The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-03-22
WHEAT WEAK AGAIN
EXPECTED INCREASE IN RECEIPTS
CAUSES A DROP OF 3-4C.
Other Cereals Moved in sympathy
with the Leader While Provisions
Showed an Advance.

CHICAGO, March M.-Principaily because
of the general expectation of a heavy in
crease in receipts, wheat was weak to-
day, closing &c lower for May. May corn
closed sc and May oats lscs lower. Provi-
sions were strong. showing a good advance.
Wheat opened sQAc above yesterdays
closing price for the May delivery, but with
out an intinlation or suggestion of enthui-
asm among those who were doing the buy
ing. The firmer feeling was caused by what
came over the wires from New York. Wheat
was taken by millers for home use and by
exporters. Something like 100000 bushels was
counted up, including in that the quantity
taken here. In addition to that the faction
might have been nervous from the sum-
mary of the Cincinnati Price Currents re-.
marks, wherein it stated that low supplies
of wheat are almost uniformly reported"
One cause for further satisfaction lay in
the firmness of the European continental
markets Notwithstanding the weakness
which had prevailed here yesterday. The
advance referred to as having occurred at
the opening did not last long. but was soon
succeeded by a weaker feeling, for which
the domestic situation was responsible. The
receipts at Minneapolis and Duluth were
362 cars against 273 on Thursday a week ago,
and 2f0 on the corresponding day last year.
- a iAoht ChC ~
effect that the receipts from farmers this
week would amount to about 2,Go,ouo basheis
or 100000 more than last weeks farmers de-
iveries- The winter wheat receipts are
again indicative of d freer movement from
farmers 1ner : T Tn s Atlantic a. port bs eieaf fanra Nm In
Orleans, amounted to a total of only $4,000
bushels, including the flour: In addition to
these bearish features the later cables
came lower and May wheat. under that
combination, dropped about n:30 a. m. to
551sc. The decline made it possible to work
nv ruhaaf FOR ovnort and Uhan that was
known the price rallied again to 55asc. In
the last hour May became weak under lib
eral selling led by Partridge and declined
sharply, closing at 57sc.
Corn did not show as much inclination to
advance on the receipt, OF favorable news
as it had been giving for three days past
to jump without any news at ALL. A report
from st. Louis that 100000 bushels of corn
had been worked for export from there via
Newport News, scarcely produced a ripple
in the market. The heaviness of wheat
was probably. affecting the corn traders IN
the absence of any larger transaction by the
plunging element among the local Specuia-
tors. The receipts were 131 cars. The clos
ing cable from Liverpool quoted that market
I'D lower, and the export clearance from
Atlantic ports amounted to only $3.50 bush-
els. May opened aa at 4 ~ s ana 1 Ie1zs long ni.I Tune me
tendency in favor of the lower prices which
came later. About twenty minutes from the
close of the session the trading was at
1850. The finish was at 461sc.
The oats market was fairly active. The
principal feature of the market was the
selling of May and buying of July, which
reduced the difference in their respective
values AQ1c. Cash prices were AQ5ec lower
and that depressed the futures somewhat.
Elevator men We're selling quite freely. May
started at 29$sa291sc, sold at 29lac, declined
to 29Q291sc, and rested at 29Ac.
Provisions were the only larger speculative
market which gave the least indication of
bullishness, from which cause the general
provision market was very firm, and the
whole trade talking higher prices. At the
close, compared with yesterdays final rates,
pork was 25c higher, lard .o7laQ.1o and ribs
.071ac higher.
Estimated receipts for Friday-Wheat, 40
cars; corn, 100 cars; oats, 40 cars; hogs
22,e00 head.