sc \ leading factor through
out the early trading the strength of
the Northwestern markets. As the ses-
sion advanced bearish action of the corn
market became powerful influence There
was also enough crop news of conflicting
kinds to keep traders guessing.
IN consequence the wheat pit became
extremely nervous. Trading was more ac-
tive than for some time. Commission
houses reported more outside buying orders
than for several weeks. Houses with
Northwestern connections were persistent
buyers on crop damage news of the South
west A little Improvement was noted in
cash inquiry and in the export business.
Minneapolis reported good prospects for
large flour sales
WEATHER is IMPROVING.
Weather conditions showed material inn
provement and reports from the North
west were received telling of fair progress
in seeding. On late decline in corn there
was some realizing in wheat which re-
suited in July selling down to S47sc. but
subsequently covering by shorts worked
the prices I'D to S53c The market closed
firm. with July at $3.50. May sold between
S9lsc and s92.c. and closed at S91ac.
Clearances of wheat and flour were equal
to $4,000 blu. Primary receipts were 1884,
900 bu, against 2es, 300 blu a year ago. Min
neapolis, Duluth and Chicago reported re-
ceipts OF 10i cars, with 1871 cars last week
and l4l cars year ago.
ARMOUR BUYS AND SELLS CORN.
In the absence of selling pressure from
any quarter the corn market ruled firm
early in the day. Later there was fair
demand for May from Armour, which sent
the price of that delivery up 1tac. On the
advance the market flooded with long
corn, and before the furry ceased May had
lost nearly all the earlier gain. Within the
last few minutes of trading partial re-
covery was made, due TO the strength in
wheat. and the close was about steady
July opened a shade to 1sQAc higher, at
4Sfsc TO 49c sold between 4SSsmiS12c and
49l2c and closed at 4SSsc. May ranged be-
tween 1896 and 5O14c, and closed at 1870, a
net gain of sc. Local receipts were 131
cars, with forty-one of contract grade
PIT TRADERS SELL OATS.
The feature in trading in oats was the
selling of the September delivery by pit
traders, due to improved weather cond-
tons and to reports of good progress being
made in seeding operations. The market
was Influenced to a considerable extent
by the action of. other grains. The close
was easier. After opening 1sc to 14c lower,
at 36a4c to $3.50, July ranged between 3612c
and 371sGl37Ac, and closed at the bottom.
Local receipts were fifty-four cars.
PROVISIONS HELD STEADY.
Provisions easier at the start, ow-
ing to weakness in the hog market, but
there was an unusually good demand for
all products and firm tone soon developed.
In spite of liberal selling, prices were well
maintained. the close being firm, with
July pork 15c higher at $12.3212. July lard
was up 71ac at s6.75. and ribs also gained
nc, closing at 5000
Leading futures ranged follows: