The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-03-09
THE DEPRESSION In WHEAT
Something Unlike Any Time Since the
New Crop Was Placed on the Market.
Opening at S71oc Caused General Apprehen.
sion of Still Greater Decline and There
We're No Buyers Outside of Shorts.
TRADING AT CHICAGO.


The Two Lending Cereals Greatly Affected
by Promising Crop Prospects.
CHICAGO. March s-Wheat opened weak
and lower to-day. touching the lowest
price yet recorded for the present crop
S7l4c. against Ssc reached yesterday. which
equalled the lowest figures formerly re-
corded since last summer. The news and
the situation both favored tho bears.
Cables were lower, domestic markets were
declining. the weather was all that could
be desired. and the crop prospects every
where were full of encouragement. Not
only was the winter-wheat crop said to be
promising satisfactory results, but the
conditions in the sprinR-wheat coun-
try. especially in tho Northwest, were
reported as unusually favorable. the ground
being in splendid condition ana an early
spring probable. The liquidation of long
wheat continued, with short sellers active,
and the confidence of bulls seemed to be
thoroughly shaken. A surprising item of
news was the reported increase of 49,. 900
bushels in the amount of wheat and flour on
ocean passage. As exports from America
were light it was generally argued that the
result could not have been reached unless
wheat was going to Europe freely from
other countries, and 1t was inferred that
South America was beginning to ship free
ly. The bulls got q little comfort out of the
fact that the English visible supply has been
reduced nearly million bushels during the
week. and that large export engagements
continue to be reported from New York.
For several days now these engagements
have been reported 4oo.0 900 to Coz. 900 bushels
per day. but only small per cent shows
uD In the actual ciearinge. A private dis
patch from Antwerp reported that crop
damage reports In France, Belgium and
Germany continue, yet the continental
markets were not apparently affected and
the report exerted little influence The
buying was at times quite sharp. but was
mostly to cover former short sales which
yielded profit. as there was not suffi-
Client confidence to cause much invest
ment demand. On every rally. however.
there was free short selling, Partridge be-
ing tho leader in all such raids. 1t was
said that fear of anticipation legislation Ivy
Congress was still acting as u depressing
factor. The price of May at and around
the opening was i1a0s7FSc, against sSlsO
at the close yesterday. 1t rallied to SSlsc,
broke to o7l2c again. held steady during
most of the last hour around S724 a S77sc.
but on heavy buying near The close by
shorts. who had good profits In sight, ad-
vanced TO $3.50 and closed firm at ,SSl9c
Antwerp unchanged and Paris centimes
higher.
Corn was quiet and lower on the fine
weather. larger receipts than were ex-
pected, the increaee in the contract grade
and sympathy with the weakness in wheat
and provisions. Trade was slow. the offer
ings being liberal. but with very little de-
maud. May opened unchanged ut 42Ac,
weakened TO 41zsc. but rallied some and
closed steady ut 42lsc. March lost Sc on
free local selling.
Oats were quiet and steady. closing with
o loss of lsc.
Pork suffered quite q slump in prices
Live hogs were lower at the yards, and
there was free selling of products with
hardly any demand. Opening 7lec lower,
at SLIGO for May, the price went as low as
Sll.O2ls. but rallied some noar the close
and finished ct Sl1.1O. Lard and RIBS SYM
pathlZcd in some degree with pork. The
former is off .07lsc and the latter .O2lac.
Estimated receipts for tomorrow are
Wheat, $50 cars: corn, PIG cars; oats, IA
cars: hogs. y, O0O head. The leading futures
ranged as follows: