The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-17
JULY WHEAT BREAKING
GENERAL LIQUIDATION CONTINUES
AND PRICES DROPPING.
Letter Crowds still able to Maintain
May Future ut $1.O4-PrOvisiOns
Score Small Losses.

CHICAGO, March 1.-THE exceptionable
favorable weather caused the most general
liquidation in the wheat market to-day that
has taken place for some time. July wheat
at one time showed break of nearly &c.
The closing decline was 4Q9sc, covering by
shorts being responsible for the reaction.
Corn and oats suffered from the liquidation
in wheat, and closed sc lower and 1sc lower,
respectively. Provisions were slow and
showed little change at the close.
Wheat was very weak at the opening.
The bearish sentiment among traders on
last nights curb, resulting from the con-
tinuance of remarkably favorable weather
prevailing over the entire winter wheat Sec
ton, was reflected fully. Opening prices
for July ranged from $3.50 to S51sc, against
yesterdays closing of S57sc For moment
or two the market hesitated. The opening
decline in itself was sufficient to induce COW
ering in a moderate degree and the mar
ket recovered a fraction, selling at S512c.
That, however, was the extent of the
bullishness. Offerings soon began to come
in from all directions, holders apparently
being discouraged at the excellent crop
prospects. The decline also brought in stop
loss orders and the pressure was greatly
increased by prominent st. Louis operators.
ally heavy. The market fell pretty steadily
to S4c becoming quite nervous at around
the bottom. reaction then ensued. Pro-
fessional shorts and many early sellers
came in to cover lines showing good profits.
and the market gradually assumed de-
gree of steadiness. BY noon prices had re-
covered to 85c. During this time May was
steadily held by the Letter interests at $104,
and the price, in fact, maintained
throughout the session. although one or two
sales were made at $1.0S12. While fine
weather was the ershadowing influence,
there was a good deal of beariShneSS in the
routine news. Northwest receipts were 26l
cars, against 1874 last week and 2S1 year
ago. Chicago receipts amounted to Ill cars,
IL of which were OF contract grade. The
total addition to the contract stocks to-day
amounted to about 5000 bu, 50 carloads
and 1850 bu coming from private houses.
Liverpool cables showed weakness all day.
ClearanceS were light at 178,000 blu. After
noon the market showed a general Decline
Shorts had by that time been filled up, and
when the market lost this supporting in
tiuence prices sagged at once. This brought
sellers into the market again In increased
numbers. July, from 85Ac, which point was
reached for a short time pounded down
to S47sc, and was bringing S41sQS49Sc at the
close.
Corn suffered from liquidation and short
selling, and prices declined sharply in con-
weakness were the factors. Selling was
quite general all day, and but little support
was given. A ralrly good cash business
was done on the decline May ranged from.
29zsc to 291sc, and closed CSC lower. at $40
293sc.
Liquidation in oats was quite as free and
general as was the case in corn, and the
market was weak all day. Wheat and corn
were the influences. good deal of long
property was disposed Of, scalpers and pro-
fessional shorts also pressing the market
There was some rally from the bottom on
covering. Cash demand was good at the
decline. May ranged from 26l2695c to 253s
Q2512c, and closed 12c lower at 251a@25%c.
provisions were, in the main, steady, con-
sidering the weakness in grain. This was
factor early, there being some sympa-
thetic selling, and prices declined some
what. Offerings at no time were heavy
and moderate buying by shorts on the de-
cline caused recovery, the market ruling
steady within a narrow range to the close
At the close May pork was 21ac lower, at
$9.77; May lard, 21sc lower at $5.O5, and May
ribs, unchanged, at $5.0214.
Estimated receipts for Thursday-Wheat,
III cars; corn, 200 cars; oats, 1875 cars; hogs,
$4,000 head.
Leading futures ranged as follows.