The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-03-17
WHEATBECAME WEAKER
CROP DAMAGE REPORTS WE'RE DE.
MED AND CABLES CAME LOWER.
Corn Was Unchanged. Oats Declined
and Provisions Continued Strong,
Advancing 5G1Oc.

CHICAGO. March 16.-Crop damage re-
ports and denials of them ran the wheat
market to-day. the result being a net de-
cline of sc for the May option. Corn was
practically at a standstill and closed I'M
changed. Oats declined &c. Provisions
We're again strong and advanced 5M10c.
Wheat opened weak. the first few sales Of
May being made at from 73s4c to 7312c. COM
pared with yesterdays closing price of 74e.
The chief cause of weakness was the dis
appointment in cables. for Notwithstanding
every advance of a cent yesterday on crop
scare, both Liverpool and the continental
markets were lower. The opening weak
ness continued for about a half hour. dur
ing which time May gradually declined TO
13M131sc and July to 71kc. That was the
turning point and before IL o'clock the
price had recovered TO HisG14Ac, though
not without vigorous opposition. July led
May i'm the advance and indicated that all
was not well with the prospects of grow
ing wheat. That conclusion was fortified
by the action of ST. Louis, which sent buy
ing orders here i'm bundles and gave crop
damage reports as the reason for their ac-
ton. Earlier i'm the day dispatches from
Topeka, Kan, of a semi-official character,
said reports had been uniformly good con-
corning prospects of growing wheat up TO
within two or three days ago. but a few
complaints of damage had been received
since. This was more comforting than the
reports of widespread disaster from that
State yesterday. but Indiana. Ohio and iill-
nois farmers send reports OF destruction
from too many quarters or those states 10
admit of anything but a bullish effect.
Chicago receipts were 80 cars and the
amount inspected out of store was 1902 900
bu. Shipments hence by rail were 40.S19 bu.
Minneapolis and Duluth received $50 cars,
against 321 a week ago and 561 on the cor
responding day of the previous year. EX-
port clearanees from Atlantic ports
amounted to POS. 900 bu wheat and flour to-
gether. Bradstreet reported a decrease in
the worlds visible last week of 4.017 900
bu, 100000 bu OF it on this side and 1884. 900
bu decrease in and afoat for Europe. The
slackness of the milling demand and the
many of the %scalperS who had profit In long
wheat To sell out. and in doing so they
depressed the price of May at the close TO
1886.
Business in corn was very slack. The
dullness of trading may be shown by the
fluctuations in the price, which were barely
Lc. Liverpool was steady on corn and re-
ceipts, were comparatively. light. which
served to counterfeit the effect of the de-
cline in wheat. The elevator interests were
amounted to $500 bu, May opened a
shade lower at 244d24asc and recovered TO
the higher fraction. where II closed.
The feature i'm oats was the increased
liquidation by May longs and was the main
cause for the weaker feeling and the lower
range of prices. Business was quite heavy
and the session active throughout. May
opened Hc lower AT lie, sold TO 6s4Gl6sc
and closed at 1880 bid. Provisions main
tanned the strength they have been dis
playing for some days. The familiar story
of small hog receipts started the market
with a rush. Armour and Cudahy were
both credited with being free and heavy
buyers. Good outside support was also
given. At the close May pork was 10c
higher at Ss.92l2; May lard &c higher at
$i.32l2. and May ribs l0c higher at sA.S2h2.
Estimated Receipts for Wednesday,
Wheat. "a cars: corn. lie cars; oats, 155
cars: hogs. 1900 head.
Leading futures ranged as follows: