The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-10
WHEAT MARKET WEAKENS
WARM WEATHER FOR KANSAS AND
NEBRASKA BEARISH FACTOR.
July Delivery Closes Lie LOver-Gov-
eminent Figures Expected to he
Bearish-Other Markets.

CHICAGO, April 9.-Warmer temperature Of
hcialy predicted for Kansas and Nebraska was
the most potent influence in the wheat market
to-day. The effect was net loss Of lac in the
July delivery. Corn shows a decline of CSC. oats
sc and provisions zoe TO soc.
Higher prices at Liverpool impaired hrmness
to wheat here at the opening. Freezing weather
in Kansas also brought out some buying orders.
Initial quotations on July shade to "a
&c higher at s77sassIsc. Sentiment in the pit,
however. soon turned bearish. the prevailing
opinion being that the rain and which
were delaying farm operations in the North
west were Of sufficient benefit TO winter wheat
than offset any probable decrease in
acreage of spring wheat. At the same time the
Weather Bureau forecasted warmer weather for
Kansas and Nebraska.
This caused additional selling, and in the alb
sence of any material support the market be-
came weak. The volume of business was COM
paratively light, the market being inclined to
develop into waiting affair pending the is
suance of the government crop report, due Mon
day.
limitations that the figures would show a
more favorable condition of the crop than gen.
orally anticipated increased the bearish ten
dency. Prices steadily declined throughout the
day. the close being practically at the low
Ss5sc. May ranged between 94isc and 951zc and
closed at 94llc.
Clearances of wheat and flour equal to
5000 bu. Primary receipts were 214.OOO bu
against 504. 900 bu year ago. Minneapolis, Du-
luth and Chicago reported receipts of 123 cars
compared with 47O cars last week and 4i2 cars
year ago.
CORN TURNS WEAK.
Influenced by steady cables. by firmness in
wheat and by unfavorable weather. the corn
market was firm for short time to-day. Wealth
er forecast however, for clear skies. The
prospects OF increased movement and i'm
proved conditions for seeding soon weakened the
market. Little support from the big bull trader
was in evidence. the buying being mainly by
shorts Selling largely in the way of profit
taking. few traders being disposed to sell short
in view of the attitude of the leading long.
The market closed weak and near the bottom.
July opened %QAc higher at 5l94c to 5l7sc, sold
between 5lc and 5lisc and closed at 5l1sq5lAc.
May closed at 53Ac after ranging between SIC
and Sac Local receipts were l5S cars, with %
OF contract grade.
OATS RULE WEAK.
Oats ruled weak in sympathy with other
grains. The market was quite firm at the start,
due to wet weather, but sentiment soon
changed and on profit taking a weak tone de-
veloped. The close was at the low point of the
day. After opening Ac to ssc higher at $3.50 to
| 3sa4c July sold between S7$4c and 3S&c and
| closed s7s.c. Local receipts were las cars
| PROVISIONS FOLLOW GRAIN.
| The trend in provisions resembled the action
| of grain markets. Opening prices were trihe
| higher OH fair demand. but offerings were more
! liberal than the demand and the market soon
| began to decline. The close weak, with
July pork 30c lower at Sl2s5. July lard was of
| zoe at S6.I2l2 and ribs 2211Q25c at s66OQ6.62l2
| fOIIo