The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-22
LETTER BUYING AGAIN
LOADING UP ON MAY WHEAT CAUSES
AN ADVANCE OF 1 3-4C.
July Option Lost a Fraction, but All
other Grain Was Firm-Provisions
Improved on Final Quotations.

CHICAGO, March 21.-With the exception
of May the closing prices of wheat to-day
compared with Saturdays close showed very
little change. July closed 1sc lower. all adj
vance caused by fears of frost in the win
ter wheat region being lost under late real
izng. Letter was buyer of May and that
future was strong, closing 134c higher. Corn
was firm most of the time. but closed 1sc
lower. Oats advanced Ac. Provisions were
very dull, but the tendency was toward an
improvement in prices, slight advances be-
| ing recorded.
Wheat opened with continuation of the
weakness which marked the closing on Sat
| urday July starting about &c lower at S415@
S4Ac. Perhaps the chief element of weak
| ness lay in the large receipts here and in
the Northwest. Chicago receipts, estimates
of which weakened the market Saturday.
far overran expectations. 300 cars being re-
ported, of which number ninety-two were of
contract grade. Besides this, sixty-two cars
came from the mixing houses, a total adGi-
ton to the contract stocks to-day of about
154.0Go bu. Minneapolis and Duluth reported
arrivals of 473 cars, against 444 last week,
and 394 year ago. Liverpool showed sd
! decline at around the opening. Worlds ship
ments We're large, 6,314 900 bu not including
India. This was an important factor in the
early weakness. Liquidation which started
at the opening soon stopped. The Weather
Bureau reported freezing temperature in the
Northwest and especially cold and
Ploudy weather for the West, which,
In view of the recent rains and
the totally unprotected fields, aroused
good deal of apprehension among shorts.
and soon turned the market from weakness
to strength. Inside of the first thirty min
utes' trading July had advanced to S51sc
under fairly active buying to cover short
lines. A reaction then set in which carried
the price back to S5c but support by prom
inent bull interests started covering again,
and for two hours the market, though quiet,
tuations were apparently out of the pale OF
regular market influences. Opening prices
of that future were 1sd1c higher at $l.O312@
IO4. 1t sold up at once to $l.O5, and did not
get below $104 again during the session.
Heavy selling by Letter on Saturday in
clined traders to the belief that he would
be a buyer to-day, and this proved true,
for Letter brokers were consistent buyers
all day, not only of May, but July. The
announcement that Letter had contracted
for the shipment of 100000 bu more of his
wheat, all rail, to the coast, and belief in
the moving of 100000 bu already loaded
in the boats gave the market a strong UNI
dertone during the period of dizziness. The
market continued strong until within a few
minutes of the close, when general realizing
set in, many of the early buyers disposing
of their lines Support in general way
was withdrawn and prices dropped quickly.
July had sold as high as S594 dS5%c. but it
dropped in a few minutes to S51sc and closed
at S51%aS5Ac; May sold as high as $1.O5%
Corn was steady during most of the ses-
sion. Shorts were the best buyers. The
market was helped by the wheat strength
and by liberal clearances but weakened on
the unexpected increase in the visible,
which brought out considerable May liqui-
dalton. May ranged from 29Ac to 2SB029c
and closed &c lower at 291sc
Oats were strong and quite a good bus
mess was done. Shorts were good buyers
and more outside support developed The
early advance in wheat, large clearances
and good cash demand were the factors.
The expected cold wave was also an infiu-
ence. The market sympathized to some ex-
tent with the late decline in corn and wheat,
but closed steady. May ranged from 261sc to
2512c and closed Ac higher at 257sc.
Provisions were slow and prices most of
the session almost at standstll. The I'M
settled conditions at Washington acted as a
drag on the market. Strength in the grain
market had a beneficial effect, and later
the demand improved, packers being the
best buyers and prices advanced. At the
close May pork &c higher at $9.S71a;
May lard unchanged at $50, and May ribs
212c higher at $5.0719.
Estimated Receipts for Tuesday-Wheat,
1873 cars; corn, 800; oats, 300; hogs, 10000
head
Leading futures ranged as follows: