The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-07
WHEAT GAINED Fl CENT
NORTHWESTERN TRADERS FORCED
THE ADVANCE BY COVERING.
july Option Carried Up In Sympathy
with the Leader-Provisions
Weak and Lower.

CHICAGO, March 5.-Covering of May
wheat by Northwest shorts was the feature
In wheat trading to-day. 1t was the prin-
cipal factor in an advance of a cent in that
option, and the strength displayed was COM
municated to July, which closed at AGgssc
advance A good deal of nervousness was
shown at times, Armours ordering of 900
cars for shipment of wheat from Minneap-
oils to Chicago having a decidedly depress-
ing effect early in the session. Corn and
oats We're dull and closed with hardly any
change in their previous values. Provisions
We're weak and closed 21zQ10c lower.
The opening in wheat was steady, July
starting unchanged at 9OAQ9Ossc and bring
ing 9015c moment after. May showed an
opening nc advance at $l.05. The Ohio
state crop reports which made the condition
Of winter wheat SO per cent below the aver
age, Was a surprise to the trade, as previous
reports were to the effect that the condi-
tons were promising. and this caused mo-
mentary strength. Then prices commenced
to drop. 1t was reported that Armour had
ordered 900 cars to load with wheat at
Minneapolis for shipment to Duluth. This
was taken by many traders as indicating a
repetition of the great run of wheat to
Chicago which took place last December
oe support, but also in heavily increased
offerings. Prices slid off in consequence,
July getting down to 89SzQS9Ac. The fiuc-
tuatons In Nay were very irregular, and
a good deal of nervousness was shown.
From the opening the market dropped
quickly to $1.04A This was followed by
quick recovery to $1061z, and almost as
rapid decline to $1.05. Then the market
both for May and July began TO recover.
On the first decline in May buying
large scale was started, and during the
bushels changed hands. This was supposed
to be mostly for Northwest shorts. Com
mission houses were all large buyers, get.
ting some Of the MAJ from the Letter pep
PIE. This sudden increase in the demand
for May brought local shorts in July into
the market, and with the additional help
vallced. Clearances were fair at 10000
bushels. There were rumors current that
the Letter holdings in the Northwest had
been sold to millers. They were not con-
firmed, but nevertheless had effect. North
west receipts were 252 cars, against 1870 last
week and 327 a year ago. Chicago receipts
contract grade. Near the close the market
became quite strong. Buying became lib
o5 advanc esd quickly Msih to s. Os but had re-
acted by closing time to $.O5%. July got
up to the best prices Of the day, O%Q90sc,
and closed firm at 905sc.
Liquidation of long corn was the feature
In that market, a prominent elevator con-
Germ disposirg of heavy line. There was
also quite general selling early, in SYM
pathy with the wheat weakness, and prices
declined. The Improvement in wheat late
In the session resulted In better support be-
ing given, and the decline was recovered,
the closing being steady. Heavy estimated
receipts Monday had a depressing effect.
May ranged from SO9sc to 29hQSOc and
closed a shade lower, at 301s430iAc.
The market for oats was very dull, trad
ing being merely of scalping nature. The
tendency was downward at first, with
wheat and corn, but when those markets
recovered later in the day oats followed.
May ranged from &c to 26ssQ26ac and
closed unchanged at 267sc.
Provisions were weak all day, though
trading was too dull to permit Of very
heavy losses. Easier hog prices started
provisions lower. There was continued sell
ing by the packing interests prominent in
yesterdays liquidation, and prices tended
steadily downward There was a good cash
demand for Saturday AT the close May
pork was 71kQ1Oc lower. at $10.311sq104 40;
MAY lard, &c lower, at $5.15, and May ribs
21kc lower, at $5.l21ad5.15.
Estimated receipts for Monday-Wheat, IS
cars; corn, so cars; oats, $40 cars; hogs,
- .-.o7 - eo1Io.re.