The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-05-12
WHEAT CONTINUES LOWER
IMPROVED CONDITION OF GROWING
GRAIN BEAR NEWS.
At the Close the July Option Showed
Loss of 1-2c to 5-Sc-Corn, on the
other Hand. Was Strong.

CHICAGO. May n.-Improvement in con-
dition of the growing grain in the United
States and prospects of an enormous yield
in the Canadian Northwest caused heavy
liquidation of wheat to-day. Final quota
tons oil July show loss of 1zd5se- Corn is
up &c. oats gained ss0Ac. Provisions vary
from a shade higher to Zoe lower.
notwithstanding extreme bullishness on
government crop report the wheat market
opened barely steady. July being a shade
higher TO sc lower at S55sGS61sc. Many
traders were apparently of the opinion
that the excellent weather of the past ten
days had wrought material Improvement
in the condition of winter wheat AS con-
sequence they were not disposed to buy
heavily.
on the other hand offerings were rather
light, firm cables and small receipts hav
ing tendency to check free selling. Tn
der a fair demand from pit traders
hrmer tone developed. July advancing TO
e614qS69sc. As the session advanced there
was more disposition to sell manifested,
and prices began to decline.
The change in sentiment was due large.
ly to reports as TO the condition of the
crop Kansas City dispatch claimed that
taking into considerati ton present outlook
in that section the government report was
altogether too pesSimiStic.
According to report from Montreal the
wheat crop in Manitoba will be the largest
in the history of the country. an estimated
yield of S0.0O0,OD0 bushels being given for
that province and the Northwest terri
tories. Influenced by these advices the pit
crowd commenced to hammer the market
and caused a quick decline. a lot of long
wheat came out the down turn. COM
mission houses selling heavily on stop-loss
orders. Before the decline could be checked
July dropped to &7sltS5c. Shorts were fair
purchasers late in the day improved
cash demand. Part Of the loss was regaine1
hut the market closed weak with July at
S53s0S5iAc.
ClearaEces of wheat and flour were equal
to $500 bu. Primary receipts were III 200
bu. compared with 215500 bu a year ago.
Minneapolis, Duluth and Chicago reported
receipts of 81 cars, against 9S cars last
week and 80 cars a year ago.
Considering the weakness in wheat the
corn market exhibited decided strength.
Shorts were active buyers throughout the
day. firm cables and a sudden falling off
in receipts being the chief incentives. The
strength was more remarkable in view OF
favorable weather conditions and the bear
at about the highest point of the day. July
opened a shade to 1sGf4c higher at 1880
4Sl2c, sold between 4SAc and 4S44QiS7sc.
closing at 4S24c. Local receipts were 81
cars, one of contract grade.
The feature of trading in oats was an ur-
gent demand for the May delivery from a
pi ointment commission house. Offerings
we're scarce and the price had TO be bid
up cent before the demand was satisfied.
There was also considerable covering by
shorts. The more distant futures were af-
fected by the strength of May, but the
advance was not as great. An improved
shipping demand and small receipts were
tull factors. After opening 1s0Ac lower at
$3.50, July ranged between 3S14c and 39c
closing at 3S7sc. Local receipts were sc
cars.
| Provisions were easier on selling sup
posed TO have been for outside account II
| was a CO sc of free liquidation of July prod
nets. The market received fair support al
! times, but the demand was not sufficient
/ To prevent small losses in pork and lard
| July pork closed 10c lower at s11.2715. Lard
| was down &c at S6.41l2. July ribs closed 2
| shade higher at $6.3712M6.40.
Ta.dfnC futures rapned folfous.