The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-15
HEAVY SALES OF WHEAT
ANTI-BULL CROWD SENDS THE
PRICE OF JULY STILL LOWER.
Letter AbsOrbs 100000 of May and the
Price Is Maintained at $1.O4 with
Some Uncertainty.

CHICAGO, March Hall the wheat
futures were weak to-day except May,
which had the usual support of the Letter
interests The extremely favorable weather
and heavy additions to the contract stocks
here were prominent in causing liquidation
which continued all day. July closed asQ1k
lower. Corn and oats were comparatively
firm and showed little change at the close.
Provisions were heavy and closed 5Q1212
cents lower.
Wheat showed some strength at the
opening, although it was not of very long
duration. Besides the favorable effect of
Letters application to the board of direc-
tors for margin price on May, wheat was
without influence. Both English and con-
tinental markets showed unlocked for
strength. Liverpool opened lower, but
quickly advanced to point above Satur-
days figures there and Paris also reported
somewhat higher prices. July, which closed
Saturday at S71s@S714c, opened to-day at
S77sc. For about fifteen or twenty minutes
there was quite good support given by
shorts and not a little reinstating of lines
which had been unoaded during last weeks
decline was apparent July was advanced
to SSc, the high point of the day before
the reaction started. Then the influence of
the favorable weather and bearish routine
news began to be felt. Seeding and sowing
was reported as progressing rapidly in
Nebraska with conditions very favorable in
every respect. Selling, which this started,
was augmented by the enormous addition
to the contract stocks. Chicago receipts
were las cars, 10 cars of which were Of con-
tract grade. The mixing houses" however,
contributed 1913 cars of No. Northern to
the contract stocks, making in all about
two hundred cars to-day Northwest re-
ceipts were heavy, Minneapolis and Duluth
reporting 444 cars, against $50 last week
and 302 last year. The persistency with
which receipts kept up in the Northwest
in spite of the reports of almost exhausted
country stocks was not at all reaSsuring
to the longs and an hour from the opening
selling was quite general. Heavy st. Louis
operators were conspicuous in the unload
ing, and almost no support Of consequence
was given the market until about an hour
from the close July in the meantime SELL
ing down to S61zc. At that price there was
a good deal of covering, principally by local
TENDER, too, suffered, although but linn
tied trade was done in that delivery. 1t
started 3sQSsc higher at 7913GI79%c and when
July reached its lowest point had declined
to 1870. May offered in large quanti
ties, the pit crediting most of the selling
to Armour, who was reported a buyer of
choice wheat at Minneapolis. Letters brok-
ers, however, gave this end of the market
unwaVering support and succeeded in hold
ing the price at $1.04, although they had to
absorb about 5000 bushels to do so. There
was some disappointment over the small
clearanceS, which were reported at 232 900
blu. During the last hours trading July adj
vanced to SIC, but slid down again to 861Rc
and closed easy at S6Ac. September closed
at 1880.
Corn xuas fairly a o+iva opd ,,o+uy;+I,S+apd
ing the wheat weakness a fairly steady
market There was a good deal of nquida-
ton on the favorable weather and in SYM
pathy with wheat resulting in slight de-
cline, but good support was forthcoming
and prices quickly recovered when the SELL
ing pressure relaxed. May ranged from 30Nc
to SOC and closed a shade higher at 30A.
trading good deal of weakness was shown
purely of a sympathetic nature. Commits
sion houses and ScalperS took part in the
liquidation. Later the market became firm
influenced by moderate cash demand and
prices gradually improved, the close being
steady. May ranged from 2612c to 261sQ2614c
and closed unchanged at 263s@261bc
Provisions were weak from the start
Liquidation through commission houses and
principally for outside parties was quite
heavy all day and no one attempted much
support. The weakness of grain markets
and uncertainty over the Cuban situation
were the factors. At the close May pork
was 121sc lower at $9.S212; May lard, 5071a
lower at $5.05@5.071s, and May ribs sc
lower at $4.S71a@5.
Estimated receipts on Tuesday-Wheat
200 cars; corn, 400; OATS 275; hogs, $1,000
head.
Leading futures ranged as follows: