The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-16
WENT THE WRONG WAY
WHEAT AND CORN DECLINED FRAC-
TIONALLY on BIG SALES.
Foreign News Was Also an Influence
Oats Were Unchanged and Pro-
visions but q Shade Lower.

CHICAGO. March 15.-Both wheat and
corn took a step in the wrong direction to-
day. wheat closing &c lower and corn at a
decline of asc. Wheat scalpers sold in an
ticipation of heavy Argentine shipments
and light clearances. and the weakness of
corn also depressed the market. The ie-
cline In corn was due mainly to influential
liquidation. Oats closed unchanged, and
provisions unchanged to &c lower.
The early trading In wheat was net
marked by any degree of activity or any
marked tone. The opening for May was at
6SasQe6lzc, a decline of AQ2sc from yester-
day, the slight loss being due in part to
disappointment over the reluctant response
of the Liverpool market to yesterdays adj
vance here. The loss was recovered almost
Immediately, May advancing to 667sc I'M
der covering by local shorts, but before IL
o'clock weakness again developed and kept
prices on the down grade for nearly an
hour. During this part of the session the
foreign demand for American wheat was
reported poor, while expectations of heavy
Argentine wheat shipments tomorrow, a
feature which has knocked good fractions
off of the price of wheat for three success
sive Fridays, resulted I'm considerable short
selling, the theory being that to-morrow's
opening would show a decline. About noon.
however, the market turned quite strong
on rumors of crop damage, and the price.
which had in the mean time fallen off to
about 661Ad66%c. advanced to &c. But this
was the price that heavy holders had APP
parently been waiting for. and offerings
became so heavy that &c was knocked off
May figures in a hurry. AT 66&c a good
demand existed, and the market held
steady at around that figure for some
time, reports of a good demand for export
at outside shipping points having consider
able influence. Shortly before the close,
however, realizing sales and uneasiness
over the weakness shown by corn caused
another decline and the tone during the
last four minutes trading was one of
weakness. May eased off to 66ssc and closed
at 6615c. Chicago receipts were thirty-six
cars. Northwest receipts were 52 cars,
compared with 524 last week and 29 a year
ago. Total primary receipts were $500 100 bu.
Atlantic port clearances amounted to only
ESQ., 600 bu.
Corn was only moderately active. Early
In the session there were indications that
influential holders were disposing of their
lines of May, and buying July, and this
resulted in considerable liquidation and
short selling. The belief that a reaction
was due augmented the selling movement.
Heavy clearance had a steadying influence
later, early sellers turning buyers. but to-
ward the close the market again developed
a tendency to decline, and the close was
rather easy. Receipts were 367 cars. May
ranged from 37Ac to 37sc, and closed sc
lower at 37AG37%c.
Trading in oats was almost without fea-
ture, Inc was on a small scale all day.
This. in fact, was the principal depressing
feature. A report of $4,000 bu being en-
gagged for export created a languid inter-
est late in the day, but had little effect on
prices. Receipts were 20 cars. May ranged
from 23%c to 24c, and closed unchanged at
257sc.
Provisions were moderately active and
rather irregular. within a mall range
Packers were fair sellers, but pit traders
showed a disposition to cover short sales,
which. with some commission house buy
ing. kept the market fairly steady most
of the session. At the close May pork was
SC lower at SIC. 97K; May lard a shade lower
at s6d6.02k, and May ribs unchanged at
S6G6.0 2h.
Estimated receipts Friday: Wheat, So
cars: corn. 435 cars. oats. go cars; hogs,
5000 head.
LEADING f,,t,,rac ronpad nc foIlnus.