The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-12
WHEAT PRICES ADVANCE
REPORTS OF DAMAGE TO WHEAT IN
SOUTHWEST CAUSE STRENGTH.
Heavy Liquidation in Corn Caused
Decline of I 1-2 Cents i'm the May
DeIivery-Provisions Lower.

CHICAGO, April 11.-Alarming reports OF
damage to the growing grain in the Southwest
caused Grmness here to-day in the wheat pit.
Compared with Saturdays close. final figures to-
day are &c higher on July. Corn and oats are
each down &c and provisions 7l4c to 22'ac.
Sentiment in wheat at the opening was bear
ish owing to a number of elements in the gen
eral situation. Among the factors were hoeral
worlds shipments a considerable increase in
the amount on passage warmer weather ana
lower Liverpool cables. In spite of the bear
factors however. initial quotations showed only
slight losses from Saturdays final figures, July
being shade higher to &c lower at s6AqsSssc
to S69sc
Uncertainty as TO the character Of the govern
ment crop report issued later in the day re,
was perhaps the main influence early in sup
porting the market. Toward the end OF the flrst
was due largely to precautionary covering of
early sales. the reason being fear OF possio PIE
disappointment to bears from official ngures on
the condition of the crop From S614c July ad-
vanced to S7Isc.
WHEAT IN SOUTHWEST DAMAGED.
Reports by prominent trader who had just
returned from a trip through the Southwest
had perhaps most to do with the improved senu-
ment manifested during the latter part of The
session. According to that authority wheat losses
in Oklahoma, Kansas and Nebraska were mucn
more serious than the majority OF traders real
There was good commission house demand
late IN the day. and although prices ala not hoia
at the high point. the market closed firm. with
July at s644 GS65sc. May ranged between sSc ana
94l4c and closed at 933sc
2ss90O bu. Primary receipts were 4lS, 2D1 Du;
against o5190 ou year ago Inc anou Iisib T
supply decreased $4,000 bu Minneapolis. Duluth
and Chicago reported receipts OF $50 cars. com
pared with ilS cars last week and Sh cars
year ago.
HEAVY SELLING OF CORN.
The feature in trading in corn was heavy
liquidation OF May and consequent decline of
11kc in the price of that delivery. The market
opened firm. influenced by higher cables. Soon
after the opening number of longs began to
cell May, and as a result prices started DOWN
Stop-loss orders came out on the decline caus
ing additional weakness. After May had dropped
from sS12c TO Sc the market received support
from big bull interest. which resulted In
frmer tone.
ton of May July opened a shade lower to a
shade higher at 51lsc to 51hc, sold between 5O&4c
and 5l4sc and closed at oO1sc. May closed at
contract grade.
OATS TRADE LIGHT
Trading in oats was light and the market held
steady throughout the entire day. Improvement
in weather conditions the principal factor,
and created some disposition to selling on the
part of pit traders. Offerings taken by
shorts. July opened &c higher at 377sc. sold be-
tween 37I2c and S17sc and closed at 3Issc. Local
receipts were 16S cars.
PROVISIONS CLOSE LOWER.
Provisions were firm at the start. under the
influence of an advance of 1Oc in the price of
hogs The opening firmness, however. was sub
sequently lost on realizing sales. the market be-
ing poorly supported. Local packers the
principal purchasers The close was easier. with
July pork down 20Q2212c at S1245 July lard
closed 7l2c lower at $3.50 and ribs lOc lower at
5OTiG-