The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-24
WEAKER WHEAT PRICES
DECLINES AT THE CLOSE, ON THE
CHICAGO BOARD OF TRADE.
Heavy Selling of ''LOng" Stuff to Scalp
Profits Resulted i'm Flooding the
Market-PrOvisiOnsA Also Went on.

CHICAGO, March 23-Near tie finish to-
day wheat became very weak and closed at
about 115c decline. Higher prices, resulting
from severe weather and bullish foreign
news, brought out too much long stuff for
the market to absorb. and prices dropped
with remarkable swiftness. Other markets
were all affected by wheat. Corn declined
ssG19c, oats, Aqasc, and provisions closed
5@1713c lower.
AT the opening and for short time after
wheat showed strength. Low temperatures
were reported from all parts of the winter
wheat country, and California reported an
other hard frost last night, with considera-
BILE resulting injury English markets all
showed steadiness. Northwest receipts were
moderate Minneapolis and Duluth reporting
324 cars, against 261 last week and 1893 q year
ago Chicago receipts, however. were again
heavya 1877 cars, seventy-seven of that num-
Der being contract quality Besides this
forty three cars and S2,40O bushels were
transferred from unlicensed houses, a total
addition to the contract stocks to-day of
about $4,000 bushels. Weather news was
the factor and there was enough demand
from shorts at the opening to start July
about &c higher, at S6QS6lsc, and May %c
higher, at $1.06%. Later delivery was very
dull most of the session. The opening
prices in July proved to be the highest of
the day. There was little enthusiasm to the
buying, and after the first few minutes
trading prices began slowly slipping away.
Reports from the winter wheat States said
that little or no damage had resulted from
last nights freeze. Apprehension on this
score being removed, the demand from
shorts and for investment soon disappeared
almost altogether. The decline was SLOW,
as not much selling pressure was apparent,
and up to about noon the market was in a
state of dizziness bordering on Stagnation.
Only narrow scalping trade was done In
this time. Traders were evidently still in
clned to keep out of the market until the
Spanish question was settled one way or an
other Prices kept within narrow range,
with the general tendency downward, July
declining to 853sc and May to $1.O6k About
nOon English cables reporting a better con-
tinental demand for cargoeS and heavy re-
auctions in the estimates of the Argentine
stronger undertone for while, July adj
vancing under moderate buying to S51sc.
There it met a lot of selling against calls,
with more or less general realizing, and the
price dropped to 851sc The decline was so
quick that it brought out a good many stop
loss orders, and the market declined with
scarcely any support to SAC for July. May,
too, had to contend with a lot of selling late
in the day. and declined to $1.04. slight
Improvement occurred just before the close,
July getting to S4sc and May to $l.O412.
Those were the final figures.
Corn was quiet and weak, with prices all
day under yesterdays figures Sympathy
with wheat and prospects of better weather
West were influences. Trading was largely
professional. There was better demand
at the bottom. May ranged from 1880 10
2S7sc, and closed 3s41zc lower. at 2S7sc.
The market for oats was dull apd weak.
The cold wave had apparently been dis
counted, and predictions of warmer
weather caused a good deal of selling by
yesterdays buyers The market was weak
late in the session, when wheat made its
break. May ranged from 2614@26ssc to 267sc,
and closed A@9sc lower, at 25%@26c.
Provisions were exceptionally dull, and
principally for this reason weak. There was
some selling by pit professionals, and as
buyers were very scarce, preferring to keep
out of the market until the Cuban question
is settled, very little liquidation caused
quite drop in prices. The market was easy
to the close. May pork closed 1712c lower,
at 1910; May lard sc lower, at $5.O5; and
May ribs sc lower, at S..
Estimated receipts for Thursday: Wheat,
200 cars; corn, IT'S; oats, 135; hogs, 10000 head.
The leading futures ranged as follows: