The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-02-28
WHEAT WEAKER ALL DAY
HEAVY DECLINES IN MAY AND JULY,
WITH PARTIAL RECOVERY.
Corn Remained Strong Most of the
Session-PrOvisions Hammered,
Pork Losing 15c.

CHICAGO Feb. 26.-It was weak day in
wheat. July at one time off 1850 and May &c.
Closing prices showed 1c decline in both
options. 1t was narrow market, and the
weakness was due more to lack of support
than to the news, which, however, favored
lower prices. Other markets were barely
steady at slight declines, corn and oats
closing 1sc lower each, and provisions de-
clining 21sG15e, pork being the weakest
thing on the list.
For few moments after the start wheat,
compared with the weakness it developed
later, was fairly steady. July started 1sc
lower to 1sc higher at from S91sc to S915c.
and May 14c lower at $103. Letters brokers
appeared to have some supporting orders in
July at the start, and for this reason that
month showed steadiness until May weak
ened badly. Then July followed. Trading
in May was very light. There were a good
many more selling orders than the limited
demand could take care of, the result be-
ing q decline to $102 Reaction TO $1.O2%
followed, then the market broke again, and
worse than before, May this time going to
s1.011a. The continued increasing production
of contract wheat by the mixers apparently
affected May. Forty-three cars of No. l
Northern were reported out of private
houses to-day, and twenty-five cars from
regular sources. Most of the routine news
favored sellers. Worlds shipments OF
100000 bu were looked for next week.
Liverpool was from sd to Esd lower, and
crop reports from California and India,
pecialy from the latter country, were very
favorable. The days clearances from At
lantic ports were equal to 322. 600 bu North
western receipts were light, 1870 cars, against
vyn nVnd
receipts amounted to SO cars The weakness
winch developed in May was soon reflected
IN july. There was a good deal of selling
out by people who have been failing on
the Letter campaign and who had been dis
couraged by the recent downward turn to
the market, and prices, in spite of the Lei
ter support, declined steadily. At around
S642c for July The market hesitated for a
time. A period of dullness and narrow
fluctuations set in, but about a half an hour
from the close the market developed fresh
weakness under renewed selling of small
INES, July getting down to SSc, and May,
which had in the meantime rallied to Sl.02,
declining to $1.Ol12. Shortly before the close
Letters brokers again gave the market
some support, this time in May, the buying
OF line of about 100000 bu being sufficient
to cause rally in that option TO $1.0z12,
which was the closing price. This rally also
influenced July to a limited extent, stopping
the selling pressure and starting little
covering, under which the price got back to
SSAQSSssc, where it closed.
Corn was well held, despite the weakness
or wheat. There were plenty of selling or
ders but offerings were well taken, several
of the larger holders increasing their lines,
and prices did not drop much. A good cash
demand was a factor in the market. May
ranged from 29s4Q297sc to 2915Q295sc, and
closed &c lower at 295sc
The steady feeling in corn was reflected
In oats and prices suffered but little. Some
weakness was shown at the opening, but
there were plenty of buying orders at the
slight decline. Trading as a whole was linn
tied. Cash demand was reported fair. May
ranged from 26lsc to 255sQ26c, ard closed 4sc
lower at 26c.
a large trade was done in provisions.
Selling of pork was especially heavy The
market at first was well supported, and
even advanced for time, but the effect of
heavy liquidation was ultimately felt. Sell
the close May pork was 15c lower at $10.35;
May lard 212c lower at $5.171a, and May
ribs sc lower at $5O715.
Estimated receipts for Monday-Wheat, Go
cars; corn, 500 cars; oats, 315 cars; hogs,
81 0M.