The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-10
BETTER WHEAT PRICES
MARKET OPENED STRONG, WEAK
ENED AND THEN RALLIED AGAIN.
Withdrawal of support from the Mar
kct Encouraged n Number of
Shorts-POrk Advanced.

CHICAGO March 9.-The deferred futures
in wheat again played an important part
in the operations of that market to-day.
They showed more or less strength through
out, bad crop reports bringing outsiders
into the market with buying orders for Sep
TENDER and December. May and July made
advances, but lost them on realizing, each
closing fractionally lower. September, on
the contrary, advanced &c. Corn was quiet,
but strong, and closed 1sc higher. Oats
were shade better at the close. Provisions
were strong and advanced 715@1214c.
Everything in the wheat pit showed
strength at the opening, July starting 40
&c higher at 91Ad913sc and May AQ1ac
higher at $1.O5@1.O5A. The only apparent
reason was the firmness in European mar
kets, both Liverpool and Paris showing
good advances. Local news was, however,
altogether bearish at first, and influenced by
this fact and the desire to realize on the
opening advance traders sold enough to
knock prices down very quickly. North
western receipts were very large, Mime
apols and Duluth reporting 334 cars,
against 1S5 last week and 800 a year ago.
Chicago received 81 cars, SO of which were
of contract grade. In addition, 40 cars and
5000 bushels of contract wheat were trans
ferred from unlicensed houses here. The
more pacific aspect of affairs in Europe
evidenced by the higher British consols, I'M
doubtedly also affected traders. The mar
ket for July and May, as a consequence
became weak, July declining to 907sc and
May to $1.O4A. The usual long period of
dulness followed, which was in itself a
weakening factor. The withdrawal of sup
port from the market encouraged some
~,
bull side, which resulted in further grad
ual decline, May getting down to $1.04A and
July to 9O5sc. This did not apply to the
more deferred futures, however Missouri
State crop report figures showing a very
low condition of winter wheat and ma
terial contraction in the area caused some
interest to be taken in September and De-
J cember and the deliveries affected by crop
damage, and all during the morning those
futures showed strength. After IL o'clock
the market began to revive all around, but
no real activity was exhibited until about
noon, when large export sales at Baltimore
for shipment to France started good buying
which became fairly heavy when large flour
clearances from Newport News were re-
ported. Milwaukee reported that wheat
brought there from the Dakotas had been
resold to go back for seeding purposes. The
market continued strong until within few
minutes of the close, July advancing: to
size, May to $1.O55s and September selling
as high as Sc In the last few minutes a
general realizing movement set in, and
prices slipped off very quickly. July closed
at 0s4@907sc, May at $1.041zQ1 O434, and Sep
TENDER at S1Ac.
Corn was only fairly active The market
was strong, principally affected by the ap-
preaching government report, which is ex-
pected to be bullsh. Professionals prac-
tically monopolzed the trading. May ranged
from S0asc to 3O1sc, and closed 1sc higher at
30Ac.
Oats were quiet, but firm. The market
was a sympathetic one with corn, no. indie
pendent features developing beyond the
good export demand May ranged from
271sc to 267sc, and closed a shade higher
at &c.
Provisions were very strong, though only
a moderate business was transacted. Small
receipts of hogs caused moderate demand
from shorts at the outset, and the advance
resulting was maintained throughout The
close was steady, May pork 1219c higher at
$1O.5O, lard 715c higher at $5.20Q5.221a and
May ribs TIC higher at $5.15Q517l9.
Estimated receipts for Thursday-Wheat,
10 cars; corn $50 cars; oats, 225 cars; hogs,
$4,000 head.
Leading futures ranged as follows: