The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-03-26
MAY WHEAT is STRONGER
Caused by General ClamOr to Buy
that Month While Selling July.
Any Considerable Buying Order for the May
Future Invariably Starts Rush to Cover
and the Prices Begin to Run Up.
TRADING AT CHICAGO.

Provisions Were Firmer Light Hog Re-
ceipts, with Little Doing
CHICAGO. March 25.-Wheat to-day
was strong for May. and barely steady for
July. While the former closed 1c higher
than on the day before July closed lsc
lower. The number of buying orders for
May and selling for July was the great
feature of the days business. Corn had
sharp break. and at the close showed a loss
of hc in the May delivery and $50 in July.
Provisions were frmer on light receipts of
hogs. The feeling In wheat was rather
nervous. For May delivery prices ruled
higher, the opening being about the
same as yesterdays closing. receded
lac, hold steady and closed l4c lower
than yesterday. Tho July delivery
sold ct 405Ac discount. as compared
with May prices. The reason assigned for
the action of the market was the GOV ering
for May delivery and the selling for July.
in which movement some of the operators
in the Northwest were particularly inter-
ested. 1t was claimed that q number of
buying orders were received for May deliv-
cry. and that there WAS very little wheat
offered. and the filling of buying order
for 10000 or Sc. 900 bushels would create Is "a
hc rise in prices Around 7Sc for May there
was activity which checked the advance
for the time being. Many dealers have
stopped trading In the May future. and 1t
il not so easy to execute the orders as 1t
was week or SO ago. The receipts con-
tlnued to keep up both In the Northwest
and here. and there was about 90 per cent.
of the local arrivals contract IN grade, rep.
esenting largely wheat coming from pri-
vate warehouses. Export clesrances were
larger than they have been of late. while
the receipts at primary markets were less.
Ii is estimated that the visible supply will
show decrease of $50, 900 TO 500. QUO bu. Crop
advices continue somewhat mixed. and
were not having much effect on the market.
The pressure of cash stuff to make room
for W heat constituted chief element OF
weakness in corn. especially as Shipping
houses claimed they could not profitably
place the grain even at q considerable re-
bate offered by elevator concerns. With
the cash situation unfavOrSble for holders
few traders were friendly enough to buy
for inv estment and the demand WAS chiefly
from the shorts. At one time there was
something of a selling effort on the part of
operators from the wheat pit. and this.
coupled with the unloading OF long" stuff
carried the price down IS 0Ac before there
was an etfectual check. The close was
within IA of the bottom.
There was liberal trade In oats and o
lower range of prices. due to increased
offerings and also to sympathy with corn.
There was no especial support except from
scattering shorts and prices after opening
about the same yesterday declined 13O
a4c, rallied slightly and finally closed easy
with o net loss of hc.
Trade in provisions was very light.
After the rrst half hour of the session
there was scarcely any thing doing. Some
strength was developed at the opening on
o few outside buying orders coming In and
several prominent commission houses taxi
ing the offerings. which were limited. The
advance was moderate. and o firm feeling
prev vailed, with the tendency upwards the
market gaining all around. There was
some covering by the shorts toward the
close. Final prices, compared with last
night. were 121sc up for pork, .l0c for lard
and .05c for ribs.
Estimated receipts for Monday are:
Wheat. $50 oars: corn. 160 cars; oats. 100
cars: hogs, 10000 The leading futures
ranged as follows: