The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-02
GRAIN MARKETS HIGHER
UNCERTAINTY CAUSED WIDE FLUC-
TUATI0N IN WHEAT.
influential Bull News ut the Close
Sent Futures to Top Prices
Small Advance In Pork.

CHICAGO, March 1-Wheat was strong
and weak by turns to-day, but closed on the
top of bulge, May showing a4c advance
ard July a gain of 1Aq12Sc. Support from
the Letter interests was prominent at
times, but there was plenty of influential
bull news. The big short interest formed
last week was evidently far from elimi-
mated. Corn was strong and advanced Sc
Oats also showed strength, closing CSC
higher. Provisions scored small advances.
Although news from Liverpool was dis
tinctly disappointing, the opening in wheat
was strong, July starting 1s@4c higher, at
S97s69Oc, and May unchanged to Ac higher,
at $1O4$4d105 There was a good demand
fl ON shorts who had not covered yesterday,
and the demand from this source was suf-
ficient to overcome any natural weakness
of the market. The fact that Liverpool had
lest it's slight opening advance before trad
ing commenced here and that receipts of
wheat at the English market during the last
six days were up to the normal weekly re-
quirements had the effect of bringing out
liberal offerings that temporarily wiped out
the opening advance here, and for short
time the market showed weakness. After
July had declined to $3.50 and May to $1.04A
the demand again became so strong that
prices advanced. Some support was given
by Letter and other prominent bull inter-
ests, and this brought the more timid
shorts into the pit. In addition, there was
covering of a line for s.. Louis houses.
Prospects of a cold wave following rain
throughout the winter wheat belt had some
influence. On this bulge May got up to
$1O5 and July to 903sc. Then the market
reacted. A good deal OF wheat, showing
fha
and prices tended downward for some time,
May finally getting to s1.O4ls and July to
S97sc A steadier feeling developed on the
liberal Atlantic port clearances of 4250OO bu
and reports, which were afterward denied,
Of the engagement of $50 carloads of corn
for export. No impression was made on
prices, however, trading about that time
being extremely limited. After IL o'clock
some activity was again manifested. Brad
street reported the worlds visible decrease
at $4,000 blu. This amount was fully twice
as much as the trade expected, and brought
In a fresh lot OF buying orders, and result
SG Mo-, IN an ., a % IN July TO 9o7sc ana IN
market being loaded up with long wheat,
but in the last twenty minutes trading by
the Letter forces started things going with
some lively bidding, and prices climbed in a
hurry BY closing time May had advanced
to $l.O51a. July rose to 91Ac, but reacted
just at the close to 9lMc.
Corn developed a great deal of strength
on smaller trade than of late. The opening
was strong and higher with wheat prices
eased off some on the heavy receipts, but
such good support developed that the mar
ket advanced rapidly, most of the gain be-
ing maintained through the late gyrations
of wheat Heavy clearances had much in
fiuence The buying was general. May
ranged from 3O9s@9Oa4c to SOC, and closed
Ssc higher, at 30ssc.
The market for oats was dull and flluctu-
atoms were controlled almost entirely by
the course of corn. Offerings were mostly
taken by elevator people, probably against
sales Of oats for export May ranged from
269sc to 26Ac, and closed about sc higher.
at $3.50 26a4c.
Provisions were weak during the morn
ing, but strong later. The market opened
steady on the moderate hog supply but
continued heavy selling by a prominent
commission house caused prices to sag.
There was also a good deal of short sell
ing. During the latter part of the session a
good demand sprang up, and near the close,
when wheat made its bulge, buying became
quite free and general The market closed
firm at near outside figures, with May pork
212c higher at $10.421a; May lard, 21ac high
er, at $51712, and May ribs, 71ac higher, at
S. 20
Estimated receipts for Wednesday,
Wheat, 20 cars; corn, 600 cars; oats, 225 cars;
hogs, 1000 head.
Leading futures ranged as follows: