The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-08
WEATHER HELPS WHEAT
DROP IN TEMPERATURE OFFSETS
EFFECT OF WEAKNESS OF CORN.
influential Selling of Corn starts the
Market, July Breaking Nearly
Ccnts-Oats Are Weaker.

CHICAGO. April IA decided drop in tenn
perature North and West utilized tonic
in the wheat pit here to-day against sympathetic
effects OF extreme weakness in July wheat
closed re up. Corn is down 14sc. oats are on
ha7sc and provisions 121zc TO 27lzc.
Higher cables and favorable weather were
early factors in the wheat market, Numerically
opposed to each other. AS result prices held
comparatively steady during the early part Of
the session. Initial quotations on July were
unchanged &c higher at s67sc to SIC.
For an hour there was little change in quota
tions. but suddenly sentiment became bearish.
with prices declining rapidly Weakness in
coarse grains had induced a whrlwind of liberal
selling by commission houses and pit traders.
With only relatively small demand July sold
of to Sehc.
Later in the day a trader who was a conspic-
uous figure in the corn pit became an acuve
purchaser of wheat, presumably with the object
OF indirectly forcing up the price OF coarse gram
TO throw a lot OF his long corn. The Northwest
was also tair purchaser. led on by sugges-
tion of a postponement in seeding operations
RADICAL CHANGE IN WEATHER.
Sensational reports were received telling of a
radical change in weather conditions in that sec
tion snow and much lower temperature supplant-
ing widespread mildness. The consequence was a
quick rally in prices.
Many of the early short sellers were forced
to cover and this helped in the upturn. The
close firm. with July at SIC. after the price
had touched S7l.c. May ranged between 9t4c
ana $3.50 and closed 945sc.
Clearances of wheat and flour were equal to
154 800 bu Primary receipts $4,000 bu.
compare. with SOS. 100 bu a year ago. Minneap-
oils, Duluth and Chicago reported receipts OF 2oI
cars, against 202 last week and lS3 a year ago.
BIG TRADE IN CORN.
A big trade was witnessed in corn and the
una rLe 10
bought large quantities for July delivery early
in the day. but in spite of this active support
the market held barely steady. The pit crowd
was generally bearish under the influence of in
creased receipts, while improved grading and
selling from that source was heavy throughout
the entire day.
Toward the middle of the session there was
liberal selling by special large commission
houses, supposed to be for the account of the
big holoer. Under this pressure the market
broke severely July declining nearly &c from
the high point The close weak and at
the low point. July opened &c lover to &c
and closed at 5fAc. May ranged between Sc
and SOC and closed at 5Slsc. Local receipts were
.25 cars. with 50 of contract q ade.
OATS WEAK.
Oats were weak in sympathy with corn. The
pit crowd also inclined to the selling side of
the market but the volume of trading not
large, owing to lack o: demand. The principal
buying by shorts
The market closed about steady at modera tie
losses for the day. After opening a shade lower
20 a shade higher at CSC to 3Slsc. July sold be-
tween S75sc and 3sIsc and closed at 37&c. Local
| receipts were 1SG
COMMISSION HOUSES SELL PROVISIONS.
Early in the day commission houses were
free sellers of provisions. due to lower prices
for hogs. This started raid on the market
by local bears, and the result considerable
weakness in all products. The sharp break in
corn was an influential bear factor The mar
ket closed weak and near the bottom, July pork
being down 2719c at slz July lard was OFF 2oc