The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-13
WHEAT MARKET DECLINES
INCREASE IN WORLDS VISIBLE AND
BREAK IN CORN BEAR FACTORS.
July Wheat Closed 4 3-Sc to 1 1-2c
Under Mondays Last Figures-Ar-
mour Heavy Seller of Corn.

CHICAGO. April IA large increase in the
worlds available stock OF wheat. together with
a sharp decline in corn, caused weakness in
wheat to-day. The close was at the bottom.
July wheat being down lsd1hc. Corn shows a
loss Of nc. Oats are off 2.q7sc. and provisions
15c to 5Oc
a fair degree OF strength was evident in wheat
at the opening. the influences being the bulish
character of the government crop report. and
advices Of delayed seeding operations in the
Northwest. Initial quotations July were IN
changed to sc higher at Sc TO s77sc.
II did not take long to minimize the effect OF
the low condition of the winter wheat shown
by the official figures. when conditions prevailing
since April were taken into consideration. In
the opinion OF many traders sufficient rain has
fallen during the first week In April to over
come much OF the deficiencies shown in the
governments report.
As result OF this opinion there was ten
dency TO sell on the part Of pit traders. Bearish
sentiment -accentuated by the downward
course OF prices in the pit.
MARKET TURNS EXTREMELY WEAK.
AS the session advanced the wheat market
became extremely weak. Reports from the
Northwest stated that tho cash situation there
in a very demoralized condition. Additional
force to the reports was given by heavy selling
orders, credited 10 houses with Northwest con-
nections.
An increase of nearly 1000 900 bu in the world $
visibly SUPPLY also had depressing effect on
selling
to SS12qS ssc. and the market closed with prices
at the low point. May sold between 921z and
9iisc and closed at 927sc.
Clearances OF wheat and -four were equal to
1sS9 nu; worlds visible supply as shown by
We're ISL 500 bm cempare ~ Ttb 3 S b Has
ago. Minneapolis. Duluth and Chicago reported
receipts of 154 cars. against 1917 cars last week
and los cars a year ago
HEAVY LIQUIDATION OF JULY CORN.
Heavy liquidation of the July option a
consequent sharp break in prices the fea-
lures of trading in corn. The market opened
firm, in sympathy with wheat, but weakness
soon developed on influential selling of July
A dd our WAS $, said to have disposed Of nearly
was also heavy selling for short account.
II, Lover cables and a poor cash demand were
though an Improvement in weather conditions
was minor factor. The market rallied slightly
Weak July opened put to he f Sss was
5iAa5i1zc, ranged between 1910 and 511zc and
closed at 4ys4c. May closed at SIC, after selling
between 5155c and 5S9sc Local receipts were PIG
cars, with AZ of contract grade
OATS WEAK.
Oats exhibited pronounced weakness especially
the May delivery. which sold down to within
shade of the low point on July. General lquida-
ton by longs. aggravated by aggressive short
selling. led by big commission house, caused
the decline. The mood Influenced by the
weak, weakness in corn. prediction by prominent
an imports IT factor in the situation
Ine market closed weak and the bottom.
July opened unchanged to &c higher at 373.c 10
317sc. sold between 36%4 4367sc and S77sc and
closed at S65SaS7c. May ranged between 3s7sc
anu Ss.sc and closed at 37q3SBc. Local receipts
PROVISIONS CLOSE STEADY
Provisions were firm early. due to a small run
of hogs and firm prices at the yards Sentiment
was reversed, however. when the grain markets
turned weak. heavy liquidating causing a rapid
uecline Later the market received fair siIn-
por: from packers the close being about steady
win July pork down 10c at 1925 July lard
eioseo Z1@c higher at s6.6715 and ribs off 2izc at