The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-21
LETTER SOLD A MILLION
ACTIVE WHEAT MARKET, WITH
MAY RANGING FROM $1.O7 TO $I.O3.
Heavy Demand by Shorts Gave the
Bull Leader "a Chance to Unload
Provisions Heavy and Lower.

CHICAGO March 19-May wheat broad
ened into IN active market to-day. Insist
ent demand from shorts sent the price up
to $1.07 during the early part of the session,
but heavy sales by Letter broke the price
badly toward the close Final prices showed
q decline of 2a4c in May and s4@5sc in July.
Favorable weather and expectations of
heavy receipts Monday were factors in the
decline in both options. Corn and oats both
broke with the late slump in wheat corn
closing unchanged and oats about &c lower.
Provisions were heavy and closed 5Q715c
lower.
The opening in wheat was irregular.
Traders in July rather looked with favor
on the selling side as the cold wave. which
was expected to follow the rains, did not
materialize and there was apparently no
prospect of any serious drop in temperature.
Cables failed to respond to the strength
shown here yesterday. This caused some
liquidation in July al the outset, opening
prices being S5BGS6c, showing Ac decline.
There the market halted. May was strong
from the start. Shorts were active bidders
for this delivery, which opened Ac higher at
$l.O6 and heavy buying soon sent prices up
to $1.0624. The demand for May and the
advance In that future soon brought July
shorts into the pit to take it themselves,
heavy buyers of yesterday coming into the
market again. and the demand became gen.
eral. The result was a gradual advance to
S615c Realizing then set in and a reaction
to $3.50 took place, May at the same time
dropping to $1.O6as. The dropping off in the
Northwest receipts was a helping influence.
Minneapolis and Duluth reported 312 cars,
against 375 last week and 412 a year ago.
Chicago reports were 121 cars, so of con-
tract grade. The days clearances of wheat
and flour from Atlantic ports were heavy,
amounting to 100000 bu, but this will be in a
measure offset by the heavy primary re-
ceipts, 900 blu. Continental markets were
steady. The reaction in both options was
of short duration. The demand soon be-
came heavy again, especially in May, the
price of which was sent up to $1.O7. July
advanced to s6Ac. The advance was well
maintained up to IL o'clock. when the mar
ket began gradually to give way. Letters
brokers had meantime been selling heavily
of May at top figures. and as shorts be-
came filled up, the demand from this source
decreased. Liquidation. however, did not
become general until heavy estimated re-
brought in a flood of realizing orders, and
prices late in the session broke very sharp
ly. Letter kept up his selling of May to
the last, and probably disposed of over 1000
600 bu. In the last few minutes early buyers
became sellers and with this added weight
of liquidation the market became very
weak, though July did not suffer so much
as May. Closing price for the latter option
was $103 July closing at S5A@S53sc.
Up to the last half hour of the session
vance. Enormous clearances and the
strength of wheat were the influences. The
late break in wheat brought about free of
ferings, principally from yesterdays buy
ers, and the market closed easy. May
ranged from 2914G299sc to 291sc, and closed
oats early were firm. There was good
general buying, mostly through sympathy
with the wheat strength, and prices ad-
vanced slightly; Support was, withdrawn
when the late decline in wheat took place
and prices dropped off. May ranged from
257sQ26c to 259sc, and closed shade lower
at 259s@25%c.
Provisions were easy with a slow trade.
A weak undertone existed, very little. sup
port being given from any source. and
prices sagged from the start. Packers were
moderate sellers, with very little demand
from shorts At the close May pork was
71ac lower at 1921 May lard SC lower at
$50, and May ribs sc lower at 5000.
Estimated Receipts for Monday-Wheat,
225 cars; corn, 246; oats, 2sO; hogs. 10000
head.