The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-08
STILL ANOTHER DECLINE
Chicago Wheat Gives Way Under Influ.
ence of Bad News Home and Abroad.
The Spectators with Lines of Short Grain
Out Enabled TO Scalp OF Handsome Profits
in Both the Leading Cereals.
TRADING AT CHICAGO.
Wheat Touches $50 and Closes Weak q
Mt

Wheat Touches $50 and Closes Weak at
ssisc-Corn at 414c.
CHICAGO, March THE wheat market
showed much depression throughout most
of the session and prices were generally
weak and lower. There were one or two
rallies. but the strength was only tempo
rary and the close was within lsc OF the
lowest point touched during the session,
and shows loss of lao compared with
Saturdays closing figures. The news W as
generally discouraging. The weather con-
ditions were an important factor. as they
were reported favorable almost every
where, not only for the winter wheat, but
for the early commencement of sprin seed
ing operations There was NO cold weather
reported anywhere and even in the ex-
treme northern part of North Dakota the
temperature was said to be $50 above
zero. Another bear feature was the
weak cables Liverpool was reported
I'D lower, and London from Sd to Cd lower,
while all domestic markets were very
much depressed. New York falling off 1c
and Duluth and Minneapolis about as
much. Receipts continued liberal every
where, especially in the Northwest. ana the
indications from the start were that there
would be very considerable increase i'll
the visible supply. Many discouraged
holders started to sell at the tap of the
bell. and for time the pressure was heavy.
and May, starting at SS24c. and touching
SS7tc, sold of to SSAc. with only q light de-
mand. When the price got down TO SS4c.
however, the shorts began to take
advantage of the drop to cover,
Ssa4c. report that the weather in France
continued very cold, that there was some
export buying In New York, and that $780,
900 bushels had been worked at Detroit
improvement. When the increase of 49,
600 bushels in the visible supply was re-
ported tho market lost q little. but this
was subsequently recovered. Among the
dispatches received from abroad was one
that the Liverpool Corn Trade News had
reduced its estimates of the weekly
European requirements from 7,6S0.C00
bushels to less than 1000. 900 bushels. This.
In effect. is reducing the estimate of the
needs of Europe this year over S5.OOO.0C0
bushels, or in other words that much less
American wheat will be required. During
most of the last hour hour the market held
steady at 8Sla 0SS34c. but grew very weak
during the last ten minutes and touched
tho lowest point of the day. Sc. closing
weak at ss1sc. The break near the close
was attributed to cessation OF the de-
mand by shorts and weak cables. The
cIearances from the sea-board Saturday
were Ill., 900 bushels of wheat and 1l.0JO
barrels of flour Late cables quoted Paris
lower, with Berlin higher OH spot, but low
or on futures. Partridge made pretense
of selling some wheat, but was generally
believed to be buying heavily through the
brokers. to cover his short line and secure
his profits.
Corn was quiet and weak, but held it's
own much better than wheat. the decline
being only about Ac. The receipts were in
excess of the estimate by some fifty cars
and included nineteen cars of contract.
Trade was slow and the offerings were fair.
The Shipping demand was slow, and the
close was at loss of 1so compared with
Saturday.
Oats werc quiet and weak during most of
the session. but closed with a gain of lsc.
Hog products were stronger, especially
for pork. Live hog receipts were below
the estimate and prices at the yards 5Ol0c
higher. After making an advance of 2Oc.
pork closed with q gain of 15c. Lard md
ribs are .02l9o higher.
Estimated receipts for tomorrow are:
Wheat. 2S0 cars; corn, 40 cars; oats, 1S5
cars; hogs. 1900 head. The loading futures
ranged as follows: