The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-01
WHEAT OPENED STRONG
BULLS BEGIN TIE WEEK WITH
.1-4C ADVANCE FOB MAY.
Large Visible Decrease and Strength
Markets Scored Gains.

CHICAGO, Feb. 28.-Wheat again devel-
oped into bull market to-day Unexpected
strength at Liverpool and a large visible
decrease were factors in a general cover
ing movement of big and little shorts
which started at the opening and kept up
all day. The close showed advances of PIC
in May and 15sc in July. Corn and oats
were also strong and advanced &c and &c,
respectively. Provisions were irregular,
pork and ribs showing slight closing adj
vances, but lard closed little lower.
Wheat was a strong market from the
start. Opening prices in July were about
a cent higher than Saturdays closing,
ranging from S9Ac to $3.50, while May was
I2Gs4c higher at $1.03910314. "A temporary
dip followed. There was a good deal of re-
alizing by people who were satisfied with
the profits shown in the opening advance
and this selling sent the price OF July to
sec and May to $1029sQ1. O31la. Then the real
strength of the market was shown AS
soon as the first pressure of selling was
removed prices began to advance at once,
shorts, big and little, coming into the mar
ket to cover their lines, and for two hours
prices moved upward slowly but steadily,
every slight reaction being followed by re-
newed buying. At the end Of that time May
had advanced to $10i2 and July 20 9O1sc
This strength was due mostly to news
from Liverpool. That market was excep-
tionally strong, showing AG5sc advances
at 1870 p. M, later cables recording even
better prices. Liverpool stocks showed an
other big decrease and the total amount
of wheat there is but little over the average
requirements for week. The Letter crowd
apparently did very little during the morn
ing and the strength the market displayed
without support from that source was far
from reassuring to the shorts, and prob
ably had good deal of influence. Outside
of Liverpool strength news was of both
kinds. Northwest receipts were liberal,
Minneapolis and Duluth reporting 1862 cars,
against $50 last week and $50 a year ago.
Chicago reported 134 cars, twenty-four of
which were of contract quality. Worlds
shipments were large, 1907, 900 bushels, and
the quantity on ocean passage increased
100000 bushels. local statistician esti-
mated the quantity of wheat in farmers
hands March at 157, 900 600 bushels or 49,,
100000 bushels more than his estimate a
a period of comparative dizziness and prices
Sagged off a little, May getting down to
$1.0412 and July to S91sc The Unexpectedly
large decrease in the visible supply, 1,345, 600
bushels, and clearances OF $4,000 bushels
caused renewed covering by shorts around
the noon hour and many bulls who SOLD
out their lines during last weeks decline
also bought wheat For half an hour the
market showed considerable activity, May
advanced to $l.05ls and July to soc and de-
mand was satisfied. During the last half
hour or so of trading the market became
quiet again, and profit taking was INDUCED
in sufficient volume to send prices down
to $1.04A for May afld S9a4QS97sc for July
by closing time.
Up to noon the market for corn was very
strong and good advances were recorded.
The market was helped by the wheat rally,
enormous exports of 10000 bushels and
was put at 300,000,000 bushels less than q
year ago. Buying was quite general. Late
in the day the market became easier
heavy estimated receipts for Tomorrow
but market was well supported at the low
er figures. May ranged from 30ssc to $3.50
and closed 3sc higher at soc.
Oats, though less animated than of late,
We're strong and higher from the start. The
market WAS mostly influenced by the adj
vance in corn, the late reaction in that
cereal being also followed by oats. May
ranged from 2614 to 26lsc and closed nc
higher at 261z
Provisions were fairly active and irreg-
ular. Early buying by packers and shorts
influenced by the strength of grain markets
oVercame the influence of lower yard prices
and the market ruled strong and higher for
some time. Offerings gradually became
too heavy for the market to stand up under
and Il sharp reaction followed. but later in
pork and ribs closed strong. Selling of lard,
however, was on too heavy a scale for
prices to stand. AT the close May pork was
&c higher at 5000; May lard, 2i2c lower, ut
S.. Is, and May ribs, &c higher at $5.1212.
Estimated receipts for Tuesday-Wheat,
10 cars; corn, 1854; oats, 420; hogs, 1900
head.
Leading futures ranged as follows: