The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-23
WHEAT MARKET HIGHER
MAY UP ANOTHER 1 1-4C AND JULY
CATCHES THE BULL FEVER.
Cold Wave Following the Rain and
War Probabilities the Strong News
That Forced the Buying.

CHICAGO, March 22.-Weather and war
probabilities were chief factors in to-day
wheat market. Fears of damage from the
freezing temperature rapidly spreading over
the winter wheat belt made the market
strong throughout, though the news from
Washington had tendency to restrict trad
ing. May closed nc higher and July adj
vanced 1zc. Corn and oats were both affect
ed by the weather and advanced about Ac
each. Provisions were very dull and closed
substantially unchanged.
Wheat opened very firm, though quiet. and
with advances in everything. July started
asc higher at S51aQS59sc, and May AQ14c
Monday had spread as far south KAN
sas, with freezing temperature in many To-
caities. The weather bureau predicted that
it would spread to Illinois and Missouri. The
anxiety on this score was increased by the
high temperature ruling east of the Missouri
river and by the wet condition of the
ground. In consequence, there was quite a
good demand from shorts at the opening.
The strength was especially noticeable in
May as offerings were very scarce in that
delivery and good deal of difficulty was
found in covering even moderate lines. The
price of May rose quite rapidly to $l.O7, July
in the meantime advancing to S57sc. At those
figures there was a free realizing by longs
who had taken property on the recent de-
cline and who seized the opportunity of
making good profits, and prices slowly eased
off. May to $1.O6A and July to s57sc. There
was another large addition to the Chicago
contract stock, but little attention was
paid at first to anything but the weather
reports. Chicago receipts were 1927 cars,
double the estimated number. Of this big
total 131 cars were of contract grade. I'm
addition eighty-two cars contract wheat
were received from mixing houses, making
a total of about $4,000 bushels.
Northwest receipts, however, showed a
falling off, Minneapolis and Duluth report
ing go cars against 362 last week, and 40 a
year ago. Liverpool showed no change at
the opening, but closed slightly lower. After
the declines mentioned the market became
exceptionally dull for time, but about IL
o'clock became strong again on some unfa-
vorable news regarding the California crop.
Heavy frOStS were reported in the State.
with great injury to the crop which started
buying again, and prices advanced to Inc
former high mark. Selling against calls
then caused another reaction, July declin-
ing by noon to S512@S59sc, and May to $1.O6.
The dullness of trade, caused mainly by the
serious ness of the Washington reports in
regard to the Cuban situation, and the re-
sulting Discrimination of traders to go too
deeply, began to count against prices then
withdrawn. Nevertheless little pressure was
evinced, and after July had declined to 1914
0S53sc, covering by shorts started prices on
the mend, and strength was shown to the
close. Bradstreet's report of the world S
visible showed a decrease of 1881, 600 BUSH
els. Atlantic port clearances were equal TO
629 900 bushels. July advanced to S57s@S6c.
and closed steady at S55sQS5a4c. May closed
at $1.06.
Corn was quite firm at little over yester-
days prices. Shorts covered all day, in
f1uenced by the bad weather and prospects
of smaller receipts and by the strength OF
wheat. Selling was scattered. May ranged
from 293sc to 291sc, closed 1s0Ac higher at
29A@293sc.
Oats were quite active early, but slow
later. There was some investment buying.
Shorts also bought good deal. The wealth
er was an influence. Shippers reported good
foreign bids, which was also strengthen
ing factor. May ranged from 2614c to 257sc,
and closed A@asc higher at 261sG26Ac.
The market for provisions was extremely
quiet Trade was again restricted by the
uncertainty of the outcome of the Cuban
affair both buyers and sellers holding off
for this reason. Prices held steady in a very
narrow range, the advance in grain markets
sustaining provisions. At the close May pork
was unchanged at $9S715; May lard I'M
changed at s.. 10; May ribs 21ac lower at $500.
Estimated receipts on Wednesday: Wheat,
IT'S cars; corn, 120 cars; oats, 40 cars; hogs,
$1,000 head.
c..L.. G~11