The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-25
BOTTOM OUT OF WHEAT
PRICE OF JULY is NOW 1OC LOWER
THAN EARLY THIS MONTH.
Letters Brokers still Able to Keep
the Price of May at $1.O4-AII
Other Markets Weaker.

CHICAGO March 24.-Prices on the Board
of Trade to-day continued on the down
grade. Fine weather and war talk were
about the only factors. Foreign markets
showed no inclination to sympathiZe with
the decline here, but support was given
to anything except May wheat, which was
taken care of by Letter brokers. Wheat
declined 12Q1Ac, the latter in July. Corn de-
clined Ac, oats 12c and provisions 5Q712c.
Wheat took little jump at the opening,
Influenced by the steadiness abroad and re-
ported sales of 100000 bushels No. ! Northern
wheat by Letter late yesterday. First
trades in July were made at S43sc to S412c,
very little changing hands at the higher
figure. Five minutes later it was selling
freely at 3zQSS7sc. There was very little
in the way of bearish news except the
tinuous argument of the prices being rather
high compared to that of former years and
the excess of domestic receipts over other
seasons. Chicago got 126 cars against eight
last year; Minneapolis received 324 against
313 the year before. Sales of $4,000 bushels
No. red on Antwerp account and $50
to millers caused temporary rally to near
the opening prices, but was quickly taken
advantage of by the bears and prices slid
off rapidly. Near the close a line of one
million bushels was liquidated through one
house and started a fresh decline. Prices
touched the lowest point for July on the
present decline and closed practically at
the bottom. The total receipts at primary
Western markets were 389 900 bushels, COM
pared with $4,000 bushels last year. At
lantic clearances were only 215,000 bushels.
May opened half cent higher at $105 sold
up to $103A, reacted and closed at $1.O4 bid.
July opened AQ3sc higher at S43s@8412c,
declined to S234c, closing at 82A@S27sc
Corn was momentarily firm at the open
iEg, but following wheat, soon turned weak.
Late seeding due to unfavorable weather
and very moderate receipts were more than
offset by almost entire absence of demand
sellers, against purchases to fill the room
made in their bins by outgoing wheat.
Liverpool cables were I'd lower for spot.
Exports from Atlantic ports amounted to
797, 900 bushels Trade dull on the alb
sence of outside orders. May opened
shade higher at 2S7s@29c, declined to 2S9sc,
lower at 297s@3Oc.
A weak feeling ruled the oats pit
throughout the session. The relatively high
price of oats compared with corn was
the chief card of the bears. who ham
mered the market freely and forced out
on9E long ra b6t good h hga dha
tie influence in view of the preparations
for another crop. Clearances from Atlantic
ports were 900 bushels. compared with
ZOO bushels yesterday. Receipts were 1OS
cars. The lowest prices of the day were
current at the close. May opened shade
lower at 25%c and declined steadily to 25Ss
@251ac. July closed 14@3sc lower at 22zs023c.
Provisions ruled dull and slightly lower.
Hogs declined &c on liberal receipts, and.
combined with the weakness in grain, led
to some good sized liquidation. especially
in May RIBS. The offerings were absorbed
by shorts. from whom the only noticeable
support came. May pork closed TIC lower
at 1852; May lard sc lower at S., and May
ribs closed at S..
Estimated receipts for o-morrow-Wheat,
los cars; corn, $50 cars; oats, l6O cars; hogs,
%, 900 head.
Leading futures ranged as follows: