The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-16
HEAVY SALES OF WHEAT
JULY CLOSED A FRACTION OFF, But
MAY STILL HELD AT $1.O4.
Some Evidence of the Chicago Mar
ket Being OversOld-POrk Fell
OF in the Last Hour.

CHICAGO, March 16-Wheat to-day be-
came very weak toward the. close and
wound up with a loss of &c in July Sell
ing of May wheat at S1.05 by Letter precip-
itated Il flood of selling orders in July.
Corn and oats followed wheat, closing about
&c lower each. Provisions did not change
much.
Wheat started a little easier. Cables
showed slight declines and Liverpool re-
ported receipts considerably in excess of
normal requirements. These were side is
sues, however the main reason for the
shading of prices being large additions to
the contract stocks which were reported.
OF the receipts, 1872 cars to-day, 81 were of
contract grade, to which were added 16 cars
and $4,000 bu No. 1 Northern out of private
elevators, in all about 1861 900 blu. AS this
made about 337, 900 blu added to the stock in
two days, it caused a little pressure on the
market at first. July opened a shade lower
at S65s@S6Ac. This was the extent of the
decline for the time being, and though Of
ferings were plentiful, the demand became
SO strong that prices gradually advanced
and the market was strong for over two
hours following. Besides the natural in
clination of traders was to play for a reac-
ton, after the recent sharp decline in
prices. The strength shown by outside
markets, especially by New York, had a
tendency to drive shorts in and the urgency
of this class of buying indicated that the
market had been rather oversold. Clear
ances were large, $50 900 bu, which was
bull help, as were also reports of the con-
tinued rough and unpromising outlook in
California. July, which advanced to SEC,
was not alone in the strength. September
received more or less attention and was adj
vanced to 7913c during the rise in July.
May received the usual support from Lei
ter, although it hardly needed it. There
was some short demand in this delivery, re-
Sulting in advance to $1.05. About II
o'clock the turn in the market came. Brad
streets report on the visible showed de-
crease of only 1854, 900 bu. This was disa-
greeable news to longs, as the decrease last
year had been 4,077,000 blu, and started SELL
ing again, many of the early buyers putting
their lines on the market. The result was
a decline to S7asc. Then the market turned
radically weak. Letters brokers, who had
been bidding $1.04 for May, sold quite a lot
of it when the price reached $1.05, and this
fact brought millions of July on to the mar
Veil flied IN nrices 6ronned like a shot to
S61Ac. 1t rebounded to S6%c, then dropped
again. The last few minutes of trading was
weakness. With almost no support of con-
sequence, July sank to S5s4c, and closed
weak at $3.50. May rested at $lO4, and
September declined to TIC, closing at 777sc.
Corn was firm until late in the day,
though showing less animation than for
some time. Trading all day was extremely
narrow and the market purely sympa-
thetic one. Prices advanced little early
with wheat and were we'll maintained until
the break in wheat occurred, when the mar
ket became very limp. May ranged from
3014 @30ssc to 297s@30c, and closed A@ssc
lower at 297s@30c.
Market for oats was almost stagnant.
There was almost no trading OF conse-
quence until late in the day, when the break
in wheat was productive of some animation.
Prices early were stronger with wheat, wet
weather west also having its influence.
There was quite free short selling follow
ing the late wheat weakness and prices de-
clined easily, the closing being weak May
ranged from 2S1ac to 261sc, and closed Ac
lower at 261s@26Ac.
Light hog receipts made rather f1rm
provision market during the morning There
was less pressure to sell and a better gen.
eral demand was evidenced, resulting In a
good advance in prices. When the break in
grain came. however, offerings became too
much for the demand and all the advance
was lost, the close being rather easy May
pork closed 212c lower at $3.50: May lard I'M
changed at $5.O71z, and May ribs 21ac higher
Estimated receipts for Wednesday
Wheat. 100 cars; corn, 200i oats, 175; hogs,
&c, 600 head
Leading futures ranged follows: