The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-04-27
CEREALS CLOSED STRONG
TRADING IN THE CHICAGO PIT WAS
DECIDEDLY BULLISH.
July Wheat Advanced 1-2c, Corn
Gained Use and Oats 5-Sc to 3-4c
-Provisions Also Higher.

CHICAGO, April pa largely decreased
visible supply coupled with decidedly
increased export demand caused a strong
finish in the wheat pit to-day. The July
delivery is up nc. Corn made a net gain
of sc, oats ssG3.c and provisions 71kG10c.
In the face of lower cables there was an
active general demand for wheat at the
opening to-day Initial quotations on July
delivery were &c lower to &c higher at SIC
to S2Ssc. The action of a big trader, whose
operations are closely watched by the pit
crowd, had considerable to do with the
days developments. During the first hour
there was good buying credited to him. A
quick advance followed in prices, the July
option making a gain of about 1kc. The
market then declined as rapidly as it had
risen. I he cause of the break was wild
scramble the part of early buyers to
secure profits. the impression becoming
general that the bull leader had turned
seller. The market received little support
on the way down. On the decline the
price of July dropped to size. A resump-
ton of purchases by the principal holder in
duced active covering by shorts. and prices
again started upward. 1nring the last
hour of trading the market was extremely
favorable TO buyers. One of the factors
in the late situation was the showing in the
worlds available stocks of wheat given
by Bradstreets. The statistics claimed a
net increase of $4,000 bu but the increase
was entirely by European additions. de-
crease of 100000 bu being shown in the
Visible supply of wheat for America east
of the Rocky mountains. Another influence
~ init laQ
wheat. Strong cash markets. especially in
the Northwest, were additional bull factors.
There was also a number of crop damage
reports. The market closed at the highest
point of the day. final figures on July be-
| ing at S3Ac after the price had touched
| S3AQS32sc. May sold between S512c and S64c
and closed at SG3sc. ClearanceS OF wheat
| and flour were equal TO 1850 bu. PRIMARY
receipts were 204, 500 blu, compared with 339, :
| 500 bu year ago. Minneapolis. Duluth and
| Chicago reported receipts OF lOz cars,
| against 161 last week and 172 year ago.
Notwithstanding a rather unsettled feel
| ing in the corn pit, sentiment on the whole
| was bullish. The start was comparatively
steady on fair commission house demand.
| but on general selling, due to increased re-
ceipts, better grading and lower cables the
| wheat had a depressing influence on corn
| prices. On the decline shorts covered free
| ly and the situation turned strong, the July
! time Strength in wheat was the late bull
| factor. Although the market did not
| maintain all the advance the close was
| strong. July opened a shade lower to a
shade higher at 4714c to Also, sold between
| 462lc and 4S12c, and closed at 4SlsQ4S14c
| May closed at 1850. Local receipts We're
| 30S cars. with "A of contract grade.
bullish sentiment peryaded the oats
pit. the market being independently strong
| Shorts were active buyers throughout the
entire day and there was also a good de-
mand from commission houses. The break
| in wheat and corn caused slight recession
/ In prices, but the reaction was only tenn
porary the demand being sufficient to bring
| about a quick recovery. Weather and un-
| favorable crop advices were the principal
| bull factors. The market closed strong
| with prices the top. July opened Ao
| to sc higher. at 36Gt26isc, ranged between
] 357sM36Ssc and closed at 36$sq36l2c. Local
/ receipts were 70 cars.
/ Heavy buying in provisions by brokers
| caused frmness at the opening. There was
| some liquidation of May products through
! commission houses. but offerings were not
| excessive until the weakness in grains
| caused quite general realizing. Prices easec
| off in sympathy with the decline in grains
| but soon rallied again. The close was firm
with July pork up 7l3410c, at 1920 July
| lard and ribs were each up 712c, at s6.S1:
and $50, respectively.
Coll.