The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-31
NERVOUS GRAIN MARKET
EARLY ADVANCE IN WHEAT ALMOST
ENTIRELY WIPED OUT.
Other Products FIuctuated Narrowly
with Closing Prices Practi-
caIly Unchanged.

CHICAGO, March 3O.-Wheat to-day
closed nervous, with all but sc of an early
advance lost. The sailing of a new Spanish
fleet, the news from Washington and
rumors of a favorable crop report precipi-
tated general selling. particularly by longs
who had a profit. Other products followed
wheat in a narrow way, closing quotations
showing scarcely any change from yester-
day.
Wheat displayed some strength at the
start and for about an hour there was a
good demand from shorts and not a little
general buying. Following the extreme
weakness of yesterdays market here, the
Liverpool market showed surprising
strength. Another source of strength was
the Northwestern stocks, which were re-
ported at 2,250000 bushels, against 100000
bushels last month. 1t was said that farm
ers rad even sold their seed wheat. These
were the factors in the opening strength
starting July &c higher at S215QS29sc. For
few minutes the market displayed ner-
vousness, selling between S2a4c and S23s
QS212c. Then the sharp advance which was
taking place in Wall street stocks and more
quieting reports as to the Cuban situation
lent additional strength to the market and
started a quiet buying movement which
carried the price up to S27sc Here the mar
ket again sagged under realizing by scalp
ers and some of the first buyers, but the
decline was limited to about Csc, For an
hour the market fiuctuated nervously with
in a narrow range under the operations of
scalpers, but around the noon hour con-
tinued strength of Wall street and rumorS
of impending Cabinet changes stiffened the
backbone of wheat holders, resulting in adj
vance in the price to SS1sc. AS was the case
yesterday, routine news was given very lit
tie attention. Northwest receipts were 1858
cars against 24O last week and 391 a year
ago. Chicago receipts were 63 cars. The
additions to the contract stocks to-day
amounted to $500 bu, &c cars coming from
tributed &c cars and 1920 blu of No. l
Northern. Primary receipts were 337, 900 blu.
Atlantic port clearances were reported at
1000 blu. Closing prices at Liverpool and
Paris showed substantial advances. May
wheat was little heard of 1t sold at $103
shortly after the opening, but quickly re-
covered to $1.4 and remained at that figure
until near the close. Some July buying by
Letter cut no small figure in the advance
in that future to SS1sc, though 1t was not
on a large scale. The market held firm at
around that price until the last half hour.
when attempts to sell out long wheat with
good profits attached to it, coming about
the effect that the forthcoming Kansas
crop report would be the most favorable
movement. Holders had some difficulty in
disposing of their wheat and prices dropped
quite rapidly in consequence, the market
becoming decidedly weak in the last few
minutes. After declining to Size shorts COW
cred in a moderate way and a rally to 81
@82Bc ensued where the market closed.
May closed at $1.03Ac.
Market for corn was quiet and steady.
Shorts did most of the buying, the influence
being the strength of wheat and stocks.
Trading as a whole was uninteresting and
price fluctuations were narrow. May ranged
from 291sc to 2Sa4@2S7sc and closed shade
higher at 2S7sc.
Oats were very quiet, the market in
general way sympathized with the action
of wheat and the tendency of the market
was upward though trade was too small
to cause much variation in prices Business
was mostly of a Scalping nature. May
ranged from 254c to 25c and closed Ac
higher at Csc.
Provisions were strong during the first
two hours. The strength of grain markets
drove in a good many shorts during that
time and prices advanced. Later realizing
became fairly heavy and the advance
gradually disappeared. Packers were the
best sellers. The close was steady. May
pork unchanged at $40: May lard, 21ac
higher at S., and May ribs. 21Ac higher at
$5.021a.
Estimated receipts for Thursday-Wheat,
IS cars; corn, IT'S; oats, go: hogs, $4,000
head.
dino f1turec ropuad folIou,c.