The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-07
CASH WHEAT is SCARCE
SOLD YESTERDAY IN CHICAGO At
81 CENT OVER THE MAY.
Option Wheat Market Was Strong.
Closing at IN Gain Over Mondays
Prices-Other Markets.

CHICAGO. April Cash wheat was scarce
today that sales Of No l northern were made
81 &c the May price. premium higher
than any hitherto paid this season. The result
was a sharp rally in speculative prices. the
closing figures on the July option showing
gain of &c Mondays final quotations. Corn
and oats each up a shade. Provisions are
OFF nc to 20c.
Weakness in foreign grain markets and favor
able weather throughout the United States
caused liberal profit taking in wheat early in
the day. The majority Of reports from the
Southwest noted Improvement in crop pros
poets, now that rain and milder temperature
have had time to show their effect.
Advices from the Northwest also reported
prospects good for early seeding. Sentiment con-
sequently quite bearish. ard selling orders
in large numbers came the start Initial
quotations on July were down sc to 1c at S57sc
TO sac. During the first hour no support
forthco,ing and prices declined still further
there was considerable covering by shorts.
SELLERS TURN BUYERS.
Many Of the early sellers turned buyers. AS
the session advanced the situation became
stronger. the demand becoming general in
character. There good buying by the
Northwest under the influence of better de-
mand for -four at Minneapolis. Much of the late
bullishness. however, was due not only to the
strength Of the cash situation but TO reports
OF fair export business at the seaboard
The Ilarket closed strong at the top final hg-
s2asc and s4kc and closed at 94Ac.
Cleafarces of wheat and flour equal to
against P eos 100 bn year aso Minneapolis. pu.
luth and Chicago reported receipts of 2il cars
compared with ga cars last week and 1873 cars
year ago.
FREE SELLING OF CORN.
Under the impression that the principal long
disposing of his line pit traders and small
holders sold corn freely early in the day. caus-
ing extremely weak market. Excellent
weather also important factor in bring
ing out the liberal selling orders. Receipts were
only moderate but contained increased per-
centage of contract grains. On the break the
big holder picked up a lot Of July corn. and the
buying from this source brought a general
demand late in the day: resulting in the market
becoming quite firm. Sharp advances in wheat
added to the bullishness.
Complete recovery of the early loss was made
in distant deliveries. but May closed with a
at 52ssc TO 52lzc. sold between 5i$c and 53Nc,
and closed al. SIZE. May ranged between 53asc
and 55Ac and closed $3.50. Local receipts
Sl7 cars. with Al of contract grade.
OATS FOLLOW WHEAT AND CORN.
Oats followed the course of wheat and corn.
being weak early general selling and rally
ing later on liberal covering by shorts. The
close firm. with prices about level with
TO &c lower at S7l.c to 37%c. July ranged be-
tween 37l+c and Sstsc and closed at 3sqSs1sc-
Local receipts were 1913 cars.
PROVISIONS WEAK
Provisions weak persistent selling by
commission houses. in the face of only a mod
crate demand The early weakness in grains
and decline Of 10c 15c in the price of hogs
were the main bear factors The market closed
weak, with July pork l7lfq2Oc lower at 81. l2is.
July lard closed down 112c at S7-02l2 and ribs
were also off 712c at s6921z.