The Indianapolis journal., 1899-03-27
A SCRAMBLE FOR WHEAT
MAY OPTIONS SHOT UPWARD, THE
PRICE FINALLY TOUCHING 72 1-SC.
Crop Damage News Begins to Have Se-
riOus Eject on Once Courageous
Bears-POrk Higher.

CHICAGO, March 25.-Practical removal
of doubt to-day regarding serious injury TO
winter wheat caused shorts to cover. As
result May shot up 27sc from 6S5sc to 72lsc.
Owing to profit-taking at the Improvement
the price slipped back to 70i2c, closing with
a net gain of lIG3sc as compared with yes
terday's final figures. Corn rose &c and
oats left off unchanged. Pork advanced
713c, lard 213G5c and ribs &C.
The feverish action which ruled at the
close yesterday was again in evidence to-
day, but at the start the bulls seemed TO
waver. Instead of a general demand for
May at 703sc, such as at the close Friday.
there were plenty of sellers at from es7sc
down to 69s4c. Before the bulls could get
word in edgeways the price slid off to
699sc The bulls soon found their
voices, however, and when they got through
with the last bar of their opening chorus
May wheat was up to 7ossc. Much mlder
weather and spread of wet snow for a
large section of the winter wheat area was
the chief cause of the first decline. Chi
cago received only % cars, against 195 a
year ago. Minneapolis and Duluth got 454
carloads, compared with 80 the same day
last year. Atlantic port clearances for the
day were equal i'll wheat and flour
to 5SS0O0 bushels. Reports of dam
age in the Southwest received
confirmation from numerous sources and IN
many instances the extent of the injury re-
ported was sensationally heavy. All London
cables reported this seasons India wheat
crop ~ per cent. smaller than that OF last
year. Another cold spell was announced TO
be elbowing its way down from the North
west. AS soon as the Weather Bureau
notice was issued the shouting for wheat
became almost hystercal. The noise from
the bulls soon became drowned by the
alarmed screeches of the bears, who had
been caught loaded up with short wheat
The price of May rose irregularly TO the ac-
compartment of heavy trading until 72lsc
was reached. That was 1%.c over yester-
days closing price and was so tempting to
longs that they hastened TO sell. May re-
acted to 7O1ac and closed at 703sq70&c.
Though influenced largely by wheat, corn
embraced good many independent features
Heavy buying by commission houses, to-
gether with forced covering by shorts,
| CELEBRATED the advance. Receipts were only
| 119 cars and the weather was against any
| increase in farmers deliveries. while the
| approach of another cold wave threw the
| time Of planting back indefinitely. May
| started shade lower, at 3513a355sc, sold
| sparingly at 3512c, then rose TO 36d36lsc, and
cloSed Win sellers at 333sc.
The advance in wheat had little effect on
| oats and liberal receipts with general profit
| taking caused decline from the top May
began a shade down, at 2612d 267sc, sold at
| 26l2c, improved to 263sc and closed at 265sc.
| Provisions showed slight weakness at the
start, but gradually firmed up on buying by
commission houses for outside account. A
| good cash demand also had a strengthening
| influence. Shipments of meats for the week
| We're liberal. May pork opened unchanged
| at $9.l212 declined TO $40, advanced TO s.. .25
and closed with sellers at So 221A The range
1 in lard and ribs was small.
| Estimated receipts for Monday-Wheat,
| y cars; corn. 135 cars; oats, 210 cars; hogs,
1 IS, coo head.
/ Leading futures ancrod DC fnllnuc.