The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-08
WHEAT FUTURES DROP
CHICAGO MARKET AFFECTED BY
THE CUBAN DEVELOPMENTS.
Letter People Buying September and
err and Pork Declines 15c.

CHICAGO, March NEARBY futures in
wheat were affected to-day by the Cuban
developments, principally, and closed weak
at sc decline for the July and cent
lower for. May. Far-off futures. however.
were strong on Letter buying and bad Illi-
nois and Missouri crop reports. September
and December wheat closed about 15sc
higher than the former prices. Corn felt
the scare and declined &c. Oats closed a
shade lower. Provisions were affected by
the grain weakness and showed closing
declines of from 212c to 15c.
good deal of nervousness was shown
at the opening in wheat. The start was
lower, July at 901409O2sc, showing an initial
A@3sc decline, while May was 12c lower at
$1.O5A For the moment traders fell under
the influence of the grave condition of af-
fairs between the United States and Spain
and the big break in the London and New
York stock markets. The effect of this
Nas in a measure counteracted by new
complications by Russia and England, and
prices rallied for few minutes, July get
ting up to 907sc and May to $1.06A. Pros
poets Of war between two foreign nations
almost invariably have a favorable effect
on the local wheat market and to-day was
no exception to the rule. The selling pres
sure, stopped for the time being, was how
ever, soon renewed. The news from Wash
ington was of too grave character to be
overlooked and besides this nearly all the
ordinary news of the day was of an ex-
ceptionally bearish nature Northwest re-
ceipts were very large. Minneapolis and
Duluth reporting $50 cars, compared with
1862 last week and 254 year ago. The
worlds shipments were large, amounting to
1,524,0OO bushels and an increase on passage
was reported of 1,6S0O00 bushels. A Signiti-
cant factor in the worlds shipments was
the big Russian movement, nearly five
times in excess of what they were a year
ago. Chicago receipts were los cars. Letter
brokers' gave the market some support at
first, but soon withdrew and the market,
deprived of this sustaining feature, slowly
declined and grew quite dull July finally
sold down to SOC and May to $1.041a. About
midday new feature developed in the
buying by Letter of September and Deem
Der futures. Shorts hardy understood this
at first, but when buying orders of those
deliveries were received from St. Louis
accompanied by reports of very poor condi-
ton of the wheat plant in Illinois and Mis-
souri,, the crowd came into the market. For
a time the September and December prices
showed &c advance and the strength was in
a measure communicated to the nearby
futures, July rallying to 9012c and May to
S.O4?s. The very boldness of the Letter OPP
eratiOnS in the face of what was considered
a natural beariSh market startled shorts
into covering and gave the market for a
time good deal of strength. Toward the
close all the futures dropped little and at
the end the market was quite irregular.
July closed &c lower at 90Ac, May 1c lower
at $1.O4sz. September and December, on the
other hand, closed about 15sc higher each,
September at 1871 and December at TIC
Corn was fairly active The Cuban war
news and the weakness in wheat induced
more or less liquidation by holders. Scalp
ers were the principal buyers, working the
market both ways. Prices tended downward
until near the close, when covering caused
a slight Improvement in values. May
ranged from 3O1sc to 29Ac and closed 14c
lower at 297sl30c.
The market for oats was slow with a
very little trade either way. The feeling
was weaker, influenced by the tone of other
grain markets, but trade was too narrow
to admit of any material decline. 1t was
merely an unimpoFtant Scalping market.
May ranged from. 267sc to 263sc and closed
a shade lower at 26s4@26Bc.
Provisions were weak after a little mo-
mentary frmneSS at the start caused by
higher hog prices. The influence of lower
stock and grain markets was soon shown
in the increased pressure to sell from the
outside and from local holders and prices
gradually declined. At inside prices there
was a better demand, principally from
shorts and the close was steady at some
$1025; May lard, 21Ac lower at 5121s, and
May ribs &c lower at $50
Estimated receipts for Tuesday-Wheat,
az cars; corn, no cars; oats, 800 cars; hogs,
$1,000 head
Ft1k,,