The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-03-03
STRONG WHEAT MARKET
MAY REGISTERED HIGHEST CLOSING
OF THE SEASON AT S1.O67-s.
Reported sale Of July by Letter Held
Down that MOnth-PrOvisiOns
Practically Unchanged.

CHICAGO, March 2.-There were plenty
of legitimate reasons for an advance IN
wheat to-day, and the market, up to late
hour, did show a good deal of strength.
May closed at an advance of 13sc Shorts
in July. however, got filed up and that OPP
ton closed &c lower than yesterdays final
price. Corn and oats suffered somewhat
from closing out of long lines, corn closing
Ad3sc, and oats hGAc lower Provisions
were dull and showed very little change at
the close.
Wheat was clearly a bull market at the
opening. The strength which marked yes
terday's close made traders more apprehen-
sive than ever of the short side, and the
firmness caused by small offerings was in
creased by the nature of the news, which,
as a whole, was of an encouraging char
acter Opening quotations for July We're
unchanged to &c higher than yesterdays
close. at 911sQ91asc. There was good buy
ing demand right from the start, and for
two hours the market advanced slowly ami
steadily, July getting up to 91s4q917sc by IL
o'clock. There was an extremely mild tone
in May but that option exhibited more
strength than the later delivery, everything
offered being taken by Letter interests.
This support of May, and the fact that
Letter buying of March was also prominent
exerted no small influence on July shorts.
Liverpool was firm and showed good adj
vances. Outside markets showed strength
particularly New York, which market re-
ported the best buying in some time. The
stocks of wheat at Odessa, the principal
Russian shipping port, were reported at
but sos, 900 bushels, compared with 100000
bushels year ago. Northwest receipts
nj DY1lt
reporting 1856 cars, against 80 last week
and 2SS year ago Chicago receipts
amounted to so cars. ten of which were or
contract quality. Minneapolis reported an
other big sale of wheat for shipment to
Duluth. Fresh advices from Argentine said
damaging rains continued. Bears took some
comfort out of the fact that the predicted
cold wave following the recent soft weather
did not materialiZe and the rather poor re-
SponSeS of Liverpool to our yesterdays adj
vance. little before The noon hour the
continued strength the market displayed
began to bring in outside shorts, who had
some difficulty in covering, and the best
prices of the day were scored, July getting
up to 921sc. After noon, however. the mar
ket gradually eased off; shorts had appa-
rently got pretty we'll filled up, and realiz-
ing on the advance became pretty free The
weakness displayed by corn also had some
it closed. May, however, continued strong
That option opened unchanged, at $1.051a. 1t
sold at $1.0514, then slowly advanced to $1W,
reaching that point about midday. Realiz-
ing which followed caused a reaction to
$1.O6A but during the last few minutes of
the session May caught up i'll another
Letter swirl and again carried up to $1.07
The closing price was $1061, the highest
closing price this season. Letter was cred
tied with some July selling.
Selling out of long corn was the feature
of that market, and kept things rather easy
in spite of! the strength of wheat The mar
ket first WAS rather strong but free selling,
mostly by buyers of yesterday. caused
gradual weakening of prices. May ranged
from SO&4Q307sc to 9O14c, and closed 14@3sc
lower, at 30AG30ssc. +.
Trading in oats was principally of a
scalping nature, and not heavy at that
The market, in general way, followed
corn, and prices, in consequence, averaged
lower Prices early were stronger with
wheat, but the trmness did not last long.
May ranged from 26s4c to 263sQ26I2c, and
closed 1eGJAc lower, at z6ssQ 26i2c.
Provisions were dull. Opening prices were
firmer, due to higher prices at the yards,
and figures showing very small increases in
stocks of lard and ribs. There was some
good commission house buying during the
first hour or so, but after that moderate
selling by packers and little general real
izing caused a gradual easing off. The
market closed steady May pork. 21ac high
err at $1045: May lard unchanged. at $5.171R,
and May ribs, 212c lower at $5.17l2
Estimated receipts on Thursday: Wheat,
u cars; corn. 800; oats IT'S; hogs. 30 900 head.
Leading futures ranged as follows: